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City of Pontiac General Employees' Retirement System v. Wal-Mart Stores, Inc.

United States District Court, W.D. Arkansas, Fayetteville Division

December 4, 2018

CITY OF PONTIAC GENERAL EMPLOYEES' RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated PLAINTIFF
v.
WAL-MART STORES, INC. and MICHAEL T. DUKE DEFENDANTS

          ORDER

          Susan O. Hickey United States District Judge.

         WHEREAS, a securities class action is pending in this Court entitled City of Pontiac General Employees' Retirement System v. Wal-Mart Stores, Inc., et al., No. 5:12-cv-05162 (the “Litigation”);

         WHEREAS, on October 26, 2018, the parties to the Litigation, Lead Plaintiff City of Pontiac General Employees' Retirement System (“PGERS”), on behalf of itself and the other Members of the Class, and defendants Walmart Inc. (“Walmart”) and Michael T. Duke (together, “Defendants, ” and, collectively with Lead Plaintiff, the “Settling Parties”) entered into the Stipulation of Settlement (the “Stipulation”), which is subject to review under Rule 23 of the Federal Rules of Civil Procedure and which, together with the Exhibits thereto, sets forth the terms and conditions for the proposed Settlement of the claims alleged in any of the complaints filed in this Litigation on the merits and with prejudice;

         WHEREAS, Lead Plaintiff has made an application, pursuant to Rule 23 of the Federal Rules of Civil Procedure, for an order preliminarily approving the Settlement in accordance with the Stipulation and allowing notice to Members of the Class as more fully described herein;

         WHEREAS, the parties to the Stipulation having consented to the entry of this Order;

         WHEREAS, the Court having read and considered: (a) Lead Plaintiff's unopposed motion for preliminary approval of the Settlement, and the papers filed and arguments made in connection therewith; and (b) the Stipulation and the accompanying Exhibits attached thereto;

         WHEREAS, unless otherwise specified all capitalized terms used, but not otherwise defined, herein have the same meanings as set forth in the Stipulation;[1]

         NOW THEREFORE, IT IS HEREBY ORDERED, this 4th day of December, 2018, that:

         1. The Court hereby preliminarily approves the Stipulation and the Settlement set forth therein as being fair, reasonable and adequate to Class Members (defined in ¶1.5 of the Stipulation), subject to further consideration at the Settlement Hearing described in ¶2 below.

         2. A hearing (the “Settlement Hearing”) pursuant to Rule 23(e) of the Federal Rules of Civil Procedure is hereby scheduled to be held on April 4, 2019, at 10:00 a.m. CT, at the United States Courthouse in Hot Springs, Arkansas, for the following purposes:

(a) to determine whether the proposed Settlement is fair, reasonable and adequate to Class Members, and should be approved by the Court;
(b) to determine whether the Judgment as provided under the Stipulation should be entered, dismissing the Litigation on the merits and with prejudice, and to determine whether the release by the Class of the Released Claims, as set forth in the Stipulation, should be provided to the Released Defendant Parties;
(c) to determine whether the release by the Released Defendant Parties of the Released Defendants' Claims, as set forth in the Stipulation, should be provided;
(d) to determine whether the proposed Plan of Allocation of the proceeds of the Settlement is fair and reasonable and should be approved by the Court;
(e) to consider Lead Counsel's application for an award of attorneys' fees and expenses, including Lead ...

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