Washtenaw County Employees Retirement System v. Celera Corporation et al

Filing 174

ORDER Requesting Additional Information re: 167 Motion for Preliminary Approval of Class Action Settlement. Having reviewed the parties' submissions and heard oral argument, the court finds that there is insufficient information to determi ne whether the parties' proposed settlement agreement is reasonable. The court hereby requests additional information to be filed on or before December 19, 2014. Signed by Judge Edward J. Davila on 11/20/2014. (ejdlc4S, COURT STAFF) (Filed on 11/20/2014)

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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SAN JOSE DIVISION

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In re CELERA CORP. SEC. LITIG.

Case No. 5:10-CV-02604-EJD

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ORDER REQUESTING ADDITIONAL
INFORMATION RE: MOTION FOR
PRELIMINARY APPROVAL OF CLASS
ACTION SETTLEMENT

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United States District Court
Northern District of California

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Pending in this court is Plaintiff’s Motion for Preliminary Approval of Class Action

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Settlement. See Dkt. No. 167. Having reviewed the parties’ submissions and heard oral

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argument, the court finds that there is insufficient information to determine whether the parties’

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proposed settlement agreement is reasonable.
The court hereby requests information (not to exceed 15 pages) and supporting

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documentation addressing the following:

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1.

The estimated class size.

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2.

An itemized listing of how the $24,750,000 settlement fund will be spent, including a list

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of the expenses to be paid by the fund, an estimated cost of each expense, and an estimated

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cost of the fund reserved for authorized claimants.

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3.

this figure was derived.

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The estimated amount per share that claimants will receive, and the method from which

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For the first time in oral argument, the parties stated that funds would go towards a cy pres

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distribution. The parties must: (i) stipulate that a cy pres distribution will be made as part

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Case No. 5:10-CV-02604-EJD
ORDER REQUESTING ADDITIONAL INFORMATION RE: MOTION FOR PRELIMINARY
APPROVAL OF CLASS ACTION SETTLEMENT