On April 8, 2010, Judge Claudia Wilken of the United States District Court for the Northern District of California granted final approval to the $5 million settlement proposed by the parties in the securities fraud class action, City of Westland Police and Fire Retirement System and Plymouth County Retirement System v. Sonic Solutions et al., No. 1:07-CV-05111 (CW) (N.D. Cal.).
Labaton Sucharow is Court-appointed co-lead counsel for lead plaintiffs City of Westland Police and Fire Retirement System and Plymouth County Retirement System.
This securities class action alleges that certain Sonic Solutions officers and directors made false and misleading statements about Sonic's true financial and operational condition, thus artificially inflating Sonic's stock price. Lead Plaintiffs claim that the defendants engaged in a practice of knowingly backdating stock option grants to Sonic officers, directors and employees, while understating compensation expense and overstating Sonic's reported earnings.
If you purchased the common stock or options of Sonic Solutions during the period from October 23, 2002 through May 17, 2007, inclusive, you may be eligible to participate in the settlement if you submitted a Proof of Claim form with supporting documents by March 22, 2010. The deadline to exclude yourself from the Class or object to the settlement has passed. A Fairness Hearing was held on April 8, 2010 at 2:00 p.m at the United States Courthouse, 1301 Clay Street, Oakland, California.
Please see the annexed links to the Final Judgment and Order, Preliminary Approval Order, Stipulation and Order Rescheduling the Final Approval Hearing, Class Notice, and Class Proof of Claim form for details and instructions about the settlement.