Frequently Asked Questions
- What is This Lawsuit About?
- How Do I Know If I Am Affected By the Settlement?
- How Much Will My Payment Be?
- How Much Will the Lawyers Be Paid?
- How Do I Participate in the Settlement?
- What If I Do Not Want To Be a Part of the Settlement?
- How Do I Object to the Settlement?
- What If I Bought Shares on Someone Else’s Behalf?
- When and Where Did the Court Approve the Settlement?
- Whom Should I Contact If I Have Questions About the Settlement?
Beginning on or about April 17, 2007, plaintiffs filed class actions against IR, Michael P. McGee (“McGee”), Eric Lidow, Alexander Lidow, Matsudo Minoru and James D. Plummer, in the Central District of California, docket numbers CV-072544 JFW (VBKx), and CV-073123 JFW (PJWx), asserting claims under §10(b) and §20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder. The complaints alleged, inter alia, that the Defendants made false statements and omissions concerning IR’s reported financial results, gross margins, sales and business conditions. The settlement resolves certain claims of all persons and entities who purchased or acquired IR publicly traded Securities from July 31, 2003, through February 11, 2008, inclusive (the “Class Period”) and suffered damages as a result (the “Class”).
The Defendants also have denied and continue to deny, among other things, the allegations that the Lead Plaintiffs or the Class have suffered damage, that the price of IR Securities was artificially inflated by reasons of alleged misrepresentations, non-disclosures or otherwise, or that the Co-Lead Plaintiffs or the Class were harmed by the conduct alleged in the Complaint.
How Do I Know If I Am Affected By the Settlement?
If you are a member of the Class, you are subject to the Settlement unless you timely requested to be excluded. The Class consists of all persons and entities who purchased or acquired publicly traded IR Securities during the period from July 31, 2003, through February 11, 2008, inclusive, and suffered damages as a result. “IR Securities” means the common stock of International Rectifier Corporation. Excluded from the Class are: (i) the Defendants; (ii) members of the immediate family of each Individual Defendant; (iii) any person who was an officer or director of IR during the Class Period; (iv) any firm, trust, corporation, officer, or other entity in which any Defendant has a controlling interest; and (v) the legal representatives, agents, affiliates, heirs, successors-in-interest or assigns of any such excluded party.
The $90 million total Settlement Amount, and the interest earned thereon, shall be the Gross Settlement Fund. The Gross Settlement Fund, less all taxes, approved costs, fees and expenses (the “Net Settlement Fund”), shall be distributed based on the acceptable Proofs of Claim submitted by members of the Class (“Authorized Claimants”). The Net Settlement Fund will be distributed to Authorized Claimants who submitted timely Proof of Claim forms under the Plan of Allocation (the “Plan”) described below, or as otherwise ordered by the Court.
Your share of the fund will depend on the total number of IR Securities represented by valid claim forms that members of the Class submitted to the Claims Administrator, and the aggregate amount of those claims relative to the Net Settlement Fund, how many IR Securities you held, and when you bought and sold them. A payment to any Authorized Claimant that would amount to less than $10.00 in total will not be included in the calculation of the Net Settlement Fund, and no payment to these Class Members will be distributed.
For more details, please consult the Notice.
How Much Will the Lawyers Be Paid?
At the Final Approval Hearing, the Court granted Co-Lead Counsel an award of attorneys’ fees from the Settlement Fund in the amount of 25% of the Settlement Fund plus interest at the same rate and for the same time period as earned by the Settlement Fund. The Court also granted Co-Lead Counsel reimbursement of Litigation Expenses in the amount of $680,339.03 plus interest at the same rate and for the same time period as earned by the Settlement Fund. Litigation Expenses may include reimbursement of the expenses of Co-Lead Plaintiffs in accordance with 15 U.S.C. §78u-4(a)(4).
How Do I Participate in the Settlement?
The deadline to submit a Claim Form was February 6, 2010.
If you purchased or otherwise acquired publicly traded IR Securities during the period between July 31, 2003, through February 11, 2008, inclusive, and were damaged thereby, and you are not excluded by the definition of the Class and you did not elect to exclude yourself from the Class, then you are a Class Member, and you are bound by the Settlement, and by any judgment or determination of the Court affecting the Class. If you are a Class Member, you must have submitted a Claim Form by February 6, 2010 to share in the Settlement.
What If I Do Not Want To Be a Part of the Settlement?
The deadline to exclude yourself from the Settlement was January 25, 2010. Each Class Member will be bound by all determinations and judgments in this lawsuit, including those concerning the Settlement, whether favorable or unfavorable, unless such person or entity mailed a written Request for Exclusion from the Class before January 25, 2010.
For more information, please consult the Notice.
How Do I Object to the Settlement?
The deadline to object to the Settlement was January 25, 2010.
What If I Bought Shares on Someone Else’s Behalf?
If you purchased or otherwise acquired IR Securities during the Class Period for the beneficial interest of a person or organization other than yourself, you must either (i) send a copy of this Notice to the beneficial owner of such IR Securities, postmarked no later than fourteen (14) days after you receive this Notice, or (ii) provide the names and addresses of such persons no later than fourteen (14) days after you receive this Notice to: In re International Rectifier Corp. Securities Litigation, c/o The Garden City Group, Inc., P.O. Box 9533, Dublin OH 43017-4833. If you choose the second option, the Claims Administrator will send a copy of the Notice to the beneficial owner. Upon full compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought.
When and Where Did the Court Approve the Settlement?
The Final Approval Hearing was held on February 8, 2010, before the Honorable John F. Walter, in Los Angeles, California. At the hearing, the Court approved the Settlement, the Plan of Allocation and the request for attorneys’ fees and reimbursement of Litigation Expenses.
Whom Should I Contact If I Have Questions About the Settlement?
All inquiries should be directed to the Claims Administrator or either of the parties:
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In re International Rectifier Corp. Securities Litigation c/o The Garden City Group, Inc. P.O. Box 9533 Dublin OH 43017-4833 (888) 685-7768 Claims Administrator |
Niki L. Mendoza, Esq. BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP 12481 High Bluff Drive, Suite 300 San Diego, California 92130-3582 (888) 924-1888 blbg@blbglaw.com Co-Lead Counsel |
Nicole Lavallee BERMAN DeVALERIO 425 California Street, Suite 2100 San Francisco, CA 94104 (415) 433-3200 Co-Lead Counsel |
DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK OF COURT
REGARDING THE SETTLEMENT.
Toll-Free Number: