The Weiser Law Firm, P.C. (the “Weiser Firm”) reports that the
Honorable James F. Vano of the District Court of Johnson County,
Kansas, presiding over the stockholder derivative action,
Ross-Williams v. Bennett, Case No. 11-cv-01688, ordered the
publication via press release of the following summary notice to
Sprint Corporation (NYSE: S) stockholders. The full-length notice
is available on Sprint’s, The Weiser Law Firm’s, and Schubert
Jonckheer Kolbe LLP’s websites. Please read this summary notice
carefully and in its entirety. If you are a Sprint stockholder,
your rights may be affected.
TO: ALL RECORD AND BENEFICIAL OWNERS OF SPRINT
CORPORATION (“SPRINT”) COMMON STOCK AS OF FEBRUARY 22, 2016, AND
WHO CONTINUE TO HOLD THEIR SPRINT COMMON STOCK AS OF THE DATE OF
THE SETTLEMENT HEARING, EXCLUDING THE INDIVIDUAL DEFENDANTS, THE
OFFICERS AND DIRECTORS OF SPRINT, MEMBERS OF THEIR IMMEDIATE
FAMILIES, AND ANY ENTITY IN WHICH INDIVIDUAL DEFENDANTS HAVE OR HAD
A CONTROLLING INTEREST (“CURRENT SPRINT STOCKHOLDERS”).
Summary Notice of Proposed Settlement and
Settlement Hearing
THIS NOTICE IS GIVEN pursuant to an order of the District Court
of Johnson County, Kansas (the “Court”), to inform you of a
proposed stipulated settlement (the “Settlement”) in the
above-referenced derivative action (the “Ross-Williams Action”) and
substantially similar derivative actions pending in the Court,
captioned Randolph v. Forsee, No. 10CV06261 (Johnson Cnty. Dist.
Ct., Kan.) and Price v. Forsee, No. 11CV03257 (Johnson Cnty. Dist.
Ct., Kan.), and also in the United States District Court for the
District of Kansas, captioned Murphy v. Forsee, No.
2:09-cv-02242-EFM/KMH (D. Kan.) (collectively, with the
Ross-Williams Action, the “Actions”). The Actions involve claims
brought derivatively on behalf of Sprint Nextel Corporation now
known as Sprint, against certain of its current and former
directors and officers alleging breaches of fiduciary duty and
other claims, relating to certain events, public statements, stock
transactions, and alleged misconduct following Sprint’s 2005
acquisition of Nextel Communications.
YOU ARE HEREBY NOTIFIED THAT a hearing (the “Settlement
Hearing”) will be held on May 26, 2016, at 9:00 a.m., before the
Honorable James F. Vano, of the District Court of Johnson County,
Kansas, Johnson County Courthouse, 100 N. Kansas Ave., Olathe, KS,
66061-3273, for the purpose of determining whether the Settlement
should be approved as fair, reasonable, and adequate and whether an
award of attorneys’ fees and reimbursement of expenses for
Plaintiffs’ Counsel (the “Fee Award”) should be approved.
Because this is a stockholder derivative action brought for the
benefit of Sprint, no individual Current Sprint Stockholder has the
right to receive any individual compensation as a result of the
Settlement. In accordance with the terms of the Settlement, and
in consideration for certain releases, Sprint has agreed to
implement certain corporate governance reforms, to be administered
by Sprint and the Sprint Board of Directors.
IF YOU ARE AN OWNER OF SPRINT COMMON STOCK, YOUR RIGHTS MAY
BE AFFECTED BY THE SETTLEMENT. This summary notice contains
only a summary of the Actions and the terms of the Settlement. You
may obtain a copy of a detailed notice to Current Sprint
Stockholders (the “Notice”) describing the Actions, the proposed
Settlement, and the rights of Current Sprint Stockholders with
regard to the Settlement, as well as a copy of the Stipulation and
Agreement of Settlement (the “Stipulation”), by visiting the
website investors.sprint.com. The Notice and Stipulation are also
available for viewing on the following websites
www.weiserlawfirm.com and www.schubertlawfirm.com.
Should you have any other questions regarding the proposed
Settlement of the Actions, please contact the following designated
counsel for the Plaintiffs:
Brett D. Stecker Dustin Schubert THE WEISER
LAW FIRM, P.C. SCHUBERT JONCKHEER & KOLBE LLP 22 Cassatt Ave,
Suite 100 Three Embarcadero Center, Suite 1650 Berwyn, PA 19312 San
Francisco, California 94111 Telephone: (610) 225-2677 Telephone:
(415) 788-4220 Facsimile: (610) 225-2678 Facsimile: (415) 788-0161
Counsel for Plaintiff Ross-Williams Counsel for Plaintiff
Price
Sprint has agreed to pay or cause to be paid to Plaintiffs’
Counsel the Fee Award of $4.25 million ($4,250,000.00), subject to
approval by the Court. The Fee Award was a product of a mediator’s
proposal. Additionally, Plaintiffs’ Counsel may also apply on
behalf of Plaintiffs for incentive awards in the amount of $5,000
each (the “Incentive Awards”) in recognition of Plaintiffs’
participation and efforts in the prosecution of the Actions. The
Incentive Awards shall be funded from the Fee Award, to the extent
it is approved by the Court in whole or in part.
Any Current Sprint Stockholder may object and/or appear and show
cause, if he, she, or it has any concern why the Settlement should
not be finally approved as fair, reasonable, and adequate, why the
Final Order and Judgment should not be entered thereon, or why the
Fee Award, including any Incentive Awards, should not be finally
approved; provided, however, unless otherwise ordered by the Court,
that no Current Sprint Stockholder shall be heard or entitled to
contest the approval of the terms and conditions of the Settlement,
or, if approved, the Final Order and Judgment to be entered
approving the Settlement, or the Fee Award, unless that stockholder
has filed at least fourteen (14) days prior to the Settlement
Hearing an objection with the Court. Any objection to the
Settlement, the Fee Award, or the Incentive Awards and/or notice of
intent to appear must be filed, in accordance with the procedures
set forth in the Notice, with the Clerk of the Court (Honorable
James F. Vano, District Court of Johnson County, Kansas Johnson
County Courthouse, 100 N. Kansas Ave., Olathe, KS, 66061-3273),
no later than May 12, 2016, and
served by hand or first class mail (postage prepaid) for delivery
by the same date on Plaintiffs’ Counsel (at the addresses listed
above) and on counsel for Defendants
(at the addresses listed below):
Scott D. MusoffSKADDEN, ARPS, SLATE,
MEAGHER& FLOM LLPFour Times SquareNew York, NY 10036
Counsel for Gary D. Forsee, Paul N. Saleh,
Barry J. West, Mark E. Angelino, Timothy E. Kelly, William G.
Arendt, and nominal defendant Sprint Nextel Corporation
Jeffrey S. RussellBRYAN CAVE LLPOne
Metropolitan Square211 North Broadway, Suite 3600St. Louis, MO
63102
Counsel for Individual Defendants Robert
R. Bennett, James H. Hance, Jr., Irvine O. Hockaday, Jr., Gordon M.
Bethune, Larry C. Glasscock, V. Janet Hill, Rodney O’Neal, Keith J.
Bane, Linda K. Lorimer, William E. Kennard, William H. Swanson, and
Frank M. Drendel
PLEASE DO NOT CALL OR WRITE THE COURT REGARDING THIS
NOTICE.
Press release link:
http://weiserlawfirm.com/announcement-sprint-settlement/
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160406006569/en/
The Weiser Law Firm, P.C.James M. Ficaro, 610-225-2677
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