Notice of Proposed Class Action Settlement Involving All Persons or Entities Who Purchased or Otherwise Acquired Publicly Traded Common Stock of GTT Communications, Inc.

Mar 04, 2021 2:42 PM ET

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UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF VIRGINIA
ALEXANDRIA DIVISION





























PLYMOUTH COUNTY RETIREMENT
SYSTEM, Individually and On Behalf of All
Others Similarly Situated,
   


 

Plaintiff,



Case No. 1:19-cv-00982-CMH-MSN



 v.


 

GTT COMMUNICATIONS, INC., RICHARD D.
CALDER, JR., CHRIS MCKEE, MICHAEL
SICOLI, and GINA NOMELLINI,      


 

Defendants.


 




SUMMARY NOTICE OF (I) Proposed Settlement and Plan of Allocation; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses


This notice is for all persons or entities who purchased or otherwise acquired publicly traded common stock of GTT Communications, Inc. ("GTT" or the "Company") from February 26, 2018 to August 7, 2019, inclusive (the "Settlement Class Period"), and who were damaged thereby (the "Settlement Class").


Your Rights Will Be Affected By A Class Action Lawsuit Pending In This Court.


YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of Virginia, that the above-captioned litigation (the "Action") has been certified as a class action for settlement purposes only on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").


YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for twenty-five million dollars ($25,000,000.00) (the "Settlement"), that, if approved, will resolve all claims in the Action.


A hearing will be held on April 23, 2021 at 10:00 a.m., before the Honorable Claude M. Hilton at the United States District Court for the Eastern District of Virginia, Albert V. Bryan United States Courthouse, 401 Courthouse Square, Room 800, Alexandria, VA 22314, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against the Defendant Releasees, and the Releases specified and described in the Stipulation and Agreement of Settlement (the "Stipulation") (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved.  The capitalized terms herein shall have the same meaning as they have in the Stipulation.


The Court may adjourn the Settlement Hearing or any adjournment thereof without further written notice of any kind to the Settlement Class.  Settlement Class Members should check the settlement website at www.GTTSecuritiesLitigation.com, the Court's PACER site (defined below), or contact Lead Counsel at the address below.


If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at GTT Securities Litigation, c/o JND Legal Administration, PO Box 91247, Seattle, WA 98111, 888-906-0555.  Copies of the Notice and Claim Form are also available by accessing the Court docket in this case, for a fee, through the Court's Public Access to Court Electronic Records (PACER) system at https://ecf.vaed.uscourts.gov/, or by visiting the Office of the Clerk, United States District Court for the Eastern District of Virginia, Albert V. Bryan United States Courthouse, 410 Courthouse Square, Alexandria, VA 22314 during normal business hours. Additionally, the Notice and Claim Form can be downloaded from the website maintained by the Claims Administrator, www.GTTSecuritiesLitigation.com.


If you are a member of the Settlement Class, in order to potentially be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked or completed online no later than June 6, 2021.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.


If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than April 2, 2021, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 


Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and delivered to representatives of Lead Counsel and Defendants' Counsel such that they are received no later than April 2, 2021, in accordance with the instructions set forth in the Notice.


Please do not contact the Court, the Clerk's office, GTT, or its Defendants' Counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.


For any questions, visit www.GTTSecuritiesLitigation.com or call toll-free at 888-906-0555.


Inquiries, other than requests for the Notice and Claim Form, should be made directed to:


SAXENA WHITE P.A.
Lester R. Hooker, Esq.
7777 Glades Rd., Suite 300
Boca Raton, FL 33434
(561) 206-6708
[email protected]


Requests for the Notice and Claim Form should be made to:


GTT Securities Litigation
c/o JND Legal Administration
PO Box 91247
Seattle, WA 98111
888-906-0555
www.GTTSecuritiesLitigation.com 
[email protected]


                                                                                                                        By Order of the Court


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