Flowers Foods Securities Litigation

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Flowers Foods Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here.  Since this website is just a summary, you should review the Notice for additional information.

 

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

 

Please read the Notice carefully.



IF YOU PURCHASED OR OTHERWISE ACQUIRED FLOWERS FOODS COMMON STOCK FROM FEBRUARY 7, 2013 THROUGH AUGUST 10, 2016, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

IMPORTANT DATES AND DEADLINES

SUBMIT A CLAIM FORM ONLINE OR POSTMARKED NO LATER THAN        JANUARY 3, 2020.

This is the only way to be eligible for a payment.To submit your Claim Form online please click here. Additional copies of the Claim Form can be downloaded from the Claim Form page or this website or, you may access the Claim Form by clicking here.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING
A WRITTEN REQUEST FOR EXCLUSION
SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 20, 2019.

If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund.  This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendant Releases concerning the Released Plaintiffs’ Claims.  

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION
SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 20, 2019.

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.  

GO TO A HEARING ON DECEMBER 11, 2019 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN         NOVEMBER 20, 2019.

Filing a written objection and notice of intention to appear by November 20, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses.  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.

DO NOTHING. 

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

The Settlement Hearing

A hearing will be held on December 11, 2019 at 10:00 a.m., before the Honorable W. Louis Sands at the United States District Court for the Middle District of Georgia, United States Courthouse, 201 West Broad avenue, Albany, GA 31701. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.  

 

What is this case about?

Flowers Foods is a producer and marketer of packaged bakery foods in the United States.

On January 12, 2017, Lead Plaintiff filed and served his Consolidated Class Action Complaint (the “Complaint”) asserting claims against all Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, and against the Individual Defendants under Section 20(a) of the Exchange Act.  Among other things, the Complaint alleged that Defendants failed to disclose that its classification of distributors as independent contractors was knowingly improper, and thus misrepresented the true state of the Company’s business, operations, and risks it faced during the Settlement Class Period. The Complaint alleges that, as a result of the alleged misrepresentations and omissions, the price of Flowers Foods’ common stock was artificially inflated during the Settlement Class period, and declined when the truth was revealed.

Defendants have denied the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever.  Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation. 

On April 29, 2019 Lead Counsel and Defendants’ Counsel met with Mr. Robert A. Meyer, Esq. of JAMS, who presided over a full-day mediation session between the Parties in New York.  The session ended without an agreement to settle.   Following the mediation, however, Mr. Meyer conducted further discussions with the Parties, and ultimately made a settlement proposal for the Parties’ consideration which both sides accepted.   The Parties thereafter memorialized the settlement in a confidential term sheet (the “Term Sheet”) executed on May 9, 2019.

On August 7, 2019, the Court preliminarily approved the Settlement, authorized this Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement.


The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

Pursuant to the Settlement, Defendants have agreed to a twenty-one million ($21,000,000) Settlement. If the Settlement is approved by the Court, the Net Settlement Fund (the Settlement Fund less taxes and expenses) will be distributed to Settlement Class Members who submit valid Claim Forms in accordance with the proposed Plan of Allocation.

The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a Plan of Allocation, and the time for any petition for rehearing, appeal or review has expired.

Further Information:

This website and the Notice summarizes the Settlement.  For more details regarding this Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding this Settlement:

 

Claims Administrator: 

Flowers Foods Class Action Litigation

c/o A.B. Data, Ltd.

PO Box 173079

Milwaukee, WI  53217

877-227-6101

info@FlowersSecuritiesLitigation.com


As a Class Member, you will be represented by Lead Counsel:

Ex Kano S. Sams II Esq.

GLANCY PRONGAY & MURRAY LLP

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

(310) 201-9150

            &

Michael Fistel, Jr., Esq.

Johnson Fistel, LLP

Murray House

40 Powder Springs Street

Marietta, GA 30064

(470) 632-6000

 

If you have questions, you may call the Flowers Foods Securities Litigation Help Line at 877-227-6101 or email info@FlowersSecuritiesLitigation.com.

 

 
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