WILMINGTON, Del., May 13, 2024
/PRNewswire/ --
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN RE GGP, INC.
STOCKHOLDER LITIGATION
|
CONSOLIDATED
C.A. No.
2018-0267-NAC
|
SUMMARY NOTICE OF PENDENCY AND
PROPOSED
SETTLEMENT OF STOCKHOLDER CLASS ACTION,
SETTLEMENT HEARING, AND RIGHT TO APPEAR
TO: All record and
beneficial holders of GGP Inc. ("GGP") common stock who
purchased, acquired, or held such securities at any time from
November 11, 2017 through and
including August 28, 2018 (the "Class
Period") but excluding the Excluded Persons (the
"Class").1
PLEASE READ THIS SUMMARY NOTICE CAREFULLY. YOUR RIGHTS
WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS
COURT.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of
Chancery of the State of Delaware
(the "Court"), that the above-captioned stockholder class action
(the "Action") is pending. In the Action, Plaintiffs
allege that Defendants (identified below) breached
fiduciary duties owed to GGP stockholders in connection with the
acquisition by Defendant Brookfield Property Partners L.P. ("BPY")
of the GGP stock it did not already own (the "Merger") and/or aided
and abetted such alleged breaches of duty. BPY
made its first Merger offer on November 11,
2017, and the Merger closed on August
28, 2018 (the "Closing"). Defendants deny all
allegations of wrongdoing and liability.
YOU ARE ALSO NOTIFIED that Plaintiffs Randy Kosinski,
Arthur Susman, and Robert Lowinger ("Plaintiffs"), individually and
on behalf of the Class, and Defendants BPY, Mary Lou Fiala, Janice
R. Fukakusa, John K. Haley,
Daniel B. Hurwitz, Christina M. Lofgren, Richard B. Clark, J. Bruce Flatt, Brian W.
Kingston, and Sandeep
Mathrani (collectively, the "Individual Defendants", and,
together with BPY, the "Defendants", and Defendants and Plaintiffs,
the "Parties", and each a "Party") have reached a proposed
settlement of the Action for $42,500,000 in cash (the "Settlement Amount") as
set forth in the Stipulation (the "Settlement"), a copy of which is
available at www.GGPStockholderLitigation.com. The
Settlement, if approved by the Court, will resolve all claims in
the Action.
A hearing (the "Settlement Hearing") will be held on July
16, 2024 at 1:30 p.m.,
before The Honorable Nathan A. Cook, Vice Chancellor, either in
person at the Court of Chancery of the State of Delaware, Leonard L. Williams Justice
Center, 500 North King Street, Wilmington, Delaware, 19801, or remotely by
telephone or videoconference (in the discretion of the Court), to,
among other things: (i) determine whether to finally
certify the Class for settlement purposes only, pursuant to Court
of Chancery Rules 23(a), 23(b)(1), and 23(b)(2);
(ii) determine whether Plaintiffs and Class Counsel have
adequately represented the Class, and whether Plaintiffs should be
finally appointed as Class representatives for the Class and Class
Counsel should be finally appointed as Class counsel for the Class;
(iii) determine whether the proposed Settlement should be
approved as fair, reasonable, and adequate to the Class and in the
best interests of the Class; (iv) determine whether the Action
should be dismissed with prejudice and the Releases provided under
the Stipulation should be granted; (v) determine whether the Order
and Final Judgment approving the Settlement should be entered;
(vi) determine whether the proposed Plan of Allocation of the
Net Settlement Fund is fair and reasonable, and should therefore be
approved; (vii) determine whether to approve the Fee and Expense
Application for attorneys' fees not to exceed 28.5% of the
Settlement plus reimbursement of litigation expenses and service
awards to Plaintiffs not to exceed $10,000 each to be paid out of the Settlement
Fund; (viii) hear and rule on any objections to the
Settlement, the proposed Plan of Allocation, and/or the Fee and
Expense application; and (ix) consider any other matters that may
properly be brought before the Court in connection with the
Settlement. Any updates regarding the Settlement Hearing,
including any changes to the date or time of the hearing or updates
regarding in-person or remote appearances at the hearing, will be
posted to the Settlement website,
www.GGPStockholderLitigation.com.
If you are a member of the Class, your rights will be
affected by the pending Action and the Settlement, and you may be
entitled to share in the Net Settlement Fund. If
you have not yet received the Notice or Postcard Notice, you may
obtain a copy of the Notice by contacting the Settlement
Administrator at In re GGP, Inc. Stockholder Class Action
Litigation, c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217, 877-411-4621,
info@GGPStockholderLitigation.com. A copy of the Notice can
also be downloaded from the Settlement website,
www.GGPStockholderLitigation.com.
If the Settlement is approved by the Court and the Effective
Date occurs, the Net Settlement Fund will be distributed on a
pro rata basis to those Settlement Class Members who held
GGP shares at the time such shares were converted into the right to
receive the Merger Consideration in connection with the Closing. As
explained in further detail in the Notice, Settlement Class
Members do not need to submit a claim form or take any other action
to be entitled to payment.
Any objections to the Settlement, the proposed Plan of
Allocation, or Class Counsel's application for the Fee and Expense
Award must be filed with the Register in Chancery in the Court of
Chancery of the State of Delaware
and delivered to Lead Counsel and Defendants' Counsel such that
they are received no later than July 1, 2024, in accordance with the
instructions set forth in the Notice.
Please do not contact the Court or the Office of the Register
in Chancery regarding this Summary Notice. All questions
about this Summary Notice, the Settlement, or your eligibility to
participate in the Settlement should be directed to the Settlement
Administrator or Lead Counsel.
Requests for the Notice should be made to the
Settlement Administrator:
In re GGP, Inc. Stockholder Class Action
Litigation
c/o A.B. Data, Ltd.
P.O. Box 170500
Milwaukee, WI 53217
Toll-Free Number: 877-411-4621
Email: info@GGPStockholderLitigation.com
Inquiries, other than requests for the Notice, should be made to
the following Lead Counsel:
Samuel L.
Closic
Prickett, Jones & Elliott, P.A.
1310 King Street
Wilmington, Delaware 19801
(302) 888-6500
slclosic@prickett.com
BY ORDER OF THE COURT OF
CHANCERY OF THE STATE OF
DELAWARE:
Dated: April 22, 2024
Source:
Prickett, Jones & Elliott, P.A.
1 Any capitalized terms used in this Summary Notice
that are not otherwise defined in this Summary Notice shall have
the meanings given to them in the Stipulation and Agreement of
Compromise, Settlement, and Release between Plaintiffs and
Defendants, dated March 27, 2024 (the
"Stipulation"). Copies of the Stipulation and the full Notice
of Pendency and Proposed Settlement of Stockholder Class Action,
Settlement Hearing, and Right to Appear (the "Notice") are
available at the Settlement website,
www.GGPStockholderLitigation.com.
View original
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SOURCE Prickett, Jones & Elliott, P.A.