City of Dearborn Heights Act 345 Police & Fire Retirement System v. Chicago Bridge & Iron Company N.V. et al

Filing 240

ORDER: It is hereby ORDERED that the parties' proposed form and manner of notice is APPROVED and Epiq Class Action and Claims Solutions, Inc. is appointed notice administrator. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 4/20/2020) (cf)

Case 1:17-cv-01580-LGS Document 240 Filed 04/20/20 Page 1 of 2

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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IN RE CHICAGO BRIDGE & IRON
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COMPANY N.V. SECURITIES LITIGATION :
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17 Civ. 1580 (LGS)
ORDER

LORNA G. SCHOFIELD, District Judge:
WHEREAS, on March 23, 2020, Plaintiffs’ class certification motion was granted. (Dkt.
No. 237). The Class is defined as “all those who purchased or otherwise acquired the common
stock of Chicago Bridge & Iron Company N.V. on the NYSE during a Class Period from
October 30, 2013, through and including June 23, 2015, excluding Defendants, officers, and
directors of CBI, members of their immediate families and their legal representatives, heirs,
successors, or assigns, and any entity in which Defendants have or had a controlling interest.”
(Dkt. No. 237).
WHEREAS, on April 13, 2020, the parties filed a proposed form and manner of notice
pursuant to Federal Rule of Civil Procedure 23(c)(2)(B). (Dkt. No. 239).
WHEREAS the notice distribution plan provides that the notice administrator will mail
individual notices to an estimated 150,000 class members via a postcard (Dkt. No. 239-1) not
later than 21 business days from the Court’s order approving the proposed form and manner of
notice (the “mailing date”). The postcards summarize the information and rights of potential
class members contained in the more detailed long-form notice (Dkt. No. 239-2), and direct
potential class members to a dedicated website where comprehensive information will be
available and the long-form notice will be posted and available for download. A summary notice

Case 1:17-cv-01580-LGS Document 240 Filed 04/20/20 Page 2 of 2

(Dkt. No. 239-3) will also be disseminated via two national press releases sometime after the
mailing date. The notice administrator will use reasonable efforts to mail copies of the longform notice to all nominee purchasers of CB&I’s common stock during the Class Period.
WHEREAS Plaintiffs propose allowing potential class members 45 days from the
mailing date to request exclusion from the class.
WHEREAS Plaintiffs have selected Epiq Class Action and Claims Solutions, Inc. as
proposed notice administrator, after soliciting competitive bids from three reputable firms.
WHEREAS the long-form notice clearly and concisely states in plain, easily understood
language (i) the nature of the action; (ii) the definition of the class certified; (iii) the class claims,
issues, or defenses; (iv) that a class member may enter an appearance through an attorney if the
member so desires; (v) that the court will exclude from the class any member who requests
exclusion; (vi) the time and manner for requesting exclusion; and (vii) the binding effect of a
class judgment on members under Rule 23(c)(3). (Dkt. No. 239-2).
WHEREAS the Court finds that the parties’ proposed form and manner of notice
provides to class members “the best notice that is practicable under the circumstances,” as is
required by Rule 23(c)(2). See Fed. R. Civ. P. 23(c)(2). It is hereby
ORDERED that the parties’ proposed form and manner of notice is APPROVED and
Epiq Class Action and Claims Solutions, Inc. is appointed notice administrator.
Dated: April 20, 2020
New York, New York

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