Announcement of Sprint Derivative Settlement
Announcement of Sprint Derivative Settlement: Attention Sprint Corporation Stockholders: Kansas District Court Orders Publication of Summary Notice to Owners of Sprint Common Stock
April 5, 2016 (Berwyn, PA) The Weiser Law Firm, P.C. (the “Weiser Firm”) reports that the Honorable James F. Vano of the District Court of Johnson County, Kansas, presiding over the stockholder derivative action, Ross-Williams v. Bennett, Case No. 11-cv-00890, ordered the publication via press release of the following summary notice to Sprint Corporation (NYSE: S) stockholders. The full-length notice is available on Sprint’s, The Weiser Law Firm’s, and Schubert Jonckheer Kolbe LLP’s websites. Please read this summary notice carefully and in its entirety. If you are a Sprint stockholder, your rights may be affected.
TO: ALL RECORD AND BENEFICIAL OWNERS OF SPRINT CORPORATION (“SPRINT”) COMMON STOCK AS OF FEBRUARY 22, 2016, AND WHO CONTINUE TO HOLD THEIR SPRINT COMMON STOCK AS OF THE DATE OF THE SETTLEMENT HEARING, EXCLUDING THE INDIVIDUAL DEFENDANTS, THE OFFICERS AND DIRECTORS OF SPRINT, MEMBERS OF THEIR IMMEDIATE FAMILIES, AND ANY ENTITY IN WHICH INDIVIDUAL DEFENDANTS HAVE OR HAD A CONTROLLING INTEREST (“CURRENT SPRINT STOCKHOLDERS”).
Summary Notice of Proposed Settlement and Settlement Hearing
THIS NOTICE IS GIVEN pursuant to an order of the District Court of Johnson County, Kansas (the “Court”), to inform you of a proposed stipulated settlement (the “Settlement”) in the above-referenced derivative action (the “Ross-Williams Action”) and substantially similar derivative actions pending in the Court, captioned Randolph v. Forsee, No. 10CV06261 (Johnson Cnty. Dist. Ct., Kan.) and Price v. Forsee, No. 11CV03257 (Johnson Cnty. Dist. Ct., Kan.), and also in the United States District Court for the District of Kansas, captioned Murphy v. Forsee, No. 2:09-cv-02242-EFM/KMH (D. Kan.) (collectively, with the Ross-Williams Action, the “Actions”). The Actions involve claims brought derivatively on behalf of Sprint Nextel Corporation now known as Sprint, against certain of its current and former directors and officers alleging breaches of fiduciary duty and other claims, relating to certain events, public statements, stock transactions, and alleged misconduct following Sprint’s 2005 acquisition of Nextel Communications.
YOU ARE HEREBY NOTIFIED THAT a hearing (the “Settlement Hearing”) will be held on May 26, 2016, at 9:00 a.m., before the Honorable James F. Vano, of the District Court of Johnson County, Kansas, Johnson County Courthouse, 100 N. Kansas Ave., Olathe, KS, 66061-3273, for the purpose of determining whether the Settlement should be approved as fair, reasonable, and adequate and whether an award of attorneys’ fees and reimbursement of expenses for Plaintiffs’ Counsel (the “Fee Award”) should be approved. Because this is a stockholder derivative action brought for the benefit of Sprint, no individual Current Sprint Stockholder has the right to receive any individual compensation as a result of the Settlement. In accordance with the terms of the Settlement, and in consideration for certain releases, Sprint has agreed to implement certain corporate governance reforms, to be administered by Sprint and the Sprint Board of Directors.
IF YOU ARE AN OWNER OF SPRINT COMMON STOCK, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT. This summary notice contains only a summary of the Actions and the terms of the Settlement. You may obtain a copy of a detailed notice to Current Sprint Stockholders (the “Notice”) describing the Actions, the proposed Settlement, and the rights of Current Sprint Stockholders with regard to the Settlement, as well as a copy of the Stipulation and Agreement of Settlement (the “Stipulation”), by visiting the website investors.sprint.com. The Notice and Stipulation are also available for viewing on the following websites www.weiserlawfirm.com and www.schubertlawfirm.com.
Should you have any other questions regarding the proposed Settlement of the Actions, please contact the following designated counsel for the Plaintiffs:
Sprint has agreed to pay or cause to be paid to Plaintiffs’ Counsel the Fee Award of $4.25 million ($4,250,000.00), subject to approval by the Court. The Fee Award was a product of a mediator’s proposal. Additionally, Plaintiffs’ Counsel may also apply on behalf of Plaintiffs for incentive awards in the amount of $5,000 each (the “Incentive Awards”) in recognition of Plaintiffs’ participation and efforts in the prosecution of the Actions. The Incentive Awards shall be funded from the Fee Award, to the extent it is approved by the Court in whole or in part.
Any Current Sprint Stockholder may object and/or appear and show cause, if he, she, or it has any concern why the Settlement should not be finally approved as fair, reasonable, and adequate, why the Final Order and Judgment should not be entered thereon, or why the Fee Award, including any Incentive Awards, should not be finally approved; provided, however, unless otherwise ordered by the Court, that no Current Sprint Stockholder shall be heard or entitled to contest the approval of the terms and conditions of the Settlement, or, if approved, the Final Order and Judgment to be entered approving the Settlement, or the Fee Award, unless that stockholder has filed at least fourteen (14) days prior to the Settlement Hearing an objection with the Court. Any objection to the Settlement, the Fee Award, or the Incentive Awards and/or notice of intent to appear must be filed, in accordance with the procedures set forth in the Notice, with the Clerk of the Court (Honorable James F. Vano, District Court of Johnson County, Kansas Johnson County Courthouse, 100 N. Kansas Ave., Olathe, KS, 66061-3273), no later than May 12, 2016, and served by hand or first class mail (postage prepaid) for delivery by the same date on Plaintiffs’ Counsel (at the addresses listed above) and on counsel for Defendants (at the addresses listed below):
PLEASE DO NOT CALL OR WRITE THE COURT REGARDING THIS NOTICE.