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 proposed Settlement of claims in a pending 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 proposed Settlement, if approved by the Court, will settle 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: Subject to Court approval, Plaintiff, on behalf of itself and the proposed 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”) to be approved by the Court. The proposed 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 will hold 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 proposed Plan of Allocation, and Lead Counsel’s request for attorneys’ fees and expenses. The Court will also consider written objections filed in accordance with the instructions set forth in the Notice. We do not know how long it will take the Court to make these decisions. The Court may change the date and time of the Settlement Hearing without further notice to Class Members. If you want to attend the hearing, please check with Lead Counsel, review the docket, or review this website to be sure that the date or time has not changed.
The Court in charge of the Action still has to decide whether to approve the Settlement. Cash payments will be made to Authorized Claimants eligible to receive payment if the Court approves the Settlement and after any appeals are resolved, which may be a lengthy process. Please be patient.
Your Legal Rights and Options in the
Submit a claim.
Submit a Claim Form online or postmarked no later than June
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 Claims (defined in the Notice) that you have against
Defendants and the other Released Defendant Parties (defined in the Notice), so it is
in your interest to submit a Claim Form.
Exclude yourself from the Class by submitting a written
exclusion so that it is postmarked no later than April 28, 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 allows you ever to be part of any other lawsuit against any of
the Defendants or the other Released Defendant Parties concerning the
Object to the Settlement by submitting a written objection so
that it is received no later than April 28, 2023.
If you do not like the proposed Settlement, the proposed Plan
of Allocation, or the request for attorneys’ fees and reimbursement of
Litigation Expenses, you may write to the Court and explain why you do not
like them. You cannot object to the Settlement, the Plan of Allocation
or the fee and expense request unless you are a Class Member and do not
exclude yourself from the Class.
Appear at a hearing.
Attend a hearing on May 19, 2023, and file a Notice of
Intention to Appear so that it is received no later than April 28, 2023.
Filing a written objection and notice of intention to appear
by April 28, 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 reimbursement of Litigation
Expenses. 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.
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.
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.