Quantum Securities Litigation

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Quantum Securities Litigation
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Welcome to the Settlement website for the Quantum Securities Litigation (Lazan, et al. v. Quantum Corp., et al., Case No. 3:18-cv-00923-RS), pending in the United States District Court for the Northern District of California, San Francisco Division (the “Action”).

 

The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here.  This website is just a summary. You should review the Notice for additional information.

 

If you are a Settlement Class Member, the information contained in the Notice may affect your legal rights.  Please read the Notice carefully. 

 

If you purchased the common stock of Quantum Corporation (“Quantum”) during the period from April 18, 2016 through February 8, 2018, inclusive (the “Settlement Class Period”), and were damaged thereby, you may be entitled to a payment from a class action settlement.

 

The Settlement resolves a lawsuit in which Lead Plaintiff Globis Capital Advisors L.L.C. alleges that during the Settlement Class Period, Defendants Quantum, Jon W. Gacek and Fuad Ahmad (collectively, the “Defendants”) improperly recognized revenue, which artificially inflated Quantum’s reported revenues and earnings, as well as the prices of Quantum publicly traded common stock.  Defendants deny any wrongdoing or liability.

 

If approved by the Court, the Settlement will provide a cash award of $8,150,000 (the “Settlement Amount”).  The Settlement Amount and any interest earned thereon shall constitute the Settlement Fund.  The Settlement Fund, less taxes, approved costs, and fees and expenses (the “Net Settlement Fund”), shall be distributed to Settlement Class Members who submit valid Claim Forms (“Authorized Claimants”).

 

This website describes the rights you may have in connection with your participation in the Settlement, what steps you may take in relation to the Settlement and this Action, and, alternatively, what steps you must take if you wish to be excluded from the Settlement Class and this Action. If you are a Settlement Class Member (as defined above), your legal rights will be affected whether you act or do not act. For more detailed descriptions, please read the Notice and other relevant case documents, which are available here, to fully understand your rights.

 

The Court granted Preliminary Approval of the Settlement on July 26, 2019.

 

The Court will review the Settlement at the Final Approval Hearing scheduled for 1:30 p.m. on November 14, 2019.

 

 

 


IMPORTANT DATES

 

SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN DECEMBER 13, 2019.

 

This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 29 of the Notice) that you have against Defendants and the other Defendants’ Released Parties (defined in ¶ 30 of the Notice), so it is in your interest to submit a Claim Form.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 24, 2019.

If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Released Parties concerning the Released Plaintiffs’ Claims. See ¶ 63 of the Notice.

OBJECT TO THE SETTLEMENT OR THE REQUEST FOR FEES AND EXPENSES BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 24, 2019.

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, among others, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. See ¶ 71 of the Notice.

GO TO A HEARING ON NOVEMBER 14, 2019 AT 1:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 24, 2019.

Filing a written objection and notice of intention to appear by October 24, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. See ¶ 73 of the Notice.

 

DO NOTHING.

 

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.


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