WELCOME TO THE MALLINCKRODT SECURITIES SETTLEMENT WEBSITE
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”). Because this website is just a summary, you should review the Notice for additional details.
SUMMARY OF THE LITIGATION AND SETTLEMENT
This website relates to a proposed Settlement of a class action lawsuit (“Litigation”) between Canadian Elevator Industry Pension Trust Fund and City of Sunrise Police Officers’ Retirement Plan (“Plaintiffs”) and Mark C. Trudeau, Bryan M. Reasons, George A. Kegler, Matthew K. Harbaugh, Kathleen A. Schaefer, Angus C. Russell, Melvin D. Booth, JoAnn A. Reed, Paul R. Carter, and Mark J. Casey (“Individual Defendants”). The Complaint alleges violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934. The Individual Defendants deny all claims and contentions of wrongdoing alleged by Plaintiffs in the Litigation.
The Court has not decided in favor of the Individual Defendants or Plaintiffs. Instead, both sides have agreed to a settlement of the Litigation for $46 million in cash (“Settlement”) for the benefit of the Class. On April 15, 2025, the Court will hold a Settlement Hearing to consider final approval of the Settlement and related matters.
If you are a Member of the Class, you are subject to the Settlement. The Class consists of:
All Persons who purchased or otherwise acquired Mallinckrodt common stock between May 3, 2016, and March 13, 2020, inclusive.
Excluded from the Class are: (1) the Individual Defendants; (2) any directors and officers of Mallinckrodt during the Class Period and members of their immediate families and their legal representatives, heirs, successors, or assigns; and (3) any entity in which any Individual Defendant has or had a controlling interest. Also excluded from the Class is any Person who properly excludes himself, herself, itself, or themselves from the Class by submitting a valid and timely request for exclusion. To the extent any Mallinckrodt employee benefit plan receives a distribution from the Net Settlement Fund, no portion shall be allocated to any Person who is excluded from the Class by definition.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Proof of Claim and Release can be found in the Case Documents and File Claim tabs at the top of this page.
Payments to eligible claimants will be made only if the Court approves the Settlement and Plan of Allocation, after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A PROOF OF CLAIM |
The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked or submitted online on or before April 14, 2025. |
| EXCLUDE YOURSELF FROM THE CLASS |
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Class you should understand that the Individual Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Requests for exclusion must be postmarked or received on or before March 25, 2025. |
| OBJECT |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a member of the Class. Objections must be received on or before March 25, 2025. If you submit a written objection, you may (but do not have to) attend the Settlement Hearing. |
| GO TO THE SETTLEMENT HEARING ON APRIL 15, 2025 |
Ask to speak in Court about the fairness of the Settlement, the Plan of Allocation, and/or the request attorneys’ fees and expenses. Requests to speak at the Settlement Hearing must be received by the Court and counsel on or before March 25, 2025. |
| DO NOTHING |
Receive no payment. You will, however, still be a member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Individual Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
April 14, 2025 |
| File Objection: |
March 25, 2025 |
| Request Exclusion: |
March 25, 2025 |
| Settlement Hearing: |
April 15, 2025, at 11:00 a.m. |