Robbins Geller Achieves $30 Million Settlement for ADT Investors in Securities Class Action
On January 12, 2021, the Honorable Donald W. Hafele of the 15th Judicial Circuit Court of Florida approved a $30 million settlement in In re ADT Inc. Shareholder Litigation. The securities class action alleges that defendants violated the Securities Act of 1933 by misrepresenting and/or failing to disclose in the Registration Statement for ADT’s January 2018 Initial Public Offering (“IPO”) ADT’s litigation with Ring.com over Ring’s theft of intellectual property from ADT and the settlement in principle of that litigation, and that ADT’s traditional competitors were being displaced by do-it-yourself home security offerings from certain technology companies.
In approving the settlement, Judge Hafele commended Robbins Geller for “fairly and adequately represent[ing] the interest of the Settlement Class Members in this Action” and added that class members were represented by “highly experienced counsel.”
In re ADT Inc. Shareholder Litigation, No. 502018CA003494XXXXMB-AG, Order and Final Judgment Granting Motion for Approval of Class Action Settlement (Fla. Cir. Ct., 15th Jud. Cir. Jan. 12, 2021).
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