In re Ubiquiti Networks, Inc. Securities Litigation

Filing 136

ORDER AWARDING ATTORNEYS, FEES AND EXPENSES by Judge Yvonne Gonzalez Rogers granting 126 Motion for Attorney Fees. (fs, COURT STAFF) (Filed on 12/20/2017)

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1 2 3 4 5 6 7 ROBBINS GELLER RUDMAN & DOWD LLP CHRISTOPHER P. SEEFER (201197) DANIEL J. PFEFFERBAUM (248631) Post Montgomery Center One Montgomery Street, Suite 1800 San Francisco, CA 94104 Telephone: 415/288-4545 415/288-4534 (fax) 12 LABATON SUCHAROW LLP JONATHAN GARDNER MICHAEL P. CANTY ROGER W. YAMADA 140 Broadway New York, New York 10005 Telephone: 212/907-0700 212/818-0477 (fax) 13 Lead Counsel for Plaintiffs 8 9 10 11 14 UNITED STATES DISTRICT COURT 15 NORTHERN DISTRICT OF CALIFORNIA 16 17 18 19 20 In re UBIQUITI NETWORKS, INC. SECURITIES LITIGATION This Document Relates To: ALL ACTIONS. ) ) ) ) ) ) ) ) Master File No. 12-cv-04677-YGR CLASS ACTION [PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES Re: Dkt. No. 126 21 22 THIS MATTER having come before the Court on December 19, 2017, for a hearing to 23 determine, among other things, whether and in what amount to award attorneys’ fees and 24 litigation expenses to Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP (“Lead 25 Counsel”) in the above-captioned consolidated securities class action (the “Action”). All 26 capitalized terms used herein have the meanings as set forth and defined in the Stipulation and 27 28 MASTER FILE NO. 12-CV-04677-YGR [PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES 1 Agreement of Settlement, dated as of August 4, 2017 (the “Stipulation”), attached as Exhibit A 2 to the Court’s Final Order and Judgment. The Court having considered all matters submitted to 3 it at the hearing and otherwise; and it appearing that a notice of the settlement, fee and expense 4 request, and hearing, attached as Exhibit B to the Court’s Final Order and Judgment (the 5 “Notice”), was mailed to all reasonably identified Settlement Class Members; and that a 6 summary notice of the hearing (the “Summary Notice”), substantially in the form approved by 7 the Court, was published in The Wall Street Journal and transmitted over Business Wire; and the 8 Court having considered and determined the fairness and reasonableness of the award of 9 attorneys’ fees and expenses requested; 10 NOW, THEREFORE, IT IS HEREBY ORDERED: 11 1. 12 13 The Court has jurisdiction over the subject matter of this Action and over all parties to the Action, including all Settlement Class Members who have not timely and validly requested exclusion, Lead Counsel, and the Claims Administrator. 14 15 16 2. Notice of Lead Counsel’s motion for attorneys’ fees and payment of expenses was given to all Settlement Class Members who could be identified with reasonable effort. The form 17 and method of notifying the Settlement Class of the motion for attorneys’ fees and expenses met 18 the requirements of Rules 23 and 54 of the Federal Rules of Civil Procedure, Section 27 of the 19 Securities Act of 1933, 15 U.S.C. §77z-1(a)(7), as amended by the Private Securities Litigation 20 Reform Act of 1995 (the “PSLRA”), due process, constituted the best notice practicable under 21 the circumstances, and constituted due and sufficient notice to all persons and entities entitled 22 23 24 25 thereto. 3. Lead Counsel are hereby awarded attorneys’ fees of 25% of the Settlement Amount (or $1,700,000), plus interest at the same rate earned by the Settlement Fund, and 26 27 28 MASTER FILE NO. 12-CV-04677-YGR [PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES 2 1 payment of litigation expenses in the amount of $111,328.12, plus interest at the same rate 2 earned by the Settlement Fund, which sums the Court finds to be fair and reasonable. 3 4 4. The awarded attorneys’ fees and expenses and interest earned thereon shall be paid to Lead Counsel from the Settlement Fund immediately upon entry of this Order, subject to 5 6 7 8 9 the terms, conditions, and obligations of the Stipulation, which terms, conditions, and obligations are incorporated herein. 5. Settlement Fund, the Court has considered and found that: 10 11 In making this award of attorneys’ fees and litigation expenses to be paid from the (a) The Settlement has created a common fund of $6.8 million in cash and that numerous Settlement Class Members who submit acceptable Claim Forms will benefit from 12 the Settlement created by the efforts of Lead Counsel; 13 (b) 14 The requested attorneys’ fees and litigation expenses have been approved 15 as fair and reasonable by the Lead Plaintiffs, which are sophisticated institutional investors that 16 have been directly involved in the prosecution and resolution of the Action and which have a 17 substantial interest in ensuring that any fees paid to plaintiffs’ counsel are duly earned and not 18 excessive; 19 (c) More than 16,900 copies of the Notice were disseminated to potential 20 Settlement Class Members reporting that Lead Counsel would request attorneys’ fees in an 21 22 23 amount not to exceed 25% of the Settlement Fund, which includes accrued interest, and payment of litigation expenses not to exceed $200,000; (d) 24 25 There were no objections to the application for attorneys’ fees or expenses; 26 27 28 MASTER FILE NO. 12-CV-04677-YGR [PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES 3 (e) 1 2 Action on behalf of the Settlement Class; 3 4 Lead Counsel have expended substantial time and effort pursuing the (f) The Action involves complex factual and legal issues and, in the absence of settlement, would involve lengthy proceedings whose resolution would be uncertain; 5 (g) 6 7 8 no compensation during the Action, and any fee and expense award has been contingent on the result achieved; 9 10 Lead Counsel pursued the Action on a contingent basis, having received (h) Lead Counsel conducted the Action and achieved the Settlement with skillful and diligent advocacy; 11 (i) The amount of attorneys’ fees and expenses awarded are fair and 12 reasonable and consistent with awards in similar cases within the Ninth Circuit; and 13 (j) 14 15 Lead Counsel have devoted more than 4,000 hours, with a lodestar value of $2,732,046.50, to achieve the Settlement. 6. 16 Any appeal or any challenge affecting this Court’s approval of any attorneys’ fee 17 and expense application shall in no way disturb or affect the finality of the Judgment entered 18 with respect to the Settlement. 19 7. Exclusive jurisdiction is hereby retained for a period of one year over the subject 20 matter of this Action and over all parties to the Action, including the administration and 21 22 distribution of the Net Settlement Fund to Settlement Class Members. 23 \\ 24 \\ 25 \\ 26 \\ 27 28 MASTER FILE NO. 12-CV-04677-YGR [PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES 4 1 2 3 4 8. In the event that the Settlement is terminated or does not become Final or the Effective Date does not occur in accordance with the terms of the Stipulation, this Order shall be rendered null and void to the extent provided by the Stipulation and shall be vacated in accordance with the Stipulation. 5 6 7 Dated: ______________, 2017 December 20 Honorable Yvonne Gonzalez Rogers UNITED STATES DISTRICT JUDGE 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 MASTER FILE NO. 12-CV-04677-YGR [PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES 5

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