Welcome to the Loritz v. Exide Technologies, et al. Website
This website has been established to provide general information related to the proposed settlement of the Loritz v. Exide Technologies, ("Exide") et al. Litigation. The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation of Settlement dated March 7, 2016 (the “Stipulation”), which can be found and downloaded by clicking on the Case Documents tab above.
This is a securities class action litigation currently pending before the Honorable Stephen V. Wilson. in the United States District Court for the Central District of California (the “Court”), and the case is known as Loritz v. Exide, et al. Case No. 2:13-cv-02607-SVW-E.
Plaintiffs allege that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11 and 15 of the Securities Act of 1933 by allegedly misrepresenting or omitting material facts about, among other things, alleged significant environmental problems at the Company’s Vernon, California battery recycling plant and alleged liquidity problems being experienced by the Company as a whole. Plaintiffs allege that the purported false and misleading statements or omissions resulted in the artificial inflation of the price of Exide Securities during the period June 1, 2011 through May 24, 2013, inclusive.
Defendants, individually and collectively, have denied and continue to deny any wrongdoing whatsoever and have denied and continue to deny that Exide’s Vernon facility was experiencing significant environmental problems or that they have committed or attempted to commit, any of the wrongful acts or violations of law that are alleged in the Action, including that they made any material misrepresentations or omissions or that the Plaintiffs or Members of the Settlement Class were harmed by the conduct alleged in the Complaint. In addition, Defendants maintain that they have meritorious defenses to all claims alleged in the Action, and maintain that their conduct was at all times proper and in compliance with applicable provisions of law.
Plaintiffs and Defendants disagree on liability and damages. The Settlement resolves all certified claims against Defendants.
The Class includes all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired the common stock of Exide during the period June 1, 2011 through May 24, 2013, inclusive, for claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired in the secondary market Exide's 8 5/8% senior secured notes due 2018 during the period August 12, 2011 through November 9, 2012, inclusive, for claims under Sections 11 and 15 of the Securities Act of 1933.
Defendants have agreed to cause their insurer to pay $14.75 million in cash in settlement of the Action (the “Cash Settlement Amount”). The Cash Settlement Amount, plus interest or income earned thereon from the date it is established (the “Settlement Fund”), less costs, fees, and expenses (the “Net Settlement Fund”), will be divided among all eligible Class Members who submit valid Proofs of Claim and whose claim for recovery has been allowed pursuant to the terms of the Stipulation.
The Court appointed Federman & Sherwood as Lead Counsel to represent all Class Members.
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing Thereon (the "Notice") and the Stipulation, both of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT
|SUBMIT A CLAIM FORM NO LATER THAN JULY 19, 2016||The only way to get a payment.|
|EXCLUDE YOURSELF NO LATER THAN MAY 16, 2016||Get no payment. This is the only option that allows you to be part of any other lawsuit against Defendants about the legal claims in this case.|
|OBJECT NO LATER THAN MAY 16, 2016||Write to the Court about why you do not like the Settlement.|
|GO TO THE SETTLEMENT HEARING ON JUNE 6, 2016.||Speak in Court about the fairness of the Settlement.|
|DO NOTHING||Get no payment. Give up rights.|
IMPORTANT DATES & DEADLINES
|Submit a Claim Form:||JULY 19, 2016|
|Request Exclusion:||MAY 16, 2016|
|File an Objection:||MAY 16, 2016|
|Settlement Hearing||JUNE 6, 2016|