The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing: And (III) Motion For An Award Of Attorney's Fees and Reimbursement of Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants PPG Industries, Inc. (“PPG”), Michael H. McGarry (“McGarry”) and Vincent J. Morales (“Morales”) (collectively, with PPG, the “PPG Defendants”), and Mark C. Kelly (“Kelly”) (collectively, with the PPG Defendants, the “Defendants”; and together with Lead Plaintiff, the “Parties”) violated the federal securities laws by making false and misleading statements regarding PPG. A more detailed description of the Action is set forth in paragraphs 11-22 of the Notice. The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class, as defined in paragraph 23 of the Notice.
Subject to Court approval, Lead Plaintiff, on behalf of himself and the Settlement Class, has agreed to settle the Action in exchange for a settlement payment of $25,000,000 in cash (the “Settlement Amount”) to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys' fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The proposed plan of allocation (the "Plan of Allocation") is set forth on pages 12-17 of the Notice.
The Settlement Class consists of:
All persons and entities who or which purchased or otherwise acquired PPG common stock between January 19, 2017 and May 10, 2018, inclusive (the “Settlement Class Period”) and who were damaged thereby.
To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation either online or postmarked no later than December 20, 2019. A Claim Form is included with the Notice, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-833-759-2985. If you wish to file a claim online, please go to the "File A Claim" page. Please retain all records of your ownership of and transactions in PPG common stock, as they may be needed to document your Claim.
Only Settlement Class Members, i.e., persons and entities who purchased or otherwise acquired shares of PPG common stock during the Settlement Class Period and were damaged as a result of such purchases or acquisitions, will be eligible to share in the distribution of the Net Settlement Fund. The only securities that are included in the Settlement are PPG common stock.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM ONLINE OR POSTMARKED NO LATER THAN DECEMBER 20, 2019.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims that you have against Defendants and the other Defendants’ Releasees, so it is in your interest to submit a Claim Form.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 30, 2019.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other current or future lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 30, 2019.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.
|GO TO A HEARING ON OCTOBER 21, 2019 AT 9:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 30, 2019.
||Filing a written objection and notice of intention to appear by September 30, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
||If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement (including the Released Plaintiffs’ Claims) and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-759-2985 or emailing info@PPGindustriessecuritieslitigation.com or mailing a letter to:
Mild v. PPG Industries, Inc. et al.
c/o JND Legal Administration
P.O. Box 91316
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.