Welcome to the UMC Securities Litigation Settlement Website.
CASE UPDATE (1/14/2021) – THE UMC FINAL APPROVAL HEARING HAS BEEN ADJOURNED BY ORDER OF THE COURT TO 4/30/2021 AT 9:00 AM.
The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action (the “Notice”). Because this website is just a summary, you should review the Notice for additional details.
Plaintiffs Have Reached a Proposed Settlement, Subject to Court Approval
The Court-appointed Lead Plaintiff, on behalf of themselves and the Class, have reached a proposed settlement of this action, captioned Meyer v. United Microelectronics Corporation, No. 19-cv-02304-VM (S.D.N.Y.) (the “Action”), for a cash payment of $3,000,000 (the “Settlement”). The Settlement, if approved by the Court, will resolve all claims in this Action.
Your Rights in the Proposed Settlement
If you are a member of the Class, your rights will be affected and you may be eligible for a payment from the proceeds of the Settlement, if it receives final Court approval. The Class certified by the Court includes all persons or entities who purchased or otherwise acquired United Microelectronics Corporation American Depositary Shares (ADSs) between October 28, 2015 and November 1, 2018, inclusive, except those persons or entities that are excluded, as described below.
You are not a Class Member if you are: (i) Defendants; (ii) members of the immediate families of Defendants; (iii) any person who is or was an officer or director of UMC during or after the Class Period; (iv) any entity in which any of the Defendants had or has a controlling interest; and (v) any legal representatives, agents, affiliates, heirs, beneficiaries, successors-in-interest, or assigns of any such excluded party in their capacity as such. Also excluded from the Class is any person or entity who validly requests exclusion pursuant to the requirements set forth in this Notice.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu at the top of this page.
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 postmarked no later than January 8, 2021.
Payments to eligible claimants will be made only after the Settlement and a Plan of Allocation are approved by the Court and any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
IMPORTANT DATES AND DEADLINES
|January 8, 2021||Claim Filing Deadline: Claim Forms must be postmarked no later than January 8, 2021 to be eligible for a payment from the Settlement.|
|December 16, 2020||Exclusion Deadline: If you do not want a payment from this settlement, but you want to keep the right to sue or continue to sue any of the Defendants on your own about the same legal issues in this case, then you must take steps to get out of the Class. This is called excluding yourself or is sometimes referred to as opting out of the Class. Requests to be excluded from the proposed Settlement must be received no later than December 16, 2020, in accordance with the instructions in the Notice.|
|December 16, 2020||Objection Deadline: Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Plaintiff’s counsel’s request for an award of attorneys’ fees and expenses, must be received no later than December 16, 2020, in accordance with the instructions in the Notice.|
|January 15, 2021 at 10:00 a.m.||The Final Approval Hearing: A hearing will be held on January 15, 2021, at 10:00 a.m., before the Honorable Victor Marrero, United States District Judge, at the United States District Court for the Southern District of New York, Courtroom 15B of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007.
The Hearing will be held by the Court for the purpose of determining whether: (1) the proposed settlement of the Litigation for the combined sum of $3,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) to award Lead Counsel attorneys’ fees and expenses; (3) to reimburse Lead Plaintiff the costs and expenses (including lost wages) he incurred in prosecuting this Action on behalf of the Class; (4) to approve the Plan of Allocation as fair, reasonable and adequate.