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Special Situations Fund III QP, L.P. v. Marrone Bio Innovations, Inc.

United States District Court, E.D. California

July 24, 2019

SPECIAL SITUATIONS FUND III QP, LP, SPECIAL SITUATIONS CAYMAN FUND, L.P, and DAVID M. FINEMAN, Individually and On Behalf of All Others Similarly Situated, Plaintiffs,
v.
MARRONE BIO INNOVATIONS, INC., PAMELA G. MARRONE, JAMES B. BOYD, DONALD J. GLIDEWELL, HECTOR ABSI, ELIN MILLER, RANJEET BHATIA, PAMELA CONTAG, TIM FOGARTY, LAWRENCE HOUGH, JOSEPH HUDSON, LES LYMAN, RICHARD ROMINGER, SHAUGN STANLEY, SEAN SCHICKEDANZ, and ERNST & YOUNG LLP, Defendants.

          LOWENSTEIN SANDLER LLP 390 Lytton Avenue Palo Alto, Counsel for Lead Plaintiffs Special Situations Fund III QP, L.P. and Special Situations Cayman Fund, L.P.

          ORDER AWARDING ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

          MORRISON C. ENGLAND, JR. UNITED STATES DISTRICT JUDGE

         WHEREAS, this matter came before the Court on Lead Counsel's motion for an award of attorneys' fees and reimbursement of litigation expenses;

         WHEREAS, the Court having considered all matters submitted to it; and it appearing that notice of the motion substantially in the form approved by the Court was mailed to all Settlement Class Members who or which could be identified with reasonable effort, and that a summary notice of the motion substantially in the form approved by the Court was published in The Wall Street Journal and was transmitted over the PR Newswire pursuant to the specifications of the Court; and the Court having considered and determined the fairness and reasonableness of the proposed request for attorneys' fees and reimbursement of expenses, NOW, THEREFORE, IT IS HEREBY ORDERED THAT:

         1. This Order incorporates by reference the definitions in the Stipulation and Agreement of Settlement dated January 14, 2019 (the “Stipulation”) (ECF No. 135-1) and all capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Stipulation.

         2. The Court has jurisdiction to enter this Order, and over the subject matter of the Action and all parties to the Action, including all EY Settlement Class Members.

         3. Notice of Lead Counsel's motion for an award of attorneys' fees and reimbursement of Litigation Expenses was given to the EY Settlement Class Members who or which could be identified with reasonable effort. The form and method of notifying the Settlement Class of the motion satisfied the requirements of Rule 23 of the Federal Rules of Civil Procedure, the United States Constitution (including the Due Process Clause), the Private Securities Litigation Reform Act of 1995, 15 U.S.C. § 78u-4 et seq., as amended, and all other applicable law and rules, constituted the best notice practicable under the circumstances; and constituted due and sufficient notice to all persons and entities entitled thereto.

         4. Lead Counsel are hereby awarded attorneys' fees in the amount of $255, 750, and $120, 000 in reimbursement of Lead Counsel's litigation expenses (which fees and expenses shall be paid from the Settlement Fund), which sums the Court finds to be fair and reasonable.

         5. In making this award of attorneys' fees and reimbursement of expenses to be paid from the Settlement Fund, the Court has considered and found that:

a) The Settlement has created a fund of $775, 000 in cash that has been funded into escrow pursuant to the terms of the Settlement, and that numerous Class Members will benefit from the Settlement that occurred because of the efforts of Lead Counsel;
b) Copies of the Notice were mailed to potential Settlement Class members and nominees stating that Lead Counsel would apply for attorneys' fees in the amount of 33% of the Settlement Fund and reimbursement of Litigation Expenses in an amount not to exceed $120, 000, and there were no objections to the requested attorneys' fees and expenses;
c) Lead Counsel have conducted the litigation and achieved the Settlement with skill, perseverance, and diligent advocacy;
d) The Action raised a number of complex legal and factual issues;
e) Had Lead Counsel not achieved the Settlement there would remain a substantial risk that Settlement Class members may have ...

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