BERWYN, Pa. -- (Business Wire)
The Weiser Law Firm, P.C. (the “Weiser Firm”) reports that the Honorable
James F. Vano of the District Court of Johnson County, Kansas, presiding
over the stockholder derivative action, Ross-Williams v. Bennett,
Case No. 11-cv-01688, ordered the publication via press release of the
following summary notice to Sprint Corporation (NYSE: S) stockholders.
The full-length notice is available on Sprint’s, The Weiser Law Firm’s,
and Schubert Jonckheer Kolbe LLP’s websites. Please read this summary
notice carefully and in its entirety. If you are a Sprint stockholder,
your rights may be affected.
|
|
| |
TO:
| | |
ALL RECORD AND BENEFICIAL OWNERS OF SPRINT CORPORATION (“SPRINT”)
COMMON STOCK AS OF FEBRUARY 22, 2016, AND WHO CONTINUE TO HOLD THEIR
SPRINT COMMON STOCK AS OF THE DATE OF THE SETTLEMENT HEARING,
EXCLUDING THE INDIVIDUAL DEFENDANTS, THE OFFICERS AND DIRECTORS OF
SPRINT, MEMBERS OF THEIR IMMEDIATE FAMILIES, AND ANY ENTITY IN WHICH
INDIVIDUAL DEFENDANTS HAVE OR HAD A CONTROLLING INTEREST (“CURRENT
SPRINT STOCKHOLDERS”).
|
| | |
|
Summary Notice of Proposed Settlement and Settlement Hearing
THIS NOTICE IS GIVEN pursuant to an order of the District Court of
Johnson County, Kansas (the “Court”), to inform you of a proposed
stipulated settlement (the “Settlement”) in the above-referenced
derivative action (the “Ross-Williams Action”) and substantially
similar derivative actions pending in the Court, captioned Randolph
v. Forsee, No. 10CV06261 (Johnson Cnty. Dist. Ct., Kan.) and Price
v. Forsee, No. 11CV03257 (Johnson Cnty. Dist. Ct., Kan.), and also
in the United States District Court for the District of Kansas,
captioned Murphy v. Forsee, No. 2:09-cv-02242-EFM/KMH (D. Kan.)
(collectively, with the Ross-Williams Action, the “Actions”). The
Actions involve claims brought derivatively on behalf of Sprint Nextel
Corporation now known as Sprint, against certain of its current and
former directors and officers alleging breaches of fiduciary duty and
other claims, relating to certain events, public statements, stock
transactions, and alleged misconduct following Sprint’s 2005 acquisition
of Nextel Communications.
YOU ARE HEREBY NOTIFIED THAT a hearing (the “Settlement Hearing”) will
be held on May 26, 2016, at 9:00 a.m., before the Honorable James F.
Vano, of the District Court of Johnson County, Kansas, Johnson County
Courthouse, 100 N. Kansas Ave., Olathe, KS, 66061-3273, for the purpose
of determining whether the Settlement should be approved as fair,
reasonable, and adequate and whether an award of attorneys’ fees and
reimbursement of expenses for Plaintiffs’ Counsel (the “Fee Award”)
should be approved. Because this is a stockholder derivative
action brought for the benefit of Sprint, no individual Current Sprint
Stockholder has the right to receive any individual compensation as a
result of the Settlement. In accordance with the terms of the
Settlement, and in consideration for certain releases, Sprint has agreed
to implement certain corporate governance reforms, to be administered by
Sprint and the Sprint Board of Directors.
IF YOU ARE AN OWNER OF SPRINT COMMON STOCK, YOUR RIGHTS MAY BE
AFFECTED BY THE SETTLEMENT. This summary notice contains only a
summary of the Actions and the terms of the Settlement. You may obtain a
copy of a detailed notice to Current Sprint Stockholders (the “Notice”)
describing the Actions, the proposed Settlement, and the rights of
Current Sprint Stockholders with regard to the Settlement, as well as a
copy of the Stipulation and Agreement of Settlement (the “Stipulation”),
by visiting the website investors.sprint.com. The Notice and Stipulation
are also available for viewing on the following websites www.weiserlawfirm.com
and www.schubertlawfirm.com.
Should you have any other questions regarding the proposed Settlement of
the Actions, please contact the following designated counsel for the
Plaintiffs:
Brett D. Stecker
|
|
|
|
Dustin Schubert
|
THE WEISER LAW FIRM, P.C.
| | | |
SCHUBERT JONCKHEER & KOLBE LLP
|
22 Cassatt Ave, Suite 100
| | | |
Three Embarcadero Center, Suite 1650
|
Berwyn, PA 19312
| | | |
San Francisco, California 94111
|
Telephone: (610) 225-2677
| | | |
Telephone: (415) 788-4220
|
Facsimile: (610) 225-2678
| | | |
Facsimile: (415) 788-0161
|
| | | |
|
Counsel for Plaintiff Ross-Williams | | | | Counsel for Plaintiff Price |
Sprint has agreed to pay or cause to be paid to Plaintiffs’ Counsel the
Fee Award of $4.25 million ($4,250,000.00), subject to approval by the
Court. The Fee Award was a product of a mediator’s proposal.
Additionally, Plaintiffs’ Counsel may also apply on behalf of Plaintiffs
for incentive awards in the amount of $5,000 each (the “Incentive
Awards”) in recognition of Plaintiffs’ participation and efforts in the
prosecution of the Actions. The Incentive Awards shall be funded from
the Fee Award, to the extent it is approved by the Court in whole or in
part.
Any Current Sprint Stockholder may object and/or appear and show cause,
if he, she, or it has any concern why the Settlement should not be
finally approved as fair, reasonable, and adequate, why the Final Order
and Judgment should not be entered thereon, or why the Fee Award,
including any Incentive Awards, should not be finally approved;
provided, however, unless otherwise ordered by the Court, that no
Current Sprint Stockholder shall be heard or entitled to contest the
approval of the terms and conditions of the Settlement, or, if approved,
the Final Order and Judgment to be entered approving the Settlement, or
the Fee Award, unless that stockholder has filed at least fourteen
(14) days prior to the Settlement Hearing an objection with the
Court. Any objection to the Settlement, the Fee Award, or the Incentive
Awards and/or notice of intent to appear must be filed, in accordance
with the procedures set forth in the Notice, with the Clerk of the Court
(Honorable James F. Vano, District Court of Johnson County, Kansas
Johnson County Courthouse, 100 N. Kansas Ave., Olathe, KS, 66061-3273), no
later than May 12, 2016, and served
by hand or first class mail (postage prepaid) for delivery by the same
date on Plaintiffs’ Counsel (at the addresses listed above) and
on counsel for Defendants (at the addresses listed below):
|
|
|
| |
Scott D. Musoff SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP Four
Times Square New York, NY 10036
Counsel for Gary D. Forsee, Paul N. Saleh, Barry J. West, Mark
E. Angelino, Timothy E. Kelly, William G. Arendt, and nominal
defendant Sprint Nextel Corporation | | | |
Jeffrey S. Russell BRYAN CAVE LLP One Metropolitan Square 211
North Broadway, Suite 3600 St. Louis, MO 63102
Counsel for Individual Defendants Robert R. Bennett, James H.
Hance, Jr., Irvine O. Hockaday, Jr., Gordon M. Bethune, Larry C.
Glasscock, V. Janet Hill, Rodney O’Neal, Keith J. Bane, Linda K.
Lorimer, William E. Kennard, William H. Swanson, and Frank M.
Drendel |
| | | |
|
PLEASE DO NOT CALL OR WRITE THE COURT REGARDING THIS NOTICE.
Press release link: http://weiserlawfirm.com/announcement-sprint-settlement/
View source version on businesswire.com: http://www.businesswire.com/news/home/20160406006569/en/
Contacts:
The Weiser Law Firm, P.C.
James M. Ficaro, 610-225-2677
Source: The Weiser Law Firm, P.C.
© 2024 Canjex Publishing Ltd. All rights reserved.