On December 20, 2010, the Honorable Paul A. Crotty of the United States District Court for the Southern District of New York granted final approval to the $25 million settlement in the class action Police and Fire Retirement System of the City of Detroit, et al. v. SafeNet, Inc., et al., No. 06-Civ-5797 (PAC).
Labaton Sucharow served as the Court-appointed co-lead counsel for lead plaintiffs the Police and Fire Retirement System of the City of Detroit, the Plymouth County Retirement System, and the State-Boston Retirement System, and the Settlement Class.
The settlement class alleged that SafeNet, Inc. ("SafeNet") and certain individual defendants misled investors by making misrepresentations and omissions to the investing public, which had the effect of artificially inflating SafeNet's stock price.
If you purchased or otherwise acquired the common stock of SafeNet from March 31, 2003 to May 18, 2006, inclusive, including SafeNet common stock acquired in exchange for shares of Rainbow Technologies, Inc. stock as a result of the March 14, 2004 acquisition of Rainbow Technologies, Inc. by SafeNet, and were allegedly damaged thereby, needed to submit Proof of Claim form with supporting documents by February 14, 2011.
The deadline for objecting to the settlement or for seeking exclusion from the settlement class was November 29, 2010. A settlement hearing was held on December 20, 2010, at 3:30 p.m. before Judge Paul A. Crotty in courtroom 20C of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007.
A copy of the Notice of Pendency and Proposed Settlement of Class Action, Proof of Claim, the Preliminarily Approval Order Providing for Notice and Hearing in Connection with Proposed Class Action Settlement and the Stipulation and Agreement of Settlement, the Final Order and Judgment and the Order Awarding Attorneys' Fees and Expenses can be accessed by clicking on the links to the right.