YRC Worldwide Inc. Securities Litigation

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YRC Worldwide Inc. Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), which you can access by clicking hereSince this website is just a summary, you should review the Notice for additional information.

If you are a member of the Class, you are subject to the Settlement unless you timely request to be excluded.

Your rights may be affected if you purchased or otherwise acquired YRC Securities during the period from March 10, 2014, through December 14, 2018, inclusive (the “Class Period”), and who were damaged thereby.

YRC Securities refers to the publicly traded securities of YRC.  During the Class Period, YRC common stock was listed on the NASDAQ Global Select Market under the ticker symbol “YRCW.”  After the Class Period, in February 2021, YRC changed its name to Yellow Corporation, and its common stock commenced trading under the new symbol “YELL.”

 

Please read the Notice carefully.



YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN AUGUST 17, 2021.

This is the only way to be eligible to receive a payment from the Settlement Fund.  If you are a Class Member and you remain in the Class, you will be bound by the Settlement as approved by the Court, and you will give up any Released Class Claims (defined in ¶ 33 of the Notice), that you have against Defendants and the other Releasees (defined in ¶ 34 of the Notice), so it is in your interest to submit a Claim Form.

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION THAT IS RECEIVED NO LATER THAN JULY 21, 2021.

If you exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement Fund.  This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Releasees concerning the Released Class Claims. 

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION THAT IS RECEIVED NO LATER THAN JULY 21, 2021.

If you do not like the proposed Settlement, the proposed Plan of Allocation, the request for attorneys’ fees and expenses, or the proposed award to Lead Plaintiff, you may write to the Court and explain why you do not like them.  You cannot object to any of those matters unless you are a Class Member and do not exclude yourself from the Class. 

GO TO A HEARING ON AUGUST 18, 2021, AT 11:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR THAT IS RECEIVED NO LATER THAN JULY 21, 2021.

Filing a written objection and notice of intention to appear by July 21, 2021, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses or the award to Lead Plaintiffs.  If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.  The Court may change the date of the Fairness Hearing and may also order the Hearing to be held by telephone or videoconference, in which case instructions about date, time, and how to participate will be posted on www.YRCSecuritiesSettlement.com.

DO NOTHING.

If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement, and you will be bound by any judgments or orders entered by the Court in the Action.

 

The Settlement Fairness Hearing

The Fairness Hearing will be held on August 18, 2021 at 11:00 a.m., before Chief Judge Glenn T. Suddaby at the United States District Court for the Northern District of New York, 100 S. Clinton Street, Syracuse, NY 13261 via video through Microsoft Teams to determine, among other things, (i) whether the proposed Settlement on the terms and conditions provided for in the Settlement Agreement is fair, reasonable, and adequate to the Class, and should be finally approved by the Court; (ii) whether, for purposes of the Settlement only, the Action should be certified as a class action on behalf of the Class, Lead Plaintiffs should be certified as Class Representatives for the Class, and Lead Counsel should be appointed as Class Counsel for the Class; (iii) whether the Action should be dismissed with prejudice against Defendants and whether the Releases specified and described in the Settlement Agreement (and in this Notice) should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; (v) whether Lead Counsel’s motion for attorneys’ fees and litigation expenses and Lead Plaintiffs’ motion for costs and expenses should be approved; and (vi) any other matters that may properly be brought before the Court in connection with the Settlement.  The Court reserves the right to certify the Class; approve the Settlement, the Plan of Allocation, and Lead Counsel’s motion for attorneys’ fees and litigation expenses; and/or consider any other matter related to the Settlement at or after the Fairness Hearing without further notice to the members of the Class. Any Class Member may appear at the Settlement Fairness Hearing and be heard on any of the foregoing matters.

What is this case about?

The Action involves allegations that YRC and certain YRC executives (collectively, “Defendants”) made false and misleading statements and material omissions about YRC’s business and financial condition during the Class Period but did not disclose that YRC purportedly had been overcharging customers and was being investigated by the U.S. Department of Justice.  Lead Plaintiffs allege that those misstatements or omissions inflated the price of YRC Securities during the Class Period and that the price declined when the Department of Justice announced that it had sued YRC because of the purported overcharges.  Defendants have denied those allegations.

The Settlement Benefits  

The Settlement, if approved, will result in the creation of a cash settlement fund of $2,100,000 (the “Settlement Amount”).  The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of this Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to Class Members pursuant to the Plan of Allocation that is described in the Notice.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:

Claims Administrator:

YRC Worldwide Inc. Securities Litigation

c/o A.B. Data, Ltd.

P.O. Box 173127

Milwaukee, WI 53217

(877) 265-3022

www.YRCSecuritiesSettlement.com


Lead Counsel:

Jeffrey P. Campisi, Esq.

Kaplan Fox & Kilsheimer LLP

850 Third Avenue, 14th Floor

New York, NY 10022

 

Michael J. Wernke, Esq.

Pomerantz LLP

600 Third Avenue, 20th Floor

New York, NY 10016

(212) 661-110

 
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