HD Supply Holdings, Inc.: Summary Notice of Proposed Settlement of Derivative Actions
01 Abril 2021 - 2:05PM
The following is being released by HD Supply Holdings, Inc.
pursuant to an Order of the U.S. District Court for the Northern
District of Georgia:
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF GEORGIAATLANTA DIVISION
IN RE HD SUPPLY HOLDINGS, INC. DERIVATIVE LITIGATION |
Lead Case No.: 1:17-cv-02977-MLB (Derivative Action) |
SUMMARY NOTICE OF PROPOSED SETTLEMENT
TO: ALL RECORD SHAREHOLDERS OF THE COMMON STOCK OF HD SUPPLY
HOLDINGS, INC. ("HD SUPPLY" OR THE "COMPANY") AS OF DECEMBER 4,
2020 ("STOCKHOLDERS").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the U.S.
District Court for the Northern District of Georgia (the "Court"),
that a proposed Settlement has been reached between the parties to
the above-captioned shareholder derivative action (the “Federal
Derivative Action”) and the shareholder derivative action styled
Hendren v. DeAngelo, et al., C.A. No. 2018-0643-AGB (Del. Ch.) (the
“Delaware Action” and together with the Federal Derivative Action,
the “Derivative Actions”) brought on behalf of HD Supply, which
would resolve the Derivative Actions in addition to certain
pre-suit demands sent to the Board of Directors (the “Board”) of HD
Supply, collectively referred to as the “Derivative Matters”.
The Derivative Actions are brought by Plaintiffs solely on
behalf of and for the benefit of HD Supply and against the
Individual Defendants. Plaintiffs generally allege, among other
things, that the Individual Defendants breached their fiduciary
duties, wasted corporate assets, and were unjustly enriched in
connection with allegedly improper public statements and insider
stock sales.
On June 2, 2021, at 2:00 p.m., the Court will hold the
Settlement Hearing at the U.S. District Court for the Northern
District of Georgia, Atlanta Division, Courtroom 1906, located at
Richard B. Russell Federal Building & U.S. Courthouse, Atlanta,
GA 30303-3309 to determine: (i) whether the terms of the Settlement
are fair, reasonable, and adequate and should be approved; (ii)
whether a final judgment should be entered; (iii) whether the Court
should award the requested attorneys’ fees and reimbursement of
expenses for Plaintiffs’ Counsel and service awards to Plaintiffs;
and (iv) such other matters as may be necessary or proper under the
circumstances. The Court may adjourn the Settlement Hearing without
further notice.
PLEASE READ THIS SUMMARY NOTICE CAREFULLY AND IN ITS
ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THE
DERIVATIVE MATTERS.
This is a summary notice only. For additional information about
the claims asserted in the Derivative Matters and the terms of the
proposed Settlement, please refer to the documents filed in the
respective Derivative Actions, the Stipulation, and the full-length
Notice of Proposed Settlement (the “Long-Form Notice”). The
Stipulation and Long-Form Notice may be viewed on HD Supply’s
website at https://hdsupply.com/press/.
On December 24, 2020, The Home Depot, Inc. (“Home Depot”)
completed an acquisition HD Supply. HD Supply is now a wholly owned
subsidiary of Home Depot (the “Home Depot Acquisition”). Home
Depot’s acquisition of HD Supply may impact the Court’s
consideration of any objections to the Settlement that may be
raised by former HD Supply Stockholders. Should you wish to appear
in person or through counsel at the Settlement Hearing to object to
the terms of the proposed Settlement or otherwise present evidence
or argument that may be proper and relevant, you must, at least
fourteen (14) calendar days prior to the Settlement Hearing, file
with the Clerk of the Court a written objection to the Settlement
setting forth: (i) a written notice of objection with your name,
address, and telephone number, along with a representation as to
whether you intend to appear at the Settlement Hearing; (ii)
competent evidence that you held shares of HD Supply common stock
as of the date the Stipulation was signed, December 4, 2020; (iii)
a statement of objections to any matters before the Court, the
grounds therefor, or the reasons you desire to appear and be heard,
as well as all documents or writings you desire the Court to
consider; and (iv) the identities of any witnesses you plan on
calling at the Settlement Hearing, along with a summary description
of their likely testimony.
YOUR WRITTEN OBJECTIONS MUST BE ON FILE WITH THE
CLERK OF THE COURT NO LATER THAN MAY 19, 2021. The Court Clerk's
address is:
Clerk of the CourtU.S. District Court for the Northern District
of Georgia Richard B. Russell Federal Building & U.S.
Courthouse 75 Ted Turner Drive, SWAtlanta, GA 30303-3309
YOU ALSO MUST DELIVER COPIES OF THE MATERIALS TO PLAINTIFFS'
COUNSEL AND COUNSEL FOR DEFENDANTS SO THEY ARE RECEIVED NO LATER
THAN MAY 19, 2021.
Counsel's addresses are:
Counsel for Plaintiffs
Michael I. Fistel, Jr. JOHNSON FISTEL LLP40 Powder Springs
Street Marietta, GA 30064
Counsel for Defendants
M. Robert Thornton Benjamin LeeKING & SPALDING LLP1180
Peachtree Street, NE Atlanta, GA 30309-3521
Unless the Court orders otherwise, your objection will not be
considered unless it is timely filed with the Court and delivered
to Plaintiffs' Counsel and counsel for Defendants. Any Person or
entity who fails to object or otherwise request to be heard in the
manner prescribed above will be deemed to have waived the right to
object to any aspect of the Settlement or otherwise request to be
heard (including the right to appeal) and will be forever barred
from raising such objection or request to be heard in this or any
other action or proceeding. In the event that any objections to the
Settlement are received, the Court will determine whether the
closing of the Home Depot Acquisition has impacted the standing of
the Person(s) making such objection(s).
PLEASE DO NOT TELEPHONE THE COURT
REGARDING THIS NOTICE
Contact:
Kelley Mack
+14043027059
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