CONCORD, N.H., Aug. 9 LAWFUEL – The Legal Newswire — The following release was issued
jointly today by Grant & Eisenhofer P.A., Milberg Weiss LLP, and Schiffrin
Barroway Topaz & Kessler, LLP:
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW HAMPSHIRE
IN RE TYCO INTERNATIONAL LTD., SECURITIES LITIGATION
MDL Docket No. 02-1335-PB
This document relates to:
Civil Action No. 02-266-PB
SUMMARY NOTICE OF PROPOSED SETTLEMENT
If You Purchased Or Otherwise Acquired The Common Stock, Notes Or
Options On Common Stock Of Tyco International Ltd. (“Tyco”) (NYSE: TYC)
From December 13, 1999 To June 7, 2002, Inclusive (the “Class Period”), You May Be A Member Of The Class In This Action And Entitled To Share In A $3.2 Billion Settlement.
YOU ARE HEREBY NOTIFIED that a class has been certified and that a
settlement for Three Billion Two Hundred Million Dollars ($3,200,000,000)
has been proposed in the above-captioned action. This settlement will be
comprised of the following payments: (i) Two Billion Nine Hundred and
Seventy Five Million Dollars ($2,975,000,000) by defendants Tyco, Mark A.
Belnick and Michael A. Ashcroft (“Tyco Settling Defendants”) and (ii) Two
Hundred Twenty- Five Million Dollars ($225,000,000) by defendant
PricewaterhouseCoopers LLP (collectively, the “Settling Defendants”).
A hearing will be held before the Honorable Paul J. Barbadoro in the
United States District Court for the District of New Hampshire, Warren B.
Rudman U.S. Courthouse, 55 Pleasant Street, Concord, NH, at 10:30 a.m., on November 2, 2007 to determine whether: (1) the proposed settlement should be approved by the Court as fair, reasonable and adequate; (2) Co-Lead Counsel’s application for an award of attorneys’ fees and reimbursement of expenses should be approved; (3) the claims against the Settling Defendants should be dismissed with prejudice; and (4) such other matters as the Court deems appropriate to rule upon. If approved, the Settlement will resolve all of Plaintiffs’ claims in this litigation since the only remaining claims against certain Non-Settling Defendants have been assigned by the Class to Tyco in exchange for a sharing arrangement. If approved, the Settlement shall also have the effect of resolving certain other Related Actions which are currently pending in state courts in Illinois and Florida, as further described in the full printed Notice of Proposed Settlement, Motion for Attorneys’ Fees and Fairness Hearing (the “Notice”).
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE
AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you
have not yet received the full printed Notice and Proof of Claim and
Release form (“Proof of Claim”) you may obtain copies of these documents by downloading them from the website http://www.tycoclasssettlement.com or by contacting:
Tyco International Ltd. Securities Litigation Settlement
c/o The Garden City Group, Inc.
P.O. Box 9156
Dublin, OH 43017-4156
Inquiries, other than requests for the forms of Notice and Proof of
Claim, may be made to Plaintiffs’ Co-Lead Counsel:
Jay W. Eisenhofer, Esq.
Grant & Eisenhofer P.A.
Chase Manhattan Centre, Suite 2100
1201 N. Market Street
Wilmington, DE 19801
Richard S. Schiffrin, Esq.
Schiffrin Barroway Topaz & Kessler, LLP
280 King of Prussia Road
Radnor, PA 19087
Sanford P. Dumain, Esq.
Milberg Weiss LLP
One Penn Plaza
New York, NY 10119
To participate in the settlement, you must submit a Proof of Claim no
later than December 28, 2007. The deadline for submitting objections and
requests for exclusions is September 28, 2007.
Further information may also be obtained by directing your inquiry in
writing to the Claims Administrator, The Garden City Group, Inc., at the
address listed above.
By Order of The Court