In re Tesco PLC Securities Settlement

Case: 14 Civ. 8495-RMB

Welcome to the settlement website for the
In re Tesco PLC Securities Litigation (the “Action”).

The purpose of this website is to inform you of the pendency of this class action, the proposed Settlement of the Action (the “Settlement”)1 and of the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement as well as counsel’s application for fees, costs, and expenses. The Notice 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 class action, and, alternatively, what steps you must take if you wish to be excluded from the Settlement.

If approved by the Court, the Settlement will provide a $12,000,000 cash Settlement Fund for the benefit of Class Members who purchased or otherwise acquired Tesco ADRs and/or Tesco F-Shares between April 18, 2012 and September 22, 2014, inclusive. The Settlement resolves a federal class action lawsuit alleging that Tesco, PLC (“Tesco”) and certain of its officers and directors violated the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, by making materially false and misleading statements and omissions regarding, inter alia, Tesco’s improper accounting and supplier practices, and its true financial condition. Defendants deny the allegations and the Court has not ruled in favor of either side.

If you are a member of the Class, your legal rights are affected whether you act or do not act. These rights and options—and the deadlines to exercise them—are explained in the Notice. The Court in charge of this case still has to decide whether to approve the Settlement. Payments will be made if the Court approves the Settlement and after any appeals by Class Members are resolved.

The Court will review the Settlement at the Settlement Hearing scheduled on April 21, 2016 at 2:00 p.m.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
SUBMIT A CLAIM FORM The only way to get a payment as part of this Settlement. The deadline to submit a claim is May 5, 2016.
EXCLUDE YOURSELF Get no payment as part of this Settlement. This is the only option that allows you to be a part of any other lawsuit against Tesco and their affiliates involving the claims released by this Settlement. Exclusions must be postmarked no later than April 5, 2016.
OBJECT Write to the Court about why you do not like the Settlement. Objections must be postmarked on or before April 5, 2016.
GO TO A HEARING Ask to speak in Court about the fairness of the Settlement at the Final Approval Hearing, to take place at 2:00 p.m. on April 21, 2016.
DO NOTHING Get no payment. You give up your right to bring an individual action.

1 All capitalized terms used are defined in the original Stipulation and Agreement of Settlement (the “Stipulation”), dated as of November 19, 2015.

Important Dates

  • Class Period
    April 18, 2012 through and
    including September 22, 2014
  • April 5, 2016
    Deadline to Object to Settlement
  • April 5, 2016
    Deadline to Exclude yourself from the Settlement
  • April 21, 2016, at 2:00 p.m.
    Settlement Hearing
  • May 5, 2016
    Deadline to submit Claim Form