Settlement of Steven Duncan, et al. v. Joy Global Inc., et al.
Civil No. 2:16-cv-01229-PP
The parties have reached a settlement of this action, pending in the United States District Court for the Eastern District of Wisconsin, Milwaukee Division. The settlement provides for the payment of $20,000,000 for the benefit of eligible Class Members. Lead Plaintiffs Steven Duncan, Peter Cahill and Charles Caparelli alleged that Defendants violated §§14(a) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission (“SEC”) Rule 14a-9 promulgated thereunder by making materially misleading statements and omissions in the Definitive Proxy Statement on Schedule 14A, filed with the SEC on September 2, 2016.
The Class consists of all Persons who purchased, sold or held Joy Global Inc. (“Joy Global”) common stock during the period from and including September 1, 2016, the record date for Joy Global’s special stockholder meeting regarding the acquisition of Joy Global by Komatsu and certain of its subsidiaries, through and including April 5, 2017, the date the Acquisition closed. Excluded from the Class are (i) Defendants; (ii) members of the immediate families of each Defendant; (iii) Joy Global’s subsidiaries and affiliates; (iv) any entity in which any Defendant has a controlling interest; and (v) the legal representatives, heirs, successors, administrators, executors, and assigns of each Defendant. Also excluded from the Class are those Persons who properly excluded themselves by timely and validly requesting exclusion from the Class pursuant to the Notice of Pendency and Proposed Settlement of Class Action sent to Class Members pursuant to the Preliminary Approval Order.
The settlement was approved by the Court on December 27, 2018.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.