Welcome to the Opus Bank Securities Litigation Website
Your rights may be affected by legal proceedings in this litigation:
IF YOU PURCHASED SHARES OF OPUS BANK COMMON STOCK BETWEEN JANUARY 26, 2015 AND JANUARY 30, 2017, INCLUSIVE, YOU COULD RECEIVE A PAYMENT FROM A PROPOSED CLASS ACTION SETTLEMENT.
Summary of the Action
The Settlement resolves class action litigation over whether Opus and certain of its current and former executives allegedly made or were otherwise liable for several allegedly material misrepresentations and omissions contained in Opus’ public statements made during the Class Period. Arkansas Public Employees Retirement System (“APERS”), previously designated by the Court as “Lead Plaintiff” in the Action, has been preliminarily appointed by the Court to represent all Class Members as the “Class Representative” for the case. Lead Plaintiff’s counsel, Cohen Milstein Sellers & Toll PLLC (“Cohen Milstein”), previously appointed by the Court to serve as “Lead Counsel,” has been preliminarily appointed by the Court to serve as counsel for the Class. The Court has preliminarily certified that “Class” to consist of:
all persons or entities who purchased shares of Opus common stock between January 26, 2015 and January 30, 2017, inclusive. Excluded from the Class are: (1) Defendants and members of the immediate family of any Defendant; (2) any entity in which any Defendant has, or had during the Class Period, a controlling interest; (3) the officers and directors of Opus during the Class Period; and (4) the legal representatives, agents, executors, heirs, successors, or assigns of any of the foregoing excluded persons or entities who assert an interest in Opus common stock through or on behalf of any such excluded persons or entities. Also excluded from the Class are any putative Class Members who exclude themselves by filing a request for exclusion in accordance with the requirements set forth in the Notice.
Subject to Court approval, and as described more fully in paragraphs 19-21 on pages 7 and 8 of the Notice, Lead Plaintiff, on behalf of itself and the Class, has agreed to settle all Released Claims against Defendants and the Released Parties in exchange for a settlement payment of $17,000,000 in cash (the “Settlement Amount”) to be deposited in an interest-bearing Escrow Account (the “Settlement Fund”) and certain other terms. The Settlement Fund less all Taxes, Notice and Administration Costs, and attorneys’ fees and Litigation Expenses that may be awarded by the Court to Lead Plaintiff’s Counsel and Lead Plaintiff (the “Net Settlement Fund”) will be distributed to members of the Class in accordance with the plan of allocation (the “Plan of Allocation”) that is subject to approval by the Court. The proposed Plan of Allocation is included in the Notice, and may be modified by the Court without further notice.
How do I obtain more information?
If you would like more information, you may contact the Claims Administrator by calling toll-free (833) 609-9714, emailing firstname.lastname@example.org or mailing a letter to:
Opus Bank Securities Litigation
c/o JND Legal Administration
P.O. Box 91346
Seattle, WA 98111
A copy of the Notice is available on the Important Documents page. Inquiries should NOT be directed to the Court or the Clerk of the Court.