Swisher Securities Settlement

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Swisher Securities Settlement
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Consolidated Class Action, Proposed Settlement, Settlement Hearing and Right to Appear (the “Notice”), which you can access by clicking here.  Since this website presents just summary information, you should review the Notice for additional details.

 

If you are a Settlement Class Member, your legal rights are affected whether you act or do not act.

Please read the Notice carefully.

 

If you purchased common stock of SWISHER HYGIENE, INC. (“SWISHER” or the “company”) ON THE NASDAQ STOCK EXCHANGE OR OTHERWISE ACQUIRED SHARES OF SWISHER HYGIENE, INC. COMMON STOCK IN A TRANSACTION THAT TOOK PLACE WITHIN THE UNITED STATES OR ITS TERRITORIES AT ANY TIME BETWEEN AND INCLUDING MARCH 1, 2011 AND MARCH 28, 2012 (the “class period”), you COULD RECEIVE A PAYMENT AS A RESULT OF THE PROPOSED SETTLEMENT.

 

IMPORTANT DATES AND DEADLINES

SUBMIT A CLAIM FORM BY AUGUST 1, 2014

The only way to receive a payment.

EXCLUDE YOURSELF BY JULY 16, 2014

Receive no payment.  This is the only option that allows you to participate in another lawsuit against Defendants or the Defendant Released Persons (further defined below) concerning the legal claims being released in the Consolidated Class Action (further defined below).

OBJECT BY JULY 16, 2014

You may write to the Court (further defined below) if you do not like anything about the Settlement, including the plan of allocation for the Settlement Fund, as set forth herein, or the Fee Application.

GO TO A HEARING ON AUGUST 6, 2014

You may ask to speak in Court (further defined below) about the fairness of the Settlement.

DO NOTHING

Receive no payment and be prohibited from asserting any of Plaintiffs’ Settled Claims (further defined below) against Defendants or any Defendant Released Persons (further defined below).

 

The Court’s Settlement Hearing

The Court will review the Settlement at a Settlement Hearing at 11:00 a.m. on August 6, 2014, at the United States Courthouse, Charles R. Jonas Federal Building, 401 West Trade Center, Charlotte, NC 28202.  At this hearing, the Court will, among other things: (i) determine whether the Class, as further defined below, should be certified pursuant to Federal Rule of Civil Procedure 23(b)(3); (ii) determine whether the proposed Settlement should be approved as fair, reasonable, adequate and in the best interest of the Class; (iii) determine whether all of Lead Plaintiffs’ claims should be dismissed with prejudice; (iv) determine whether the proposed Order and Final Judgment approving the Settlement should be entered; (v) determine whether, and in what amount, an award of attorneys’ fees and expenses should be paid to Plaintiffs’ Counsel; (vi) consider any objections to the proposed Settlement or to Plaintiffs’ Counsel’s application for an award of attorneys’ fees and expenses; and (vii) rule on such other matters as the Court may deem necessary and appropriate.


What is the Consolidated Class Action about?

This Action was commenced by the filing of five complaints, the first of which was filed March 30, 2012, in the United States District Court for the Southern District of New York, captioned James v. Swisher Hygiene, Inc., et al., 1:12-cv-2406 (S.D.N.Y.) (the “James Action”) and the four subsequent actions were filed in the United States District Court for the Western District of North Carolina between April 4, 2012 and May 24, 2012, captioned:  Russell v. Swisher Hygiene, Inc., et al., 3:12-cv-216 (W.D.N.C.) (the “Russell Action”); Birch v. Swisher Hygiene, Inc., et al., 3:12-cv-221 (W.D.N.C.) (the “Birch Action”); Cohen v. Swisher Hygiene, Inc., et al., 3:12-cv-256 (W.D.N.C.) (the “Cohen Action”); and
Falk v. Swisher Hygiene, Inc., et al., 3:12-cv-330 (W.D.N.C.) (collectively all five complaints are referred to as the “Putative Securities Actions”).  The Putative Securities Actions allege that Defendants violated federal securities laws based on alleged false and misleading disclosures in Swisher’s public filings.  The Putative Securities Actions were consolidated through a series of court orders granted between May 18, 2012 and August 13, 2012.  The August 13, 2012 order also centralized all actions, transferring the James Action to the Western District of North Carolina before Judge Graham C. Mullen (“Judge Mullen” or the “Court”) as part of MDL No. 2384, captioned
In re Swisher Hygiene, Inc. Securities and Derivative Litigation.  On October 18, 2012, an Initial Pretrial Conference was held, at which Block & Leviton LLP was appointed Lead Counsel and Caird and Stranch were appointed as Lead Plaintiffs.

Lead Counsel and Skadden, Arps, Slate, Meagher & Flom LLP (“Defense Counsel”) have engaged in arm’s-length discussions and negotiations, including mediation, and extensive litigation, which have resulted in an agreement-in-principle, the Stipulation of Compromise and Settlement, filed February 5, 2014 (the “Stipulation”).  Defendants have denied and continue to deny the allegations.  Lead Plaintiffs and Lead Counsel believe the benefits of the Settlement outweigh the potential risk that further litigation presents to the Class, including a contested trial with likely appeals that could take years to culminate.   

 

The Settlement Benefits

The Settlement provides for a $5,500,000 cash payment that will establish the Settlement Fund.  The balance of the Settlement Fund, after payment of Court-approved attorneys’ fees and expenses and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing a Summary Notice, will be divided among all members of the Class who submit valid Proof of Claim forms.

 

The Rights of Settlement Class Members

If you are a Settlement Class Member, you have the following options:

Submit a Proof of Claim Form

If you are a Settlement Class Member, to be eligible to share in the distribution of the Settlement proceeds, you must submit a timely and valid Claim Form, which can be found here, postmarked or submitted no later than August 1, 2014.  If you are a Settlement Class Member and do not submit a timely and valid Proof of Claim form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in connection with the Settlement. 

Exclude Yourself from the Class

If you are a Settlement Class Member, but wish to exclude yourself from the Settlement Class, you must submit a written Request for Exclusion, in accordance with the instructions set forth in the Notice, that is to be received no later than July 16, 2014.  If you are a Settlement Class Member and do not timely exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in connection with the Settlement.

Object to the Settlement

Any objections to the proposed Settlement, plan of allocation, or Lead Counsel’s application for attorneys’ fees and payment of expenses must be mailed to the Court, Lead Counsel for the Plaintiffs, and counsel for Defendants, in accordance with the instructions set forth in the Notice, and received no later than July 16, 2014.

 

Further Information:

For more details regarding this Settlement, please see “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding this Settlement:

 

Claims Administrator:
Swisher Securities Settlement
c/o A.B. Data, Ltd.
PO Box 170500
Milwaukee, WI  53217-8091



 

Lead Counsel:
Jeffrey C. Block
Jason M. Leviton
Whitney E. Street
BLOCK & LEVITON LLP
155 Federal Street, Suite 400
Boston, MA  02110
617-398-5600




If you have questions, you may call the Swisher Securities Settlement Help Line at 800-332-2952 or email Info@SwisherSecuritiesSettlement.com .

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