If You Purchased Bridgestone Corp. Common Stock or American Depositary Receipts
(ADRs), You May be Eligible to Participate in a Class Action Settlement
PHILADELPHIA, Oct. 23 /PRNewswire-AsiaNet/ --
Class Counsel for the Plaintiffs in the In re Bridgestone Securities
Litigation class action suit, announced the following:
United States District Court
Middle District of Tennessee
Nashville Division
In re Bridgestone Securities Litigation
Master File No. 3:01-0017
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, MOTION
FOR ATTORNEYS' FEES AND FINAL APPROVAL HEARING
If you purchased Bridgestone Corporation ("Bridgestone") publicly traded
common stock or American Depositary Receipts ("ADRs") during the period from
March 30, 2000 to and including August 31, 2000 (the "Class Period"), and are
not otherwise excluded from the Class, then you could receive a payment from
the proposed settlement of a securities class action.
A settlement has been proposed in a class action about the alleged
artificial inflation of the price of Bridgestone publicly traded common stock
and ADRs during the Class Period. The settlement will provide a settlement fund
of thirty million dollars ($30,000,000) for the benefit of investors who
purchased Bridgestone publicly traded common stock or ADRs during the period
from March 30, 2000 to and including August 31, 2000. If you qualify, you may
send in a claim form to get benefits, you can exclude yourself from the
settlement, or you can object to the settlement.
The United States District Court for the Middle District of Tennessee,
Nashville Division, authorized this Summary Notice. Before any money is paid,
the Court will have a hearing to decide whether to approve the settlement.
Who Is Included?
You are a Class Member if you purchased Bridgestone publicly traded common
stock or ADRs during the period from March 30, 2000 to and including August 31,
2000, and were damaged thereby. If you still are not sure whether you are
included, you can ask for free help. You can (i) call 1-800-945-9431 toll free
in the U.S.; or (ii) call 0120-938-042 toll free outside the U.S.; or
What Is the Lawsuit About?
This action arises from the August 9, 2000 voluntary recall by
Bridgestone's U.S. subsidiary, Bridgestone/Firestone, Inc., now known as
Bridgestone Firestone North American Tire LLC ("Firestone") of certain ATX, ATX
II, and Wilderness AT tires. The Action involves allegations that
Defendants Bridgestone and Firestone made false and misleading statements in
violation of Section 10(b) of the Securities Exchange Act of 1934. Plaintiffs
contend that Defendants disseminated false and misleading statements designed
to conceal and cover up alleged defects of the ATX tires manufactured by
Firestone. The Defendants deny that they did so or are liable in any respect.
The Court did not decide which side was right. But both sides agreed to the
settlement to resolve the case. The two sides disagree on how much money Class
Members could have received had the lawsuit gone to trial.
What Does the Settlement Provide?
Defendants have agreed to pay thirty million dollars ($30,000,000) in cash
in settlement of this case. These funds will be distributed to eligible
Members of the Class who send in valid claim forms, after payment of
court-approved legal fees and Lead Counsel's, Lead Plaintiff's (Patricia
Ziemer) and Intervenor Plaintiff's (Iowa Public Employees Retirement System)
time and expenses, the costs of claims administration, including the costs of
printing and mailing the Notice, the cost of publishing newspaper notice and
taxes and tax preparation fees (the "Net Settlement Fund"). The Stipulation
all of the details about the settlement.
Your recovery will depend on the number of Bridgestone publicly traded common
stock shares or the quantity of ADRs you purchased, the timing of your
purchases, and any sales thereof. It will also depend on the number of valid
claim forms that Members of the Class submit and the amount of such claims.
Assuming that all of the Bridgestone investors who purchased common stock or
ADRs during the relevant period and suffered damages participate in this
settlement, Plaintiffs' Lead Counsel estimates that the average distribution
per share of Bridgestone common stock will be approximately $0.16 and the
estimated average distribution per ADR will be approximately $1.60(1) before
the deduction of court-approved fees and expenses which will cost $0.05 per share
and $0.50 per ADR if the Court awards the amount requested.
Historically, less than all eligible investors submit claims, resulting in higher
average distributions per share.
How Do You Ask For A Payment?
To qualify for a payment, you must send in a claim form. A detailed
notice and claim form package contains everything you need. Just call
1-800-945-9431 toll free in the U.S. or call 0120-938-042 toll free outside the
April 21, 2009.
What Are Your Other Options?
You can exclude yourself from the settlement. If you do not want a
payment from the settlement, but you want to keep the right to sue or continue
to sue the Defendants about the claims you would otherwise be releasing in this
settlement, then you must take steps to exclude yourself from the
settlement. If you stay in the settlement, you may object to it. The
detailed Notice explains how to exclude yourself or object.
The Court will hold a Final Approval Hearing at 9:00 a.m. on January 23,
2009, at the United States District Court for the Middle District of
Tennessee, Nashville Division, located at 801 Broadway, Nashville, TN 37203,
in Courtroom 874. At this hearing, the Court will consider whether the
settlement is fair, reasonable and adequate. The Court will also decide
whether to approve the Plan of Allocation and the payment of fees, costs and
expenses to Plaintiffs' Lead Counsel, including the award to Lead Plaintiff and
Intervenor Plaintiff to compensate them for their time and effort in this
case. The lawyers representing the Class are: Daniel E. Bacine, Esquire and
Jeffrey A. Barrack, Esquire, Barrack Rodos & Bacine, 3300 Two Commerce Square,
2001 Market Street, Philadelphia, PA 19103; and Jonah H. Goldstein, Esquire,
Coughlin Stoia Geller Rudman & Robbins LLP, 655 West Broadway, Suite 1900, San
Diego, CA 92101. You may ask to appear at the hearing, but you don't have to.
1-800-945-9431 in the U.S. or toll free 0120-938-042 outside the U.S.
(1) In this case, during the Class Period one ADR represents ten shares of
Bridgestone publicly traded common stock because, until July 15, 2002, one
Bridgestone ADR represented ten shares of publicly traded common stock.
Following a 5-to-1 split effective July 15, 2002, Bridgestone ADRs represented
two shares of publicly traded common stock. The split impacted record holders
as of July 12, 2002.
QUESTIONS? CALL 1-800-945-9431 TOLL FREE IN THE U.S. OR CALL 0120-938-042
TOLL FREE OUTSIDE THE U.S. OR VISIT BSL.HRSCLAIMS.COM
SOURCE Barrack Rodos & Bacine
CONTACT: Daniel Bacine of Barrack Rodos & Bacine,
+1-215-963-0600
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