Settlement of Plymouth County Retirement System v. Patterson Companies, Inc., et al.,
The parties have reached a settlement of this action, pending in the United States District Court for the District of Minnesota. The settlement provides for the payment of $63 million for the benefit of eligible Class Members. Lead Plaintiffs Plymouth County Retirement System, Pembroke Pines Pension Fund for Firefighters and Police Officers, Central Laborers Pension Plan, and Gwinnett County Public Employees Retirement System alleged violations of §10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 against all Defendants and §20(a) of the Securities Exchange Act of 1934 against the Individual Defendants. Defendants allegedly made materially false and misleading statements and/or failed to disclose adverse information regarding Patterson Companies, Inc.’s (“Patterson” or the “Company”) alleged involvement in a scheme with its largest competitors to boycott Group Purchasing Organizations, which caused the price of Patterson’s common stock to trade at artificially inflated prices, until the market learned of the truth regarding purported false and misleading statements or omissions, and the effects of those statements and omissions on the Company’s business, causing the Company’s stock price to decline.
The Class consists of all Persons who purchased or otherwise acquired Patterson common stock during the Class Period (between June 26, 2013 and February 28, 2018). Excluded from the Class are: Defendants, the officers and directors of Patterson at all relevant times, members of the immediate families, and their legal representatives, heirs, agents, affiliates, successors or assigns, Defendants’ liability insurance carriers, and any affiliates or subsidiaries thereof, and any entity in which Defendants or their immediate families have or had a controlling interest. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely requested exclusion in accordance with the requirements set by the Court in its Order Granting Class Representatives’ Unopposed Motion to Approve the Form and Manner of Class Notice or in accordance with the requirements set forth by the Court in connection with the Settlement.
The settlement was approved by the Court on June 10, 2022.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.