Update on the Distribution of Net Settlement Fund
The Court has approved the distribution of the net settlement fund to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following dates:
November 29, 2023
If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:
The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement: (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
This website relates to a securities class action (the “Action”) brought by the Court-appointed Lead Plaintiffs, Fresno County Employees’ Retirement Association (“Fresno”), City of Miami General Employees’ & Sanitation Employees’ Retirement Trust (“Miami”), and City of Pontiac General Employees’ Retirement System (“Pontiac”; together with Fresno and Miami, “Plaintiffs”) against Venator Materials PLC ("Venator") and certain of its executives, directors, selling shareholders, and underwriters. Plaintiffs allege that Defendants violated the federal securities laws by making false and misleading statements and omissions about the true extent of damage to Venator’s facility in Pori, Finland, the cost to rehabilitate the facility, and the impact on Venator’s business and operations, including statements to investors about whether the Pori facility would be rebuilt with insurance proceeds within its policy limits.
Lead Plaintiffs and Defendants have settled the Action for $19,000,000 in cash (the “Settlement”). On September 9, 2022, the Court held a hearing to consider final approval of the Settlement and related matters, and on September 15, 2022, the Court entered a Judgment finally approving the Settlement, an order approving the Plan of Allocation, and an order awarding attorneys’ fees and litigation expenses.
If you are a member of the Settlement Class, you are subject to the Settlement. The Settlement Class consist of:
all persons and entities who: (i) purchased or otherwise acquired the publicly traded common stock of Venator between August 2, 2017, and October 29, 2018, inclusive (the “Class Period”); and/or (ii) purchased or otherwise acquired publicly traded Venator common stock either in or traceable to Venator’s August 3, 2017 initial public offering (“IPO”) or Venator’s December 4, 2017 secondary public offering (“SPO”) during the Class Period, and were damaged thereby.
Excluded from the Settlement Class are: (i) Defendants; (ii) members of the Immediate Family of any Individual Defendant; (iii) any person who was an officer or director of Venator, any of the Huntsman Defendants, or any of the Underwriter Defendants during the Class Period and any members of their Immediate Family; (iv) any parents, subsidiaries, or affiliates of Venator, any of the Huntsman Defendants, or any of the Underwriter Defendants; (v) any entity in which any such excluded party has, or had during the Class Period, a direct or indirect majority ownership interest; and (vi) the legal representatives, heirs, successors-in-interest, or assigns of any such excluded persons or entities; provided, however, that the Settlement Class shall not exclude any Investment Vehicles. Also excluded from the Settlement Class are Macomb County Employees’ Retirement System, Fireman’s Retirement System of St. Louis.
Following the hearing on September 9, 2022, the Court entered, on September 15, 2022, a Judgment finally approving the Settlement, an Order approving the Plan of Allocation, and an Order awarding attorneys’ fees and litigation expenses.
Please read the Notice to fully understand your rights and options. Copies of the Notice can be found in the menu at the top of this page.
The deadline for submission of Claim Forms was October 17, 2022, and the processing of claims submitted in the Action has now concluded. On October 17, 2023, Lead Counsel filed the Distribution Motion seeking Court approval to distribute the net settlement fund. On October 30, 2023, the Court approved the distribution of funds. The initial distribution will take place in the fourth quarter of 2023.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN OCTOBER 17, 2022.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 38 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 39 of the Notice), so it is in your interest to submit a Claim Form.
||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.
How do I obtain more information?
Detailed information about the Action is contained in the Notice available for download on the 'Notice' page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-855-606-2267 or emailing info@VenatorSecuritiesLitigation.com or mailing a letter to:
Venator Securities Litigation
c/o JND Legal Administration
P.O. Box 91370
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.