This official website is maintained by the Settlement Administrator under the supervision of Lead Counsel in the putative stockholder class action entitled In Re GGP, Inc. Stockholder Litigation, C.A. No. 2018-0267-NAC pending in the Court of Chancery of the State of Delaware (the "Action").
UPDATE: On November 12, 2024, Settlement has been approved by the order of the Court. Please view website for updates to the distribution.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearings, and Right to Appear (the “Notice”), which you can access here. Because this website is just a summary, you should review the Notice for additional details.Please be advised that all parties in this Action have reached a proposed settlement for $42,500,000.00 in cash (the “Settlement Amount”) as set forth in the Stipulation (the “Settlement”). The Settlement, if approved, will resolve all claims in the Action.
If you are a member of the Class, you are subject to the Settlement. The Class preliminary certified by the Court solely for purposes of the Settlement consists of:
All record and beneficial holders of GGP common stock who purchased, acquired, or held such securities at any time during the period between November 11, 2017 and August 28, 2018, inclusive, but excluding: (a) Defendants; (b) members of the Immediate Family of any Individual Defendant; (c) any Person who was an officer or director of GGP as of Closing and any members of their Immediate Family; (d) any parent, subsidiary, or entity affiliate of Defendants, as applicable; (e) any entity in which any Defendant or any other excluded person or entity has, or had as of Closing, a controlling interest; and (f) the legal representatives, heirs, estates, successors, or assigns of any such excluded persons or entities.
A Settlement Hearing will be held before the Court on July 16, 2024, at 1:30 p.m., at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware, 19801 to evaluate the Settlement and other related matters.
PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Accordingly, Class Members do not have the right to exclude themselves from the Class.
PLEASE NOTE: If you are eligible to receive a payment from the Net Settlement Fund, you do not have to submit a claim form or take any other action in order to receive your payment.
Please be patient. If the Settlement is approved by the Court, it will take some time to conduct the Settlement distribution.
PLEASE READ THE NOTICE CAREFULLY AND IN ITS ENTIRETY. The Notice explains how Class Members will be affected by the Settlement. The following table provides a brief summary of the rights you have as a Class Member and the relevant deadlines, which are described in more detail in the Notice.
Capitalized terms not defined herein are defined in the settlement stipulation available on this website.
| CLASS MEMBERS’ LEGAL RIGHTS IN THE SETTLEMENT: | |
|---|---|
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RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM. |
If you are a member of the Class (defined in Paragraph 42 of the Notice), you may be eligible to receive a distribution from the Settlement proceeds. Specifically, 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. Class Members do not need to submit a claim form or take any other action in order to be entitled to receive a distribution from the Settlement. Rather, distribution from the Settlement to Eligible Stockholders will be paid directly. See Paragraphs 49-56 of the Notice for further discussion. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JULY 1, 2024. | If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Class Counsel’s request for a Fee and Expense Award, you may write to the Court and explain the reasons for your objection. See Paragraphs 63-68 of the Notice for further discussion. |
| ATTEND A HEARING ON JULY 16, 2024 AT 1:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JULY 1, 2024. | Filing a written objection and notice of intention to appear that is received by July 1, 2024 allows you to speak in Court, at the discretion of the Court, about your objection. In the Court’s discretion, the July 16, 2024 hearing may be conducted by telephone or videoconference. 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. See Paragraphs 60-62 of the Notice for further discussion. |
