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) Motion For An Award Of Attorney's Fees and Reimbursement of Litigation Expenses; and (III) Settlement Fairness Hearing. Because this website is just a summary, you should review the Notice and Frequently Asked Questions for additional details.
Summary of the Action and Settlement
The Notice relates to a proposed Settlement of claims in a pending securities class action lawsuit brought by investors alleging, among other things, that Babcock & Wilcox Enterprises, Inc. ("B&W"), E. James Ferland, and Jenny L. Apker (collectively, the “Defendants”), violated the federal securities laws by allegedly making false and misleading statements regarding the value and growth prospects of B&W’s Renewable segment and their knowledge of significant design and construction problems at many of the Renewable projects caused by inadequate resources, substandard work, and deficient internal controls that plagued the segment throughout the Class Period (June 17, 2015 through August 9, 2017, inclusive). The proposed Settlement, if approved by the Court, will settle all claims of the Settlement Class in the Action.
The “Settlement Class,” as preliminarily certified by the Court solely for purposes effectuating the Settlement, means:
all persons and entities who purchased B&W publicly-traded common stock on the New York Stock Exchange ("NYSE"), on other U.S. exchanges or in a U.S. transaction, or who purchased B&W stock on the NYSE on a “when issued” basis during the period from June 17, 2015 through August 9, 2017, inclusive. Excluded from the Settlement Class are: (i) Defendants; (ii) members of the Immediate Family of any Defendant who is an individual; (iii) any person who was an officer or director of B&W during the Class Period; (iv) any firm, trust, corporation, or other entity in which any Defendant has or had a controlling interest; (v) B&W’s employee retirement and benefit plan(s) and their participants or beneficiaries, to the extent they made purchases through such plan(s); and (vi) the legal representatives, affiliates, heirs, successors-in-interest, or assigns of any such excluded person. Also excluded from the Settlement Class are those persons and entities who timely and validly request exclusion from the Settlement Class pursuant to the Notice.
If you are a member of the Settlement Class, your legal rights will be affected whether or not you act. Please read the Notice carefully to fully understand your rights and options.
Subject to Court approval, and as described more fully in the Notice, Lead Plaintiff, on behalf of itself and the Settlement Class, has agreed to settle the Action in exchange for a settlement payment of Nineteen Million Five Hundred Thousand Dollars ($19,500,000.00) in cash (the “Settlement Amount”) to be deposited into an interest-bearing Escrow Account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon while in escrow (the “Settlement Fund”) less (i) any Taxes and Tax Expenses, (ii) any Notice and Administration Costs, (iii) any Litigation Expenses awarded by the Court; and (iv) 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 10-14 of the Notice.
If you are a member of the Settlement Class, in order to be potentially eligible to receive payment form the proceeds of the Settlement, you must timely complete and return the Claim Form with adequate supporting documentation postmarked (if mailed), or submitted no later than January 2, 2020. You may obtain via this website a Claim Form, or you may request that a Claim Form be mailed to you by calling the Claims Administrator, JND Legal Administrator, at 1-833-759-2979. Please retain all records of your ownership of and transactions in B&W common stock, as they may be needed to document your Claim.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: |
| SUBMIT A CLAIM FORM ONLINE OR POSTMARKED NO LATER THAN JANUARY 2, 2020. |
This is the only way to be eligible to receive a payment from the Settlement. If you are a Settlement Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiff’s 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 NOVEMBER 25, 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 may allow you to ever be part of any other lawsuit against the Defendants concerning the claims that were, or could have been, asserted in this Action. It is also the only way for Settlement Class Members to remove themselves from the Settlement Class. If you are considering excluding yourself from the Settlement Class, please note that there is a risk that any new claims asserted against the Defendants may no longer be timely and would be time-barred. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 25, 2019. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, and/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, and/or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. |
| FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 25, 2019, AND GO TO THE HEARING ON DECEMBER 16, 2019 AT THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF NORTH CAROLINA, 401 WEST TRADE STREET, CHARLOTTE, NC 28202. |
Filing a written objection and notice of intention to appear by November 25, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
| DO NOTHING. |
If you are a member of the Settlement Class and you do not submit a Claim Form by January 2, 2020, 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 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. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-759-2979; or emailing info@BabcockWilcoxSecuritiesLitigation.com; or mailing a letter to:
Babcock & Wilcox Ent., Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91095
Seattle, WA 98111-9195
Inquiries should NOT be directed to the Court or the Clerk of the Court.
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