This official website is maintained by the Settlement Administrator under the supervision of Lead Counsel for the members of the Class in the Action entitled In Re Westell Technologies, Inc. Stockholder Litigation, C.A. No. 2022-0090-NAC pending in the Court of Chancery of the State of Delaware.
The information contained on this website is only a summary of the information presented in more detail in the Class Notice of Pendency
of Stockholder Class Action and Proposed Settlement, Settlement Hearing, and Right to Appear (the “Notice”), which you can access
here. Because this website is just a summary, you should review the Notice for additional details.
This website relates to a stockholder class action (the “Action”) pending in the Court of Chancery of the State of Delaware (the “Court”) if you were a record holder or beneficial owner of less than 1,000 shares of Westell Technologies, Inc. (“Westell” or the “Company”) common stock (ticker: “WSTL”) immediately prior to and received cash in exchange for your shares of Westell common stock in the amount of $1.48 per share as a result of a 1,000-to-1 reverse stock split of the Company’s Class A Common Stock and Class B Common Stock, followed immediately by a 1-to-1,000 forward stock split of the Company’s Class A Common Stock and Class B Common Stock effected on October 1, 2020.
Please also be advised that (i) lead plaintiff Pankaj Sharma (“Plaintiff”), on behalf of himself and the Class (defined in paragraph 23 below), and (ii) defendants Westell Technologies, Inc., The Voting Trust Agreement Dated February 23, 1994, among Mr. Penny, Mr. Simon and Certain Members of the Penny Family and the Simon Family, Robert W. Foskett, Kirk Brannock, Scott Chandler, Timothy Duitsman, Cary Wood, Mark Zorko, and Patrick J. McDonough, Jr. (collectively, “Defendants” and together with Plaintiff, the “Settling Parties”) have reached a proposed settlement for $2,200,000.00 in cash (the “Settlement”). The proposed Settlement, if approved, will resolve all claims in the Action against Defendants.
If you are a member of the Class, you are subject to the Settlement. The Class preliminarily certified by the Court for purposes of the Settlement consists of:
PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Accordingly, Class Members do not have the right to exclude themselves from the Class.
Please Note:If you are eligible to receive a payment from the Net Settlement Fund (defined in the Notice), you do not have to submit a claim form in order to receive your payment.
Please be patient. If the Settlement is approved by the Court, it will take some time to conduct the Settlement distribution.
PLEASE READ THE NOTICE CAREFULLY AND IN ITS ENTIRETY. The Notice explains how Class Members will be affected by the Settlement. The following table provides a brief summary of the rights you have as a Class Member and the relevant deadlines, which are described in more detail in the Notice.
This website relates to a stockholder class action (the “Action”) pending in the Court of Chancery of the State of Delaware (the “Court”) if you were a record holder or beneficial owner of less than 1,000 shares of Westell Technologies, Inc. (“Westell” or the “Company”) common stock (ticker: “WSTL”) immediately prior to and received cash in exchange for your shares of Westell common stock in the amount of $1.48 per share as a result of a 1,000-to-1 reverse stock split of the Company’s Class A Common Stock and Class B Common Stock, followed immediately by a 1-to-1,000 forward stock split of the Company’s Class A Common Stock and Class B Common Stock effected on October 1, 2020.
Please also be advised that (i) lead plaintiff Pankaj Sharma (“Plaintiff”), on behalf of himself and the Class (defined in paragraph 23 below), and (ii) defendants Westell Technologies, Inc., The Voting Trust Agreement Dated February 23, 1994, among Mr. Penny, Mr. Simon and Certain Members of the Penny Family and the Simon Family, Robert W. Foskett, Kirk Brannock, Scott Chandler, Timothy Duitsman, Cary Wood, Mark Zorko, and Patrick J. McDonough, Jr. (collectively, “Defendants” and together with Plaintiff, the “Settling Parties”) have reached a proposed settlement for $2,200,000.00 in cash (the “Settlement”). The proposed Settlement, if approved, will resolve all claims in the Action against Defendants.
If you are a member of the Class, you are subject to the Settlement. The Class preliminarily certified by the Court for purposes of the Settlement consists of:
All persons who held fewer than 1,000 shares of Westell common stock immediately prior to and received cash in exchange for their shares of Westell common stock in the amount of $1.48 per share as a result of the Transaction.
PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Accordingly, Class Members do not have the right to exclude themselves from the Class.
Please Note:If you are eligible to receive a payment from the Net Settlement Fund (defined in the Notice), you do not have to submit a claim form in order to receive your payment.
Please be patient. If the Settlement is approved by the Court, it will take some time to conduct the Settlement distribution.
PLEASE READ THE NOTICE CAREFULLY AND IN ITS ENTIRETY. The Notice explains how Class Members will be affected by the Settlement. The following table provides a brief summary of the rights you have as a Class Member and the relevant deadlines, which are described in more detail in the Notice.
| CLASS MEMBERS’ LEGAL RIGHTS IN THE SETTLEMENT: | |
|---|---|
| RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM. | If you are a member of the Class (defined in paragraph 23 of the Notice), you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement, if approved by the Court. Your distribution from the Settlement will be paid to you directly. See paragraphs 30-37 of the Notice for further discussion. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN MAY 30, 2024. | If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Plaintiff’s Counsel’s request for an award of attorneys’ fees and expenses, including Plaintiff’s application for an incentive award, you may write to the Court and explain the reasons for your objection. |
| ATTEND A HEARING ON JUNE 14, 2024 AT 1:00 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN MAY 30, 2024. | Filing a written objection and notice of intention to appear that is received by May 30, 2024, allows you to speak in Court, at the discretion of the Court, about your objection. In the Court’s discretion, the June 14, 2024 hearing may be conducted by telephone or video conference (see paragraphs 43-45 of the Notice). 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. |
