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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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: [phone]
415/288-4534 (fax)
[e-mail]
[e-mail]

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LABATON SUCHAROW LLP
JONATHAN GARDNER
MICHAEL P. CANTY
ROGER W. YAMADA
140 Broadway
New York, New York 10005
Telephone: [phone]
212/818-0477 (fax)
[e-mail]
[e-mail]
[e-mail]

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Lead Counsel for Plaintiffs

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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In re UBIQUITI NETWORKS, INC.
SECURITIES LITIGATION

This Document Relates To:
ALL ACTIONS.

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Master File No. 12-cv-04677-YGR
CLASS ACTION
[PROPOSED] ORDER AWARDING
ATTORNEYS’ FEES AND EXPENSES
Re: Dkt. No. 126

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THIS MATTER having come before the Court on December 19, 2017, for a hearing to

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determine, among other things, whether and in what amount to award attorneys’ fees and

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litigation expenses to Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP (“Lead

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Counsel”) in the above-captioned consolidated securities class action (the “Action”). All

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capitalized terms used herein have the meanings as set forth and defined in the Stipulation and

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MASTER FILE NO. 12-CV-04677-YGR
[PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES

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Agreement of Settlement, dated as of August 4, 2017 (the “Stipulation”), attached as Exhibit A

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to the Court’s Final Order and Judgment. The Court having considered all matters submitted to

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it at the hearing and otherwise; and it appearing that a notice of the settlement, fee and expense

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request, and hearing, attached as Exhibit B to the Court’s Final Order and Judgment (the

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“Notice”), was mailed to all reasonably identified Settlement Class Members; and that a

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summary notice of the hearing (the “Summary Notice”), substantially in the form approved by

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the Court, was published in The Wall Street Journal and transmitted over Business Wire; and the

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Court having considered and determined the fairness and reasonableness of the award of

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attorneys’ fees and expenses requested;

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NOW, THEREFORE, IT IS HEREBY ORDERED:

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1.

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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.

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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

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and method of notifying the Settlement Class of the motion for attorneys’ fees and expenses met

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the requirements of Rules 23 and 54 of the Federal Rules of Civil Procedure, Section 27 of the

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Securities Act of 1933, 15 U.S.C. §77z-1(a)(7), as amended by the Private Securities Litigation

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Reform Act of 1995 (the “PSLRA”), due process, constituted the best notice practicable under

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the circumstances, and constituted due and sufficient notice to all persons and entities entitled
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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

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MASTER FILE NO. 12-CV-04677-YGR
[PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES

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payment of litigation expenses in the amount of $111,328.12, plus interest at the same rate

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earned by the Settlement Fund, which sums the Court finds to be fair and reasonable.

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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

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the terms, conditions, and obligations of the Stipulation, which terms, conditions, and obligations
are incorporated herein.
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Settlement Fund, the Court has considered and found that:

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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

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the Settlement created by the efforts of Lead Counsel;
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(b)

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The requested attorneys’ fees and litigation expenses have been approved

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as fair and reasonable by the Lead Plaintiffs, which are sophisticated institutional investors that

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have been directly involved in the prosecution and resolution of the Action and which have a

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substantial interest in ensuring that any fees paid to plaintiffs’ counsel are duly earned and not

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excessive;

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(c)

More than 16,900 copies of the Notice were disseminated to potential

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Settlement Class Members reporting that Lead Counsel would request attorneys’ fees in an
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amount not to exceed 25% of the Settlement Fund, which includes accrued interest, and payment
of litigation expenses not to exceed $200,000;
(d)

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There were no objections to the application for attorneys’ fees or

expenses;

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MASTER FILE NO. 12-CV-04677-YGR
[PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES

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(e)

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Action on behalf of the Settlement Class;

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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;

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(g)

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no compensation during the Action, and any fee and expense award has been contingent on the
result achieved;

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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;

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(i)

The amount of attorneys’ fees and expenses awarded are fair and

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reasonable and consistent with awards in similar cases within the Ninth Circuit; and
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(j)

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Lead Counsel have devoted more than 4,000 hours, with a lodestar value

of $2,732,046.50, to achieve the Settlement.
6.

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Any appeal or any challenge affecting this Court’s approval of any attorneys’ fee

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and expense application shall in no way disturb or affect the finality of the Judgment entered

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with respect to the Settlement.

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7.

Exclusive jurisdiction is hereby retained for a period of one year over the subject

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matter of this Action and over all parties to the Action, including the administration and
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distribution of the Net Settlement Fund to Settlement Class Members.

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MASTER FILE NO. 12-CV-04677-YGR
[PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES

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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.

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Dated: ______________, 2017
December 20
Honorable Yvonne Gonzalez Rogers
UNITED STATES DISTRICT JUDGE

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MASTER FILE NO. 12-CV-04677-YGR
[PROPOSED] ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES

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