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Pomerantz Law Firm Announces Summary Notice of Pendency and Proposed Settlement of Groupon, Inc. Class Action and Settlement Hearing – GRPN

IN THE UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION

In re GROUPON, INC. SECURITIES
LITIGATION
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Master File No. 12 C 2450


Hon. Charles R. Norgle




This Document Relates To:

ALL ACTIONS.

NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION.

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED SHARES OF GROUPON’S CLASS A COMMON STOCK, PAR VALUE $0.0001 PER SHARE (THE “COMMON STOCK”), IN OR TRACEABLE TO GROUPON’S INITIAL PUBLIC OFFERING BETWEEN NOVEMBER 4, 2011 AND MARCH 30, 2012, BOTH DATES INCLUSIVE (“THE CLASS PERIOD”), AND WERE OR MAY HAVE BEEN DAMAGED THEREBY.

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ALL SUCH PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED SHARES OF COMMON STOCK BETWEEN FEBRUARY 9, 2012 AND MARCH 30, 2012, BOTH DATES INCLUSIVE (“THE SUBCLASS PERIOD”) AND WERE OR MAY HAVE BEEN DAMAGED THEREBY.

Excluded from the Class are (1) Defendants and Former Underwriter Defendants and their immediate families; (2) any entity in which Defendants or Former Underwriter Defendants have or had a majority interest; (3) past and present Officers and Directors of Groupon, Inc.; and (4) the legal representatives, heirs, successors, or assigns of any excluded party.

NEW YORK, May 09, 2016 (GLOBE NEWSWIRE) -- YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court, Northern District of Illinois (the “Court”) of a proposed $45 million Settlement in the above-captioned action (the “Action”). Plaintiffs estimate there were approximately 40.25 million shares of the Common Stock traded during the Class Period that may have been damaged. If all such shares were in fact damaged and elect to participate in the Settlement, the average recovery per share could be $1.118 before deduction of any fees, expenses, costs, and awards described herein. The actual amount disbursed to members of the Class who participate in the Settlement may be more or less than this figure.

A hearing will be held on July 13, 2016, at 10:00 a.m. before Honorable Charles R. Norgle in Courtroom 2341 of the United States District Court for the Northern District of Illinois, Everett McKinley Dirksen Building, United States Courthouse, 219 South Dearborn Street, Chicago, IL 60604, to determine: (1) whether the proposed Settlement of the Class’s claims against the Defendants for $45,000,000.00 should be approved as fair, reasonable and adequate; (2) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (3) whether the Court should permanently enjoin the assertion of any claims that arise from or relate to the subject matter of the Action; (4) whether the Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement filed with the Court; (5) whether the application by Class Counsel for an award of attorneys’ fees and expenses should be approved; and (6) whether the Class Plaintiffs’ application for reimbursement of costs and expenses should be granted.

If you purchased the Common Stock in or traceable to Groupon’s IPO during the Class Period and were or may have been damaged thereby OR you purchased or acquired the Common Stock during the Subclass Period and were or may have been damaged thereby, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency of Class Action (the “Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to the Claims Administrator at In re Groupon, Inc. Securities Litigation c/o KCC Class Action Services, P.O Box 40007 College Station TX 77842-4007, by calling (877) 369-3968, or by visiting www.grouponsecuritieslitigation.com.

If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must timely submit a Proof of Claim to the Claims Administrator’s address provided above and postmarked no later than August 26, 2016. If you are a member of the Class and do not submit a proper Proof of Claim, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, at the address above and postmarked no later than June 29, 2016, in the manner and form detailed in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgment or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

If you have any objection to the proposed Settlement, the adequacy of the representation provided by Class Plaintiffs and Class Counsel, the proposed Plan of Allocation of the Net Settlement Fund, the Final Order and Judgment contemplated by the Stipulation, the application for attorneys’ fees not to exceed 30% of the Settlement Amount, and reimbursement of expenses not to exceed $1.15 million, and/or the application of a Compensatory Award, not to exceed $5,000 each, for the time and expenses incurred by Class Plaintiffs, or if you otherwise wish to be heard with respect to any of the foregoing, you may appear in person or by attorney at the Final Approval Hearing. Notice of objection or appearance must be filed in the manner detailed in the Notice with the Clerk of the Court and delivered to Class Counsel and Defendants’ Counsel, such that it is received by each party no later than June 29, 2016, in accordance with the instructions set forth in the Notice.

All members of the Class who do not request exclusion therefrom, in the manner provided herein, will be represented by Class Counsel in connection with the Settlement, but may, if they so desire, also enter an appearance through counsel of their own choice and at their own expense.

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL. Any questions should be directed to:

Claims Administrator:
In re Groupon, Inc. Securities Litigation
c/o KCC Class Action Services
P.O Box 40007
College Station TX 77842-4007
Telephone: (877) 369-3968
Class Counsel:
Joshua B. Silverman, Esq.
Pomerantz LLP
10 South La Salle Street, Suite 3505
Chicago, IL 60603
jbsilverman@pomlaw.com

Dated: May 9, 2016 UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF ILLINOIS

By Order of the Court
United States District Court
Northern District of Illinois

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com

Source:Pomerantz LLP