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Loritz v. Exide Technologies

United States District Court, C.D. California

July 27, 2016

DAVID M. LORITZ, Individually and on Behalf of All Others Similarly Situated, Plaintiffs,
v.
EXIDE TECHNOLOGIES, et al. Defendants.

          FINAL JUDGMENT AND ORDER OF DISMISSAL

          Hon. Stephen V. Wilson United States District Court Judge

         WHEREAS, (i) Lead Plaintiffs James Cassella and Sandra Weitsman and Plaintiffs Kevin Grace, James Close, Mitchell Abel and Steamfitters' Industry Benefit Fund ("Plaintiffs"), on behalf of themselves and each of the Class Members, and (ii) Defendants James R. Bolch, Phillip A. Damaska, R. Paul Hirt, Louis E. Martinez, John P. Reilly, Herbert F. Aspbury, Michael R. D'Appolonia, David S. Ferguson, John O'Higgins, and Domenic J. Pileggi ("Defendants") have entered into the Stipulation of Settlement dated March 7, 2016 (the "Stipulation"), providing for the settlement of the Action and release of all Released Claims and Released Defendants' Claims, which include Unknown Claims (the "Stipulation"), on the terms and conditions set forth in the Stipulation, subject to approval of this Court (the "Settlement");

         WHEREAS, all capitalized terms used herein shall have the same meaning as set forth in the Stipulation;

         WHEREAS, in the Preliminary Approval Order dated April 6, 2016, this Court (a) preliminarily approved the Settlement; (b) preliminarily certified the Action as a class action for settlement purposes; (c) ordered that notice of the proposed Settlement be provided to potential Class Members; (d) provided Class Members with the opportunity either to exclude themselves from the Class or to object to the proposed Settlement, the proposed Plan of Allocation, and/or the Fee and Expense Application; and (e) scheduled a hearing regarding, among other things, final approval of the Settlement, the proposed Plan of Allocation, and the Fee and Expense Application;

         WHEREAS, due and adequate notice has been given to the Class;

         WHEREAS, the Court conducted a hearing on June 6, 2016 (the "Settlement Hearing") to consider, among other things, (i) whether the terms and conditions of the Settlement are fair, reasonable, and adequate and should therefore be approved; (ii) whether a judgment should be entered dismissing the Action with prejudice as against the Defendants; (iii) whether to approve the Plan of Allocation as a fair and reasonable method to allocate the Settlement proceeds among the Members of the Class; and (iv) whether and in what amount to award Plaintiffs' Counsel's fees and reimbursement of expenses;

         WHEREAS, the Court having reviewed and considered the Stipulation, all papers filed and proceedings held in connection with the Settlement, and the record in the Action, and with good cause appearing therefor; and

         NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED that:

         1. This Judgment incorporates by reference the definitions in the Stipulation, and all terms used herein shall have the same meanings as set forth in the Stipulation, unless otherwise set forth herein.

         2. The Court has jurisdiction over the subject matter of the Action and over all parties to the Action, including, but not limited to. Plaintiffs, all Class Members, and Defendants.

         3. Plaintiffs are hereby appointed, for settlement purposes only, as the Class Representatives in respect of the Class for purposes of Federal Rule of Civil Procedure 23. Federman & Sherwood, which was appointed by the Court to serve as Lead Counsel, is hereby appointed, for settlement purposes only, as Class Counsel for the Class pursuant to Rules 23(c)(1)(B) and (g) of the Federal Rules of Civil Procedure.

         4. The Class that this Court preliminarily certified in the Preliminary Approval Order are hereby finally certified for settlement purposes under Federal Rule of Civil Procedure 23(b)(3).

         5. The Class certified for settlement purposes by this Judgment consist of: (a) all persons and entities who purchased or otherwise acquired the common stock of Exide Technologies ("Exide") during the period from June 1, 2011 through May 24, 2013, inclusive; and (b) all persons and entities who purchased or otherwise acquired in the secondary market Exide's 8 and 5/8% senior secured notes due 2018 pursuant and/or traceable to the Company's Form S-4/A Registration Statement effective August 12, 2011, during the period from August 12, 2011 through November 9, 2012, inclusive, for Plaintiffs' claims under Sections 11 and 15 of the Securities Act of 1933. Excluded fi-om the Class are Defendants, all current and former directors and officers of Exide during the Class Period, and any family member, trust, company, entity or affiliate controlled or owned by any of the excluded persons and entities referenced above. Also excluded from the Class are those Persons who timely and validly request exclusion from the Class.

         6. In granting final certification of the Class, the Court finds that the prerequisites for a class action under Federal Rules of Civil Procedure 23(a) and (b)(3) have been satisfied in that: (a) the Class Members are so numerous that ' The absence of an Exhibit 1 from this Order reflects that no Persons requested exclusion from the Class. joinder of all Class Members in the Action is impracticable; (b) there are questions of law and fact common to each Class that predominate over any individual questions; (c) the claims of the Plaintiffs are typical of the claims of the Class; (d) the Plaintiffs and Plaintiffs' Counsel have fairly and adequately represented and protected the interests of all Class Members; and (e) a class action is superior to other available methods for the fair and efficient adjudication of the controversy, considering: (i) the interests of the Class Members in individually controlling the prosecution of the separate actions; (ii) the extent and nature of any ...


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