ORDER CONDITIONALLY APPROVING CLASS NOTICE
WILLIAM ALSUP, District Judge.
The proposed class notice is APPROVED subject to the following revisions:
• On page one, fix the alignment of the header and delete the tabbed space between the words "common" and "stock."
• On page three under number five, delete the sentences "You may not have the further opportunity to seek exclusion from the Class at the time of any settlement. In other words, this may be your only change to opt out of the lawsuit." Replace with the sentences "If there is a settlement in this lawsuit, you will have another opportunity to opt out of the Class at that time. Opting out of a settlement may preserve your right to bring an individual lawsuit unless your claims are time-barred by the applicable statutes of limitation or repose. You may want to consult an attorney before opting out of any settlement."
• On page five, add the words "on the 16th floor" after the words "Office of the Clerk of Court."
Although the Court has thoroughly reviewed the proposed notice to identify typographical and formatting errors, the parties must proofread the next version carefully, particularly since the edits above could introduce new errors.
The parties' stipulated procedures for dissemination of class notice, and their selection of the firm of Gilardi & Co. LLC as notice administrator are APPROVED. As set forth in the appended stipulation, the notice shall be distributed by no later than MONDAY, DECEMBER 4 via first class mail. Any request to be excluded from the class shall be addressed to Luna v. Marvell Technology Group, Ltd. c/o Gilardi & Co. LLC, PO Box 8040, San Rafael, CA 94912-8040, postmarked by no later than JANUARY 18, 2018.
IT IS SO ORDERED.
CLASS ACTION
STIPULATION AND [PROPOSED] ORDER REGARDING CLASS NOTICE PROCEDURES
IT IS HEREBY STIPULATED AND AGREED by the parties, through their undersigned counsel, that, subject to the Court's approval:
1. On October 27, 2017, the Court certified this action as a class action under Rule 23 of the Federal Rules of Civil Procedure (Dkt. No. 202).
2. The Class consists of:
All persons and entities who purchased or otherwise acquired the common stock of Marvell Technology Group, Ltd. ("Marvell" or the "Company") during the period from February 19, 2015 through December 7, 2015, inclusive (the "Class Period"), and were damaged thereby. Excluded from the Class are investors who sold all of their shares prior to September 11, 2015, and Defendants, present or former executive officers of Marvell and their immediate family members (as defined in 17 C.F.R. §229.404, Instructions (1)(a)(iii) and (1)(b)(ii)).
3. The proposed procedures for giving notice attached hereto as Exhibit C (the "Notice Plan") to the Class comply with the requirements of due process and with Rule 23 of the Federal Rules of Civil Procedure and constitute the best notice practicable under the circumstances.
4. The firm of Gilardi & Co. LLC ("Notice Administrator") is appointed and authorized to supervise and administer the notice procedure.
5. Within ten (10) calendar days after the Court's approval and entry of this Stipulation and Order, Defendant Marvell Technology Group, Ltd. ("Marvell") shall instruct its securities transfer agent to produce to the Notice Administrator a list, in electronic form, of all persons who purchased or otherwise acquired Marvell common stock during the Class Period (the "Transfer List").
6. Within fifteen (15) calendar days of its receipt of Marvell's Transfer List (the "Notice Date"), the Notice Administrator shall send, by first class mail, the agreed-upon proposed Notice of Pendency of Class Action (the "Notice"), substantially in the form attached hereto as Exhibit A, to each purchaser or acquirer identified on the Transfer List. For all Notices returned as undeliverable, the Notice of Administrator shall use best efforts to locate updated addresses.
7. The Notice Administrator shall use reasonable efforts to give notice to brokerage firms, banks, institutions, investment funds, investment companies, investment advisors, investment portfolios, mutual fund trusts, mutual investment funds, investment managers, and any other persons or entities who are or who claim to be nominees that purchased or otherwise acquired Marvell common stock during the Class Period for the benefit of another Person (the "Nominees List"). Such nominees shall be requested to either: (a) send the Notice to all such beneficial owners of Marvell common stock within ten (10) calendar days of receipt of the Notice; or (b) send a list of the names and addresses of such beneficial owners to the Notice Administrator within ten (10) calendar days after receipt of the Notice, in which case the Notice Administrator shall promptly mail the Notice to such beneficial owner. Upon full and timely compliance with these directions, such nominees may seek reimbursement from the Notice Administrator of their reasonable expenses actually incurred by providing the Notice Administrator with proper documentation supporting the expenses for which reimbursement is sought. Any disputes with respect to the reasonableness or documentation of expenses incurred shall be subject to review by the Court. Class Counsel shall then communicate weekly with the brokers and custodians identified on the Nominees List to ensure the Notice is sent to beneficial owners in a timely manner.
8. Within ten (10) calendar days after the Notice Date, the Notice Administrator shall: (1) cause the Summary Notice, substantially in the form attached hereto as Exhibit B, to be published on one occasion in the national edition of Investor's Business Daily; and (2) cause the Notice to be posted to the Notice Administrator's case website.
9. Within ten (10) calendar days after the Notice Date, Class Counsel shall: (1) issue a press release containing the Summary Notice; (2) post the Notice on the website of Robbins Geller Rudman & Dowd LLP.
10. The Notice shall provide an address for the purpose of receiving requests for exclusion from the Class and requests for additional copies of the Notice. The Notice Administrator shall identify and number all exclusion requests received and create copies of those requests for counsel for all parties. The Notice Administrator shall provide via email weekly reports of exclusion requests received to counsel for all parties. The Notice Administrator will maintain original requests in its files.
11. The requests for exclusion from the Class shall be made by submitting a written request for exclusion as set forth in the Notice and shall be postmarked within forty-five (45) calendar days after the Notice Date.
12. Within fifteen (15) calendar days following the deadline for requesting exclusion, the Notice Administrator shall submit a declaration to the Court setting forth its notification efforts and summarizing the exclusion requests that it received.
13. Within fifteen (15) calendar days following the deadline for requesting exclusion, Class Counsel shall file all such requests for exclusion with the Court.
14. Except for the costs associated with obtaining Marvell's Transfer List, the costs of the notice process shall be borne by Class Counsel, and not by Defendants.
IT IS SO STIPULATED, THROUGH COUNSEL OF RECORD.
[PROPOSED] ORDER
PURSUANT TO STIPULATION, IT IS SO ORDERED.
ATTESTATION
I, Scott H. Saham, am the ECF User whose ID and password are being used to file this Stipulation and [Proposed] Order Regarding Class Notice Procedures. In compliance with Civil Local Rule 5-1(i)(3), I hereby attest that Valerie Roddy and Virginia Milstead have concurred in this filing.
