The Court has authorized the mailing of a "Postcard Settlement Notice" to potential Class Members. Please note Postcard Settlement Notices were mailed to potential Class Members beginning on April 13, 2022. The Notice documents, Proof of Claim Form, and court filings related to the Settlement may be found on the appropriate tabs at the top of this page.
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 only way to get a payment in this Settlement.|
|EXCLUDE YOURSELF FROM THE SETTLEMENT BY SUBMITTING AN OPT-OUT FORM BY JULY 1, 2022||Get no payment pursuant to this Settlement. This is the only option that allows you to be a part of any other lawsuit against the Defendants and their affiliates involving the claims released by this Settlement. Please note that if you exclude yourself from the Class and decide to pursue your own action individually, you may not be able to pursue certain claims due to the lapsing of the statute of limitations.|
|OBJECT BY JULY 1, 2022||Write a letter to Class Counsel and Counsel for Defendants objecting to the Settlement. You must still file a claim if you want to receive payment from the Settlement.|
|LISTEN TO THE HEARING ON JULY 25, 2022||
SettlementAccess the Court hearing remotely using the following conference line: (888) 363-4749,
access code: 558-3333. If you wish to speak at the hearing you must inform Class Counsel in writing by July 1, 2022
|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 will hold a Settlement Hearing on July 25, 2022, at 4:30 p.m. The hearing will be held remotely and may be accessed using the following conference line: (888) 363-4749, access code: 558-3333. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. At the Settlement Hearing, the Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Class Counsel for attorneys’ fees and reimbursement of expenses. The Court will take into consideration any written objections mailed in accordance with the instructions in the answer to Question 11. The Court also will listen to people who seek to speak at the hearing if they have timely provided written notice of their intention to speak to Class Counsel and Counsel for Defendants. See Question 11 for more information about speaking at the hearing. The Court will also decide how much to pay to Class Counsel and Plaintiffs’ Counsel. After the hearing, the Court will decide whether to approve the settlement. We do not know how long these decisions will take.
You should be aware that the Court may change the date and time of the Settlement Hearing. The Court may also order the hearing to be held remotely. Thus, if you want to come to the hearing, you should check with Class Counsel before coming to be sure that the date and/or time has not changed.
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