Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Mallinckrodt Securities Litigation

By: Robbins Geller Rudman & Dowd LLP via Business Wire

January 20, 2025 at 08:00 AM EST

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Mallinckrodt Securities Litigation:

UNITED STATES DISTRICT COURT

DISTRICT OF NEW JERSEY

BARBARA STROUGO, Individually and on Behalf of All Others Similarly Situated,		No. 3:20-cv-10100-RK (TJB)

	Plaintiff,	CLASS ACTION

vs.		SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

MALLINCKRODT PUBLIC LIMITED COMPANY, et al.,

	Defendants.

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED MALLINCKRODT PLC (“MALLINCKRODT”) COMMON STOCK BETWEEN MAY 3, 2016, AND MARCH 13, 2020, INCLUSIVE (“CLASS” OR “CLASS MEMBERS”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of New Jersey (“Court”), that the above-captioned action (“Litigation”) has been certified as a class action, except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation of Settlement dated September 18, 2024 (“Stipulation”) and the detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”). The Stipulation and Notice can be viewed at www.MallinckrodtSecuritiesSettlement.com.

YOU ARE ALSO HEREBY NOTIFIED that Canadian Elevator Industry Pension Trust Fund and City of Sunrise Police Officers’ Retirement Plan (together, “Plaintiffs”), and defendants Mark C. Trudeau, Bryan M. Reasons, George A. Kegler, Matthew K. Harbaugh, Kathleen A. Schaefer, Angus C. Russell, Melvin D. Booth, JoAnn A. Reed, Paul R. Carter, and Mark J. Casey (collectively, the “Individual Defendants”) have reached a proposed settlement of the Litigation on behalf of the Class for $46 million in cash (“Settlement”). If approved by the Court, the Settlement will resolve all claims in the Litigation.

YOU ARE ALSO HEREBY NOTIFIED that a hearing will be held on April 15, 2025, at 11:00 a.m., before the Honorable Tonianne J. Bongiovanni at the United States District Court, District of New Jersey, Clarkson S. Fisher Building & U.S. Courthouse, 402 East State Street, Trenton, NJ 08608, to determine whether: (1) the Settlement of the above-captioned Litigation as set forth in the Stipulation for $46 million in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Litigation with prejudice; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice) and, if so, in what amounts; (4) to award Plaintiffs their costs and expenses in representing the Class out of the Settlement Fund and, if so, in what amounts; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

The Court may decide to change the date and/or time of the Settlement Hearing, conduct the hearing by video or telephonic conference, or otherwise allow Class Members to appear at the hearing by telephone or videoconference, without further written notice to the Class. It is important that you check the Settlement website, www.MallinckrodtSecuritiesSettlement.com, before making any plans to attend the Settlement Hearing. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic appearances at the hearing, will be posted to the Settlement website. Also, if the Court requires or allows Class Members to participate in the hearing by telephone or videoconference, the access information will be posted to the website.

IF YOU PURCHASED OR OTHERWISE ACQUIRED MALLINCKRODT COMMON STOCK BETWEEN MAY 3, 2016, AND MARCH 13, 2020, INCLUSIVE, YOUR RIGHTS ARE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than April 14, 2025) or electronically via the Settlement website (no later than April 14, 2025).¹ Failure to submit your Proof of Claim by April 14, 2025, will subject your claim to rejection and preclude you from receiving any of the recovery in connection with the Settlement of this Litigation. If you are a Class Member and do not request exclusion from the Class (as described below), you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

The Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), the Proof of Claim, the Stipulation (which, among other things, contains definitions for the capitalized terms used in this Summary Notice), and other important documents, may be accessed online at www.MallinckrodtSecuritiesSettlement.com, or by writing to:

Mallinckrodt Securities Settlement

Claims Administrator

c/o Gilardi – a Verita Company

P.O. Box 301135

Los Angeles, CA 90030-1135

Inquiries should NOT be directed to Individual Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP

Ellen Gusikoff Stewart

655 West Broadway, Suite 1900

San Diego, CA 92101

Telephone: 1-800-449-4900

settlementinfo@rgrdlaw.com

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED OR RECEIVED BY MARCH 25, 2025, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. IF YOU PROPERLY EXCLUDE YOURSELF FROM THE CLASS, YOU WILL NOT BE BOUND BY ANY RELEASES, JUDGMENTS, OR ORDERS ENTERED BY THE COURT IN THE LITIGATION AND YOU WILL NOT RECEIVE ANY BENEFITS FROM THE SETTLEMENT. EXCLUDING YOURSELF FROM THE CLASS IS THE ONLY OPTION THAT MAY ALLOW YOU TO BE PART OF ANY OTHER CURRENT OR FUTURE LAWSUIT AGAINST THE INDIVIDUAL DEFENDANTS OR ANY OF THE OTHER RELEASED DEFENDANT PARTIES CONCERNING THE CLAIMS BEING RESOLVED BY THE SETTLEMENT.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED ONE-THIRD OF THE $46 MILLION SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $1.5 MILLION, PLUS INTEREST ON BOTH AMOUNTS, AND/OR THE REQUEST FOR AN AWARD TO PLAINTIFFS FOR THEIR COSTS AND EXPENSES. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND THE INDIVIDUAL DEFENDANTS’ COUNSEL BY MARCH 25, 2025, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

Dated: December 23, 2024

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

DISTRICT OF NEW JERSEY

¹ Proofs of Claim, requests for exclusion, objections, and other correspondence that are legibly postmarked will be treated as received on the postmark date. Please be advised that the U.S. Postal Service may not postmark mail which is not presented in person.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250120462167/en/

Contacts

Media:

Robbins Geller Rudman & Dowd LLP

Shareholder Relations Department

Greg Wood

(619) 231-1058

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Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Mallinckrodt Securities Litigation

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