Guevoura Fund Ltd. v. Sillerman, et al.
SFX Entertainment, Inc. Securities Litigation
1:15-cv-07192-CM
1:18-cv-09784-CM

Welcome to the SFX Entertainment, Inc. Securities Litigation Settlement Website

The information contained on this website is only a summary of the information presented in more detail in the Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Final Settlement Hearing ("Notice"). Because this website is just a summary, you should review the Notice for additional details.

 

Summary of the Action

The Notice relates to a federal securities class action brought pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder currently pending before the United  States District Court for the Southern District of New York (“District Court”), in which Lead Plaintiff Guevoura Fund Ltd. (“Lead Plaintiff”) alleges that Defendants Robert D. Geoffrey Armstrong, Michael John Meyer, John Miller, and Robert F.X. Sillerman (“Sillerman”) (collectively, “Director Defendants”) engaged in a scheme to manipulate the market for SFX common stock in connection with purported proposals by Defendant Sillerman to buy SFX, and by issuing materially false and misleading statements in furtherance of that illicit schemeThe proposed Settlement creates a fund, before deductions of attorneys’ fees, costs, and expenses, in the amount of $6,750,000.00 (U.S.) in cash to be caused by the Director Defendants to be paid by their directors’ and officers’ insurance carriers (“Director Defendants’ Contribution”) and from Defendant Sillerman an allowed general unsecured dischargeable claim in the amount of $750,000.00, not subject to objection, reduction or setoff, in favor of Lead Plaintiff and the Class Members, in Defendant Sillerman’s bankruptcy proceeding (“Sillerman Contribution”).

The Class consists of:

All persons or entities who purchased or otherwise acquired SFX Entertainment, Inc. (“SFX”) common stock during the period between February 25, 2015 and November 17, 2015, inclusive (the “Class Period”).

If you are a member of the Class, your legal rights will be affected whether you act or do not act. Please read the Notice to fully understand your rights and options.

If you are a member of the Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked or delivered no later than December 27, 2019. The Net Settlement Fund (the Settlement Fund less court-awarded attorneys’ fees and expenses, Notice and Administration Expenses, any required Taxes or Tax Estimates payments, and any other fees or expenses approved by the Court) will be distributed in accordance with a proposed plan of allocation (the “Plan of Allocation”) that will be approved by the Court and will determine how the Net Settlement Fund shall be allocated to Class Members. The Plan of Allocation begins on page 10 of the Notice.

Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

 

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT

SUBMIT A PROOF OF CLAIM FORM DELIVERED OR POSTMARKED NO LATER THAN DECEMBER 27, 2019

This is the only way to get a cash payment from the Settlement.

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IS DELIVERED OR POSTMARKED OR NO LATER THAN NOVEMBER 12, 2019

Get no payment. This is the only option that allows you to pursue a lawsuit against Defendants concerning the claims that were, or could have been, asserted in this case. It is also the only way for Class Members to remove themselves from the Class. If you are considering excluding yourself from the Class, please note that there is a risk that any new claims asserted against Defendants may no longer be timely and would be time-barred. You should talk to a lawyer before you request exclusion from the Class for the purpose of bringing a separate lawsuit. See page 8-9 of the Notice.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION DELIVERED OR POSTMARKED NO LATER THAN NOVEMBER 12, 2019

Write to the Court and explain why you object to the Settlement, or any part of it, and/or the application by Lead Counsel for attorneys’ fees and expenses, and/or Lead Plaintiff’s request for an award of reasonable costs and expenses. In order to object, you must remain a Class Member, may not exclude yourself, and you will be bound by the Court’s determinations.

GO TO THE HEARING ON DECEMBER 13, 2019 AT 10 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED ON OR BEFORE NOVEMBER 12, 2019.

Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and expenses.

DO NOTHING.

You will not be eligible to receive a payment from the Settlement, you will give up your rights, your pro rata share of the Net Settlement Fund will be allocated among Authorized Claimants, and you will still be bound by the Settlement.

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 1-844-961-0313; or emailing info@SFXSecuritiesLitigation.com or mailing a letter to:

Guevoura Fund Ltd. v. Sillerman, et al.
c/o JND Legal Administration
PO BOX 91202
Seattle, WA 98111-9302
 

Inquiries should NOT be directed to the Court or the Clerk of the Court.

For More Information

Visit this website often to get the most up-to-date information.

Mail

Guevoura Fund Ltd. v. Sillerman, et al.
c/o JND Legal Administration 
PO Box 91202 
Seattle, WA 98111