Mohanty v. Avid Technology, Inc. et al

Filing 55

Judge Indira Talwani: ORDER PRELIMINARILY APPROVING CLASS CERTIFICATION, APPOINTMENT OF COUNSEL AND SETTLEMENT, AND PROVIDING FOR NOTICE. (Attachments: # 1 Exhibit A: Notice, # 2 Exhibit B: Proof of Claim and Release, # 3 Exhibit C: Summary Notice) (MacDonald, Gail)

UNITED STATES DISTRICT COURT
DISTRICT OF MASSACHUSETTS
PRAKASH MOHANTY, Individually and on )
Behalf of All Others Similarly Situated,
)
)
Plaintiff,
)
)
vs.
)
)
AVID TECHNOLOGY, INC., LOUIS
)
HERNANDEZ, JR, and ILAN SIDI,
)
)
Defendants.
)
)

Case No. 1:16-cv-12336-IT

CLASS ACTION

SUMMARY NOTICE
EXHIBIT C

TO:

ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE
COMMON STOCK OF AVID TECHNOLOGY, INC. (“AVID” OR THE
“COMPANY”) DURING THE PERIOD FROM AUGUST 4, 2016 THROUGH
NOVEMBER 9, 2016, INCLUSIVE (THE “CLASS”)
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court

for the District of Massachusetts, that a hearing will be held on April 30, 2018, at 2:45 p.m.,
before the Honorable Indira Talwani, United States District Judge, at the United States District
Court for the District of Massachusetts, John Joseph Moakley U.S. Courthouse, 1 Courthouse
Way, Boston, MA 02210, to determine whether the proposed Settlement of the Action on the terms
and conditions provided for in the Stipulation, and for the principal amount of One Million, Three
Hundred and Twenty-Five Thousand United States Dollars ($1,325,000.00) cash, plus interest, is
fair, reasonable, and adequate to the Class such that the Class should be finally certified and the
Settlement should be approved by the Court; to determine whether a Judgment and Order of
Dismissal with Prejudice should be entered, and if so, whether it should be in substantially the
form set forth as Exhibit B to the Stipulation; to determine whether the proposed Plan of Allocation
should be approved; to determine any amount of fees, costs, and expenses that should be awarded
to Lead Counsel; to determine the amount of costs and expenses to be awarded to Lead Plaintiff
(including for lost wages); to hear objections to the Stipulation or to the Plan of Allocation or any
award of fees, expenses and costs to Lead Counsel and Lead Plaintiff; and to consider such matters
as the Court may deem appropriate. The Court may adjourn or continue the Final Approval Hearing
or alter its time or date without further notice to Class Members but will not set it earlier than the
time and date set forth in this paragraph.
IF YOU PURCHASED OR OTHERWISE ACQUIRED ANY AVID COMMON STOCK
DURING THE PERIOD FROM AUGUST 4, 2016 THROUGH NOVEMBER 9, 2016,
INCLUSIVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS

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ACTION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY
POSSESS RELATING TO YOUR PURCHASE OR ACQUISITION OF AVID COMMON
STOCK DURING THE CLASS PERIOD. If you have not received a detailed Notice of Pendency
and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release
form, you may obtain copies by writing to Mohanty v. Avid Technology, Inc. et al., Claims
Administrator, c/o GCG, P.O. Box 10525, Dublin, OH 43017-4525, or on the internet at
www.AvidSecuritiesSettlement.com.

If you are a Class Member, in order to share in the

distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail or
online no later than April 19, 2018, establishing that you are entitled to recovery. You will be
bound by any Judgment rendered in the Action unless you timely and validly request to be
excluded, in writing, to Mohanty v. Avid Technology, Inc. et al., Claims Administrator, c/o GCG
P.O. Box 10525, Dublin, OH 43017-4525, postmarked by April 9, 2018.
Any objection to the Settlement, the Plan of Allocation, or the fee and expense applications
must be received, not simply postmarked, by one or more of the following recipients no later than
April 9, 2018:
COURT

LEAD
COUNSEL

DEFENDANTS’
COUNSEL

Clerk of the Court
UNITED STATES DISTRICT COURT FOR
THE DISTRICT OF MASSACHUSETTS
1 Courthouse Way
Suite 2300
Boston, MA 02210

Frank J. Johnson
JOHNSON FISTEL, LLP
600 West Broadway,
Suite 1540
San Diego, CA 92101

John D. Donovan, Jr.
ROPES & GRAY LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE
REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact
Lead Counsel at the addresses listed above.
DATED:

January 12, 2018

BY ORDER OF THE COURT

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UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF MASSACHUSETTS

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