Welcome to the Sadia, S.A. Securities Litigation
If you satisfy the below requirement, you are a Class Member
IF YOU PURCHASED OR OTHERWISE ACQUIRED SADIA, S.A. AMERICAN DEPOSITORY RECEIPTS ("ADRs") FROM APRIL 30, 2008 TO SEPTEMBER 25, 2008, INCLUSIVE, AND HELD THE ADRs THROUGH THE CLOSE OF THE MARKET ON SEPTEMBER 25, 2008.
and the purpose of this Website is to advise you that:
On or after November 5, 2008, five putative securities class actions were filed in the United States District Court for the Southern District of New York against Sadia and certain of its officers and directors. By Order dated January 26, 2009, the Court consolidated the actions under docket number 08-cv-9528, appointed Westchester Putnam Heavy & Highway Laborers Local 60 Benefit Funds, Alan Hyman, Phil Carey, Steve Geist and Peter Schicker as Lead Plaintiffs and approved Lead Plaintiffs' selection of counsel, Saxena White P.A. and Barroway Topaz Kessler Meltzer & Check, LLP (n/k/a Kessler Topaz Meltzer & Check, LLP), as Co-Lead Counsel and The Law Offices of Curtis V. Trinko, LLP as liaison counsel for the Class.
On March 16, 2009, Lead Plaintiffs filed the Consolidated Amended Complaint (the "Complaint"), asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), including Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission, against the Defendants. The Complaint alleged, among other things, that, during the Class Period, Sadia misrepresented the true earnings and financial condition of the Company by entering into currency hedging contracts that were both larger than necessary to insure its losses on future sales and in violation of company policy. The Complaint further asserted that, as a result of Defendants' alleged conduct, the price of Sadia ADRs was artificially inflated, causing damage to Lead Plaintiffs and the other members of the Class who purchased or otherwise acquired Sadia ADRs during the Class Period. Sadia moved to dismiss the Complaint on April 27, 2009. By Order dated July 29, 2009, the Court denied Sadia's motion to dismiss the Complaint. Sadia filed its Answer to the Complaint on September 15, 2009, and the Parties embarked on discovery.
Lead Plaintiffs moved for class certification on December 14, 2009. The Court, by Opinion and Order dated July 20, 2010, granted Lead Plaintiffs' motion, certifying a class comprised of all persons and entities who purchased or otherwise acquired Sadia ADRs from April 30, 2008 to September 26, 2008, inclusive, and who were damaged thereby, but excluding purchasers who sold shares prior to the close of the market on September 25, 2008. By the same Order, the Court appointed the Lead Plaintiffs as the Class Representatives and Co-Lead Counsel as Class Counsel. On August 3, 2010, Sadia petitioned the United States Court of Appeals for the Second Circuit (the "Appeals Court") for permission to appeal, pursuant to Federal Rule of Civil Procedure 23(f), the Court's July 20, 2010 Order certifying the Class. The Appeals Court denied Sadia's petition on October 8, 2010.
Thereafter, while discovery was ongoing, the Parties began discussing a possible resolution of the Action. The Parties' settlement negotiations continued over the course of many months, including three formal mediation sessions with the assistance of an experienced mediator. During this same time, certain of the Individual Defendants moved to dismiss the Complaint on May 27, 2011, pursuant to Federal Rule of Civil Procedure 12(b)(2), on the ground that this Court lacked personal jurisdiction over them. Shortly thereafter, on June 20, 2011, the Individual Defendants moved to dismiss the Complaint pursuant to Federal Rules of Civil Procedure 9(b) and 12(b)(6).
While the Individual Defendants' motions to dismiss were pending, the Parties reached a tentative agreement to settle the Action in August 2011.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
| SUBMIT A CLAIM FORM | The only way to receive a payment from the Settlement Fund. The deadline for submitting a claim form is February 10, 2012. |
| EXCLUDE YOURSELF | Receive no payment from the Settlement Fund. This is the only option that allows you to participate in another lawsuit against the Defendants or the Released Parties concerning the Released Claims as defined in the Stipulation. The deadline for submitting a request to exclude yourself from the Class is December 1, 2011. |
| OBJECT | You may write to the Court if you do not like this Settlement, the Plan of Allocation, Co-Lead Counsel's request for attorneys' fees and expenses, or the Class Representatives' request for reimbursement of their costs and expenses. The deadline for filing an objection is December 1, 2011. |
| GO TO A HEARING | You may ask to speak in Court about the fairness of the Settlement. |
| FAIRNESS HEARING DATE | December 22, 2011 |
| DO NOTHING | Receive no payment from the Settlement Fund and give up your rights with regard to the claims in this lawsuit. |