Guerrini v. Restoration Robotics, Inc. et al

Filing 127

Order Granting 116 Motion for Attorney Fees. Signed by Judge Edward J. Davila on 9/9/2021. (ejdlc1S, COURT STAFF) (Filed on 9/9/2021)

Case 5:18-cv-03712-EJD Document 127 Filed 09/09/21 Page 1 of 4

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Shannon L. Hopkins (admitted pro hac vice)
Email: [e-mail]
LEVI & KORSINSKY, LLP
1111 Summer Street, Suite 403
Stamford, CT 06905
Tel: [phone]
Facsimile: [phone]
Class Counsel and Counsel for Plaintiff
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION

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IN RE RESTORATION ROBOTICS, INC.
SECURITIES LITIGATION.

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Case No. 5:18-cv-03712-EJD
CLASS ACTION

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[AMENDED PROPOSED] ORDER AWARDING ATTORNEYS’ FEES,
REIMBURSEMENT OF EXPENSES, AND INCENTIVE AWARD TO LEAD PLAINTIFF

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WHEREAS, this matter came before the Court on September 9, 2021 (the “Settlement

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Hearing”), on Class Counsel’s motion for an award of attorneys’ fees, reimbursement of expenses,

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and incentive award to Plaintiff (the “Motion”). The Court, having considered all matters submitted

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to it prior to, during, and following the Settlement Hearing; and it appearing that the Claims

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Administrator posted a copy of the notice, substantially in the form approved by the Court (the

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“Notice”), to a website dedicated to the administration of the settlement of this action; and that the

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Notice Packets providing notice of the hearing, substantially in the form approved by the Court (the

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“Notice Packets”), were mailed to 9,989 potential Class Members and nominees; and that a

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

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Court, was published in Investor’s Business Daily and transmitted over PR Newswire; and the Court

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having considered and determined the fairness and reasonableness of the award of attorneys’ fees,

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expenses, and Plaintiffs’ awards requested;

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NOW, THEREFORE, IT IS HEREBY ORDERED THAT:

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This Order incorporates and makes a part hereof: (i) the Stipulation and Agreement

of Settlement (the “Stipulation”), dated April 22, 2021; and (ii) the Notice, which was filed with

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Case No. 5:18-cv-03712-EJD

PROPOSED ORDER AWARDING ATTORNEYS’ FEES, REIMBURSEMENT OF EXPESNES, AND
INCENTIVE AWARD TO LEAD PLAINTIFF

Case 5:18-cv-03712-EJD Document 127 Filed 09/09/21 Page 2 of 4

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the Court therewith. Capitalized terms not defined in this Order shall have the meaning set forth in

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the Stipulation.

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2.

This Court has jurisdiction over the subject matter of the Action and over all Parties

to the Action, including Class Members.
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Class Members were notified that Class Counsel would be applying for an award of

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attorneys’ fees and expenses, and further, that such application also might include a request for an

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award to Plaintiff Edgardo Guerrini, which payment would include, but would not be limited to,

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reimbursement of his reasonable costs and expenses related to his representation of the Class. The

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form and method of notifying the Class of the motion for an award of attorneys’ fees and

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reimbursement of expenses satisfied the requirements of Rules 23 and 54 of the Federal Rules of

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Civil Procedure, the Private Securities Litigation Reform Act of 1995, 15 U.S.C. § 78u-4, as

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amended, due process, and any other applicable law; 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.

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4.

Lead Counsel’s Motion is granted, and Plaintiff’s Counsel are hereby awarded from

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the Settlement Fund: (i) attorneys’ fees in the amount of $1,043,750.00; and (ii) payment of

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litigation expenses in the amount of $125,142.99, which sums the Court finds to be fair and

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reasonable.

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5.

In accordance with 15 U.S.C. § 78u-4(a)(4), the Court hereby awards an incentive

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payment from the Settlement Fund to Plaintiff Edgardo Guerrini in connection with his

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representation of the Settlement Class, in the amount of $15,000, to be paid from the awarded

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attorneys’ fees and expenses as indicated in Plaintiff’s preliminary approval motion (ECF No. 108).

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6.

The award of attorneys’ fees and expenses, as well as the incentive awards to

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Plaintiff, including but not limited to Plaintiff’s costs and expenses, shall be immediately payable

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from the Settlement Fund, subject to the terms, conditions, and obligations of the Stipulation.

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7.

In making the awards of attorneys’ fees, litigation expenses, and reimbursement of

Plaintiff’s costs and expenses to be paid from the Settlement Fund, the Court has considered and

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Case No. 5:18-cv-03712-EJD

PROPOSED ORDERAWARDING ATTORNEYS’ FEES,REIMBURSEMENT OF EXPENSES, AND
INCENTIVE AWARD TO LEAD PLAINTIFF

Case 5:18-cv-03712-EJD Document 127 Filed 09/09/21 Page 3 of 4

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found that:
a.

The Settlement constitutes a favorable result for the Settlement Class as it

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created a common fund of $4.175 million in cash from which numerous

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Class Members who submit acceptable Proofs of Claim will benefit;

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b.

The requested attorneys’ fees and payment of litigation expenses have been

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reviewed and approved as fair and reasonable by Plaintiff who has been

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directly involved in the prosecution and resolution of the Action and who

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has substantial interests in ensuring that any fees and expenses paid to

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counsel are duly earned and not excessive;

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c.

Notice was disseminated to Class Members stating that counsel would be

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submitting an application for attorneys’ fees in an amount not to exceed 25%

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of the Settlement Amount, and payment of expenses incurred in connection

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with the prosecution of this Action in an amount not to exceed $200,000,

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and that such application also might include an incentive payment of up to

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$25,000, which payment includes but is not limited to reimbursement of

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Plaintiff’s reasonable costs and expenses directly related to Plaintiff’s

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representation of the Class. No Class Members have filed an objection to

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that application for fees and expenses;

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d.

Class Counsel have expended substantial time and effort pursuing the Action
on behalf of the Class;

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e.

The Action raised many complex factual and legal issues;

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f.

Class Counsel assumed substantial risk by pursuing the Action on a

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contingent basis, having received no compensation during the Action, and

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expecting any fee award would be contingent on the result achieved;

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g.

prosecution of the Action;

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As set forth in the Motion, Class Counsel devoted over 2,015 hours to the

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The fee awarded results in a lodestar multiplier of 0.76 which confirms the

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Case No. 5:18-cv-03712-EJD

PROPOSED ORDERAWARDING ATTORNEYS’ FEES,REIMBURSEMENT OF EXPENSES, AND
INCENTIVE AWARD TO LEAD PLAINTIFF

Case 5:18-cv-03712-EJD Document 127 Filed 09/09/21 Page 4 of 4

reasonableness of the requested fee;

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i.

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Public policy strongly favors rewarding firms for bringing successful
securities class action litigation;

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j.

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The amounts to be paid from the Settlement Fund for attorneys’ fees,

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expenses, and Plaintiff’s incentive payments are fair and reasonable and

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consistent with awards in similar cases.

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8.

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

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fee 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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9.

Exclusive jurisdiction is hereby retained over the subject matter of this Action and

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over all parties to the Action, including the administration and distribution of the Net Settlement

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Fund to Class Members.

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10.

In the event that the Settlement is terminated or does not become Final or the

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Effective Date does not occur in accordance with the terms of the Stipulation, this Order shall be

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rendered null and void to the extent provided by the Stipulation and shall be vacated in accordance

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with the Stipulation.

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IT IS SO ORDERED.

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September 9, 2021
DATED: ___________________

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_________________________________
Honorable Edward J. Davila
United States District Judge

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Case No. 5:18-cv-03712-EJD

PROPOSED ORDERAWARDING ATTORNEYS’ FEES,REIMBURSEMENT OF EXPENSES, AND
INCENTIVE AWARD TO LEAD PLAINTIFF