United States District Court Middle District of Pennsylvania Civil Action 1:12-cv-00993
If you purchased or acquired the common stock of Orrstown Financial Services between March 15, 2010 and April 26, 2012, you are a member of the Class and may be entitled to a payment. Your legal rights will be affected whether you act or not.
This website relates to a Settlement of claims in a securities class action lawsuit brought by an Orrstown shareholder alleging, among other things, that Defendants violated the federal securities law by failing to make required disclosures to shareholders regarding Orrstown’s operations and financial performance. The Settlement settles claims of all Persons who purchased or otherwise acquired the common stock of Orrstown from March 15, 2010 through, and including, April 26, 2012 (the “Class”).
Statement of the Class’s Recovery:
Plaintiff, on behalf of itself and the Class, has agreed to settle all claims in the Action in exchange for a payment of $15,000,000 in cash (“Settlement Amount”) to be deposited into an interest-bearing escrow account (the “Settlement Fund”). The Net Settlement Fund (which is the Settlement Fund less taxes, tax expenses, notice and administration costs, and attorneys’ fees and litigation expenses awarded to Lead Counsel) will be distributed in accordance with a plan of allocation (“Plan of Allocation”) that was approved by the Court. The Plan of Allocation is set forth in the Notice.
Reasons for the Settlement: Lead Plaintiff’s principal reason for entering into the Settlement is the immediate benefit of substantial cash recovery for the Class. This benefit must be compared to the risk that no recovery or a smaller recovery might be achieved after contested motions, a trial and the likely appeals that would follow. For Defendants, the principal reason for the Settlement is to eliminate the burden, expense, and uncertainty of further litigation. The proposed Settlement eliminates the risks and uncertainties associated with this Action for both Plaintiff and Defendants and provides Class Members with the certainty of a monetary recovery regardless of Plaintiff’s ability to prove these claims, or Defendants’ ability to defeat these claims, at trial.
The Settlement Hearing: The Court held a Settlement Hearing at 10:00 a.m., on May 19, 2023, before the Honorable Yvette Kane, United States District Judge, at the United States District Court for the Middle District of Pennsylvania, Sylvia H. Rambo United States Courthouse, 1501 N 6th St, Harrisburg, PA 17102, to determine whether to approve the Settlement, the Plan of Allocation, and Lead Counsel’s request for attorneys’ fees and expenses. The Court considered written objections filed in accordance with the instructions set forth in the Notice.
The Settlement was approved on May 19th, 2023. See the Final Judgment for additional details.
This website is authorized by the Court, supervised by counsel and controlled by Kroll Settlement Administration, the Settlement Administrator approved by the Court. This is the only authorized website for this case.
Contact us with any inquiries, comments, and/or requests.
Important Dates
Exclusion Deadline.
Friday, April 28, 2023
The exclusion deadline has passed. You must have completed and mailed your request for exclusion form so that it was postmarked no later than Friday, April 28, 2023.
Objection Deadline
Friday, April 28, 2023
The objection deadline has passed. You must have mailed your objection(s) and/or notice of intent to appear at the Final Approval Hearing so that it/they were received no later than Friday, April 28, 2023.
Claim Form Deadline
Thursday, June 22, 2023
The claim form deadline has passed. You must have submitted your Claim Form on-line no later than June 22, 2023, or mailed your completed paper Claim Form so that it was postmarked no later than Thursday, June 22, 2023.
Settlement Hearing Date.
Friday, May 19, 2023
The Settlement Hearing is scheduled for Friday, May 19, 2023. The Settlement was approved.
