Welcome to the settlement website for the Schwartz v. Urban Outfitters, Inc., et al. (the “Litigation”)1.
The purpose of this website is to inform you of the pendency of this Litigation as a class action and the proposed settlement of the Litigation (the “Settlement”) and of the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement as well as counsel’s application for fees, costs, and expenses. Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation, both of which can be found and downloaded from this website.
The Notice describes in detail the rights you may have in connection with your participation in the Settlement, what steps you may take in relation to the Settlement and this class action, and, alternatively, what steps you must take if you wish to be excluded from the Class and this Litigation. If you are a Member of the Class (as defined in the Notice), your legal rights are affected whether you act or do not act. Please read the Notice and other relevant case documents to fully understand your rights.
The Settlement resolves a lawsuit over whether Urban Outfitters, Inc. (“Urban”), Richard A. Hayne, Frank J. Conforti and Tedford G. Marlow (“Defendants”) made materially false and misleading statements and failed to state certain facts regarding Urban’s operating condition and financial prospects during the Class Period (i.e., March 12, 2013, through September 9, 2013, inclusive). The Litigation asserts that, as a result of Defendants’ allegedly false and misleading statements, Urban’s common stock traded at inflated levels during the Class Period. Defendants deny that they are liable to the Class and deny that the Class has suffered any damages.
The Settlement was finally approved on October 31, 2016. The Settlement provides $8.5 million dollars ($8,500,000) to pay claims from investors who purchased or otherwise acquired the publicly traded common stock of Urban from March 12, 2013, through and including September 9, 2013, and held such stock until at least September 9, 2013.
Distribution of the Net Settlement Fund is expected to commence in mid-May 2017. We will update this website as soon as the distribution has occurred.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT|
|SUBMIT A CLAIM FORM||The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before October 24, 2016.|
|EXCLUDE YOURSELF||Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement. Exclusions must be postmarked on or before September 16, 2016.|
|OBJECT||Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Class. Objections must be received by the Court on or before September 16, 2016.|
|GO TO A HEARING||Ask to speak in Court about the fairness of the Settlement.|
|DO NOTHING||Receive no payment. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.|
1 All capitalized terms used on this website are defined in the Stipulation of Settlement dated June 8, 2016 (the “Stipulation”).