Harman Merger Litigation
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Welcome to the Harman Merger Litigation Website

This website has been established to provide general information related to the proposed settlement of the case  known as Baum v. Harman Int’l Indus., Inc., et al., Case No. 3:17-cv-00246-RNC. The Court which will be ruling on the Settlement is the United States District Court for the District of Connecticut. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement dated June 23, 2022 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you individually purchased, sold, or held Harman International Industries, Incorporated ("Harman") common stock at any time during the period from and including January 10, 2017, through and including March 12, 2017 (the “Class Period”).

The Court appointed Robbins Geller Rudman & Dowd LLP as Lead Counsel to represent you and the other Class Members. You will not be directly charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), this is an action on behalf of a putative class of all Persons who purchased, sold, or held Harman common stock at any time during the Class Period. Lead Plaintiff alleges that Defendants violated §§14(a) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) and U.S. Securities and Exchange Commission (“SEC”) Rule 14a-9 promulgated thereunder by making materially misleading statements and omissions in the Definitive Proxy Statement on Schedule 14A (the “Proxy”), filed with the SEC on January 20, 2017. The record date of the Proxy was January 10, 2017.

Defendants have denied and continue to deny each and all of the claims and contentions alleged by Lead Plaintiff in the Litigation and maintain that their conduct was at all times proper and in compliance with all applicable provisions of law.

The Parties agreed to mediate before Hon. Layn R. Phillips (Ret.). Following nearly four months of arm’s-length negotiations, on April 27, 2022, the parties reached an agreement in principle to settle the action, as detailed in the Notice.

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $28,000,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and any amount to Lead Plaintiff in connection with its representation of the Class, as approved by the Court, will be available for distribution to Class Members who submit valid, timely Proof of Claim and Release forms.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM The only way to be eligible to receive a payment. Proofs of Claim must be postmarked or submitted online on or before December 1, 2022.
EXCLUDE YOURSELF Receive no payment from the Settlement. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims related to the issues raised in this Litigation. Exclusions must be received no later than October 20, 2022.
OBJECT Write to the Court about why you oppose the Settlement, the Plan of Allocation, the request for attorneys’ fees, and/or the expenses of Lead Plaintiff (if requested). You will still be a Class Member. Objections must be received by the Court and counsel on or before October 20, 2022.
GO TO A HEARING Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before October 20, 2022.
DO NOTHING Receive no payment from the Settlement. Unless you have requested exclusion from the Class, you cannot be a party of any other lawsuit against Defendants or any other Released Persons about the legal claims related to the issues raised in this Litigation.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim and Release: December 1, 2022
Submit Objection: October 20, 2022
Exclude Yourself: October 20, 2022
Submit Request to Speak: October 20, 2022
Court Hearing on Fairness of Settlement: November 10, 2022, at 10:00 a.m.
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