***IMPORTANT CASE UPDATE***
On November 20, 2023 residual distribution checks were mailed to Authorized Claimants who cashed their previous payments and were eligible to receive an additional payment under the Plan of Allocation. Please contact the Claims Administrator with any questions regarding your payment.
If you are a Class Member, your legal rights will be affected by this Settlement whether you act or do not act.
Please read the Notice carefully
IF YOU PURCHASED OR OTHERWISE ACQUIRED CHICAGO BRIDGE & IRON COMPANY N.V. COMMON STOCK (TRADING SYMBOL CB&I) BETWEEN OCTOBER 30, 2013 AND JUNE 23, 2015, INCLUSIVE, YOU COULD GET A PAYMENT FROM A CLASS ACTION SETTLEMENT.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT|
SUBMIT A CLAIM FORM
BY JULY 1, 2022
|The deadline to submit a claim passed on July 1, 2022.|
|EXCLUDE YOURSELF FROM THE SETTLEMENT BY SUBMITTING AN OPT-OUT FORM BY JULY 1, 2022||The deadline to exclude yourself from the Settlement passed on July 1, 2022.|
|OBJECT BY JULY 1, 2022||The deadline to object to the Settlement passed on July 1, 2022|
|LISTEN TO THE HEARING ON JULY 25, 2022||The Court held a Settlement Hearing on July 25, 2022 and, on August 2, 2022, entered an Order approving the Settlement and a Final Judgment and Order of Dismissal with Prejudice. Finally, on August 5, 2022, the Court entered an Order approving Plaintiffs’ Motion for an Award of Attorneys’ Fees and Expenses.|
|DO NOTHING||Get no payment from this Settlement. You will also be giving up your rights regarding all claims released by this Settlement and any other lawsuit as to the common stock.|
Plaintiffs allege that Defendants violated Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by making materially false and misleading statements and omissions regarding the performance of CB&I’s nuclear business and the sufficiency of its accounting and public disclosures concerning the same. Plaintiffs filed an Amended Class Action Complaint (the “Complaint”) on August 14, 2017.
The Parties disagree on the amount of damages, if any, which would have been recoverable had Plaintiffs prevailed on all claims in this Action. Plaintiffs contend that the misrepresentations and omissions alleged in the Complaint were the direct cause of the artificial elevation and eventual decline in the price of CB&I’s common stock and caused Plaintiffs and the Class to be damaged. Plaintiffs further contend that the alleged stock decline is fully attributable to the alleged misrepresentations and omissions set forth in the Complaint. Defendants contend that they made no misrepresentations or omissions, but in all events the alleged misrepresentations and/or omissions set forth in the Complaint did not cause a decline in CB&I’s common stock and, therefore, Plaintiffs and the Class have not been damaged.
The Court held a Settlement Hearing on July 25, 2022 and, on August 2, 2022, entered an Order approving the Settlement and a Final Judgment and Order of Dismissal with Prejudice. Finally, on August 5, 2022, the Court entered an Order approving Plaintiffs’ Motion for an Award of Attorneys’ Fees and Expenses.
Pursuant to the Settlement, a $44,000,000 cash Settlement Fund has been established. Plaintiffs estimate that there were approximately 63.6 million CB&I common stock shares traded during the Class Period that may have been damaged. Plaintiffs estimate that the minimum “average recovery per damaged share” of CB&I common stock under the Settlement is $0.69 before deduction of fees and expenses. A Class Member’s actual recovery will be a proportion of the Net Settlement Fund (defined in the Notice), determined by that Claimant’s recognized loss (i.e., a claim proved by timely submission of a valid Proof of Claim and Release form) as compared to the total recognized losses of all Class Members. This proportional allocation is called “proration.” See a summary of the proposed Plan of Allocation beginning on Page 8 of the Notice for more information. The full proposed Plan of Allocation is available on this website in the “Notice” section.
This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Class Counsel for further information regarding the Settlement:
Chicago Bridge & Iron Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 170800
Milwaukee, WI 53217
Lewis S. Kahn
KAHN SWICK & FOTI, LLC
1100 Poydras Street, Suite 3200
New Orleans, LA 70163