Rentech Securities Litigation

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Rentech 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 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 RENTECH, INC. (“RENTECH”) COMMON STOCK FROM MARCH 15, 2016 TO APRIL 6, 2017, 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 POSTMARKED
NO LATER THAN NOVEMBER 26, 2019.

This is the only way to be eligible for a payment.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 19, 2019.

Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants and their Related Persons about the claims in this case.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 19, 2019.

Write to the Court and explain why you do not like the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and litigation expenses. You cannot object to the Settlement unless you are a Settlement Class Member and do not exclude yourself.

GO TO A HEARING ON SEPTEMBER 19, 2019 AT 10:30 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 19, 2019.

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

DO NOTHING

Get no payment. Remain a Settlement Class Member. Give up your rights.

 

The Settlement Hearing

The Settlement Hearing will be held on October 10, 2019 at 8:30 a.m., before the Honorable George H. Wu, Courtroom 9D located at the United States Courthouse, 350 West 1st Street, Los Angeles, CA 90012. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees, reimbursement of Litigation Expenses, request for a contribution award for Lead Plaintiff, 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?

On July 10, 2017, Lead Plaintiff filed an Amended Class Action Complaint for Violations of the Federal Securities Laws (the “First Amended Complaint”) asserting claims against Rentech and Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, and against Defendants under Section 20(a) of the Exchange Act.  The First Amended Complaint alleged, among other things, that Defendants made material misstatements and omissions through press releases, SEC filings, and conference calls.  More specifically, the Complaint alleged that Defendants inaccurately reported Rentech’s income tax provisions and resulting financial metrics for certain periods in 2016, failed to disclose that a customer of a Rentech subsidiary, Fulghum Fibres, Inc. (“Fulghum”), had elected to exercise an option to purchase certain wood chipping mills, and misled investors about the commercial viability of two of Rentech’s wood pellet facilities. The First Amended Complaint further alleged that the price of Rentech’s common stock was artificially inflated as a result of Defendants’ allegedly false and misleading statements, and declined when the truth was revealed.

While the Parties believe in the merits of their respective positions, they also recognized the benefits that would accrue if they could reach an agreement to resolve the Action.  They began to discuss the possibility of exploring whether a settlement could be reached through a mediation process. On February 28, 2019, the Parties participated in a mediation session before Robert A. Meyer, Esq.  The mediation, which included hard-fought negotiations, culminated in an agreement to settle and release all claims asserted against Defendants in the Action in return for a cash payment on behalf of Defendants of $2,050,000 for the benefit of the Settlement Class.

The Settlement Benefits

The Settlement provides $2,050,000 in cash (the “Settlement Amount”) for the benefit of the Settlement Class. The Settlement Class, subject to some exclusions, consists of all persons and entities who or which purchased or otherwise acquired Rentech common stock from March 15, 2016 to April 6, 2017, inclusive, and were damaged thereby.  The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court (“Plan of Allocation”), which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class.

Any Court orders modifying the proposed Plan of Allocation that is set forth in this Notice will be posted to this website.

 

The Rights of Settlement Class Members

If you are a member of the Settlement Class, you have the following options:

Submit a Claim Form:

If you are a Settlement Class Member and want to claim money from the Net Settlement Fund, you must submit a Claim Form and supporting documentation.   You may download a Claim Form under the “Claim Form” link on the left.  You may also request a Claim Form by calling 877-307-6165 or e-mailing info@RentechSecuritiesLitigation.com.   

The Claim Form and the required documents must be sent to the address printed in the Claim Form must be postmarked no later than November 26, 2019.

Exclude yourself from the Settlement Class:

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than September 19, 2019, in accordance with the instructions set forth in paragraph 67 of the Notice. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action related to the Settlement and you will not be eligible to share in the proceeds of the Settlement.

Object to the Settlement

Any objections to the Settlement, the proposed Plan of Allocation, or Lead Counsel’s request for an award of attorney’s fees and reimbursement of litigation expenses, must be filed with the Clerk’s Office and delivered to Lead Counsel and Defendants’ Counsel such that they are received on or before September 19, 2019, in accordance with the instructions set forth in paragraph 73 of the Notice.

File a Notice of Intention to Appear

If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you timely file and serve a written objection as described above, you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth in paragraph 68 of the Notice so that it is received on or before September 19, 2019

You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing.  However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth in paragraph 76 of the Notice so that the notice is received on or before September 19, 2019.

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.


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:

In Re Rentech, Inc. Securities Litigation

c/o A.B. Data, Ltd.

P.O. Box 173042

Milwaukee, WI 53217

(877) 307-6165

info@rentechsecuritieslitigation.com


Lead Counsel:

Ex Kano S. Sams II, Esq.

GLANCY PRONGAY & MURRAY LLP

1925 Century Park East, Suite 2100

Los Angeles, California 90067

(888) 773-9224

settlements@glancylaw.com



If you have questions, you may call the Rentech Securities Litigation Help Line at 877-307-6165 or email info@RentechSecuritiesLitigation.com.



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