The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
In this securities class action, the Court-appointed Lead Plaintiff, Public Employees’ Retirement System of Mississippi (“Lead Plaintiff”), alleges that Mohawk Industries, Inc. (“Mohawk”) and its Chief Executive Officer, Jeffrey S. Lorberbaum (together with Mohawk, “Defendants”) violated the federal securities laws by making false and misleading statements and omissions about Mohawk’s product quality, sales, and revenues during the period from April 28, 2017 through July 25, 2019, inclusive (the “Class Period”). A more detailed description of the Action is set forth in paragraphs 11-27 of the Notice. Defendants have denied and continue to deny these allegations.
Lead Plaintiff, on behalf of itself and the Court-certified Class (defined below), has reached a proposed settlement of the Action for $60,000,000 in cash that, subject to final approval by the Court, will resolve all claims in the Action (the “Settlement”). If the Settlement receives final approval from the Court, and the Effective Date occurs, the Net Settlement Fund (i.e., the Settlement Amount, plus any and all interest earned thereon, less court-awarded attorneys’ fees and Litigation Expenses, Notice and Administration Costs, any required Taxes, and any other fees or costs approved by the Court) will be distributed in accordance with a plan of allocation that will be approved by the Court and will determine how the Net Settlement Fund will be allocated to Class Members. The proposed Plan of Allocation is set forth in Appendix A to the Notice.
If you are a member of the Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Class certified by the Court consists of:
all persons or entities who purchased or otherwise acquired publicly traded common stock of Mohawk during the period from April 28, 2017 through July 25, 2019, inclusive (the “Class Period”), and who were damaged thereby (the “Class”), except for certain persons and entities who are excluded from the Class by definition as set forth in paragraph 28 of the Notice.
Please read the Notice to fully to understand your rights and options.
If you are a member of the Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form with adequate supporting documentation to the Claims Administrator either by mail or online, in accordance with the instructions set forth in the Claim Form. If mailed, the Claim Form must be postmarked no later than July 5, 2023 and mailed to the address stated in the Claim Form. If submitted online under the File a Claim section of this website, the Claim Form must be submitted no later than July 5, 2023.
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: |
SUBMIT A CLAIM FORM
(IF SUBMITTED BY MAIL, POSTMARKED NO LATER THAN JULY 5, 2023; IF SUBMITTED ONLINE, SUBMITTED NO LATER THAN JULY 5, 2023). |
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 Plaintiff’s Claims (defined in paragraph 39 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 40 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
(IF SUBMITTED BY MAIL, POSTMARKED NO LATER THAN MAY 10, 2023; IF SUBMITTED BY EMAIL, SUBMITTED NO LATER THAN MAY 10, 2023). |
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 may allow you to ever be part of any other lawsuit against Defendants or Defendants’ Releasees concerning the Released Plaintiff’s Claims. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION NO LATER THAN MAY 10, 2023. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or the requested attorneys’ fees and Litigation Expenses, you may object by writing to the Court and explaining why you do not like them. You cannot object unless you are a member of the Class and do not exclude yourself from the Class. |
| ATTEND A HEARING ON MAY 31, 2023, AT 10:00 A.M. E.T., AND FILE A NOTICE OF INTENTION TO APPEAR NO LATER THAN MAY 10, 2023. |
Filing a written objection and notice of intention to appear by May 10, 2023, 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 Litigation Expenses. In the Court’s discretion, the May 31, 2023, hearing may be conducted by telephone or videoconference (see paragraph 65-66 of the Notice). If you submit a written objection, you may (but you do not have to) participate in the hearing and, at the discretion of the Court, speak to the Court about your objection. |
| 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. |
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 877-415-0648, emailing Info@MohawkIndustriesSecuritiesLitigation.com, or mailing a letter to:
Mohawk Industries Securities Litigation
c/o JND Legal Administration
P.O. Box 91096
Seattle, WA 98111
Inquiries should NOT be directed to the Court, the Clerk of the Court, or Defendants.
© JND Legal Administration. All rights reserved.
