UPDATE April 2023
Due to the complexities of securities cases, claims processing takes a significant amount of time to ensure that all claims are processed accurately. This requires an in-depth review of every claim and supporting document submitted.
Claims for this case have been reviewed for deficient conditions, and letters and emails regarding deficiencies and denials have been sent.
We are currently in the process of reviewing all deficiency responses submitted to determine accuracy, completeness, and impact on eligibility.
If action is needed on your part, you will receive a Notice of Deficient Condition via US Mail or email from Info@MolinaHealthcareSecuritiesSettlement.com.
This process can take between 2 to 4 months.
Please know we are working diligently to give each claim its due attention and review.
We appreciate your patience and understanding.
If you purchased or otherwise acquired the publicly traded common stock of Molina Healthcare, Inc. during the period from October 31, 2014 through August 2, 2017, inclusive (the “Class Period”), and were damaged thereby, you may be entitled to a payment from a class action settlement.
Please be advised that the Court granted final approval to this settlement on October 26, 2020. The Final Order and Judgment is available by clicking on Important Documents above. Please continue to visit this websites as further updates regarding the status of claims become available.
Important Dates
OCTOBER 1, 2020 — Exclusion Deadline
OCTOBER 1, 2020 — Objection Deadline
OCTOBER 17, 2020 — Claim Form Deadline
OCTOBER 22, 2020 — Settlement Hearing
- The purpose of the Notice is to inform you of: (i) the pendency of the above-captioned securities class action (the “Action”); (ii) the proposed settlement of the Action (the “Settlement”) on the terms and conditions provided for in the Stipulation and Agreement of Settlement, dated May 5, 2020 (the “Settlement Agreement”);1 and (iii) the hearing to be held by the Court (the “Settlement Hearing”). At the Settlement Hearing, the Court will consider: (i) whether the Settlement should be approved; (ii) whether the proposed plan for allocating the net proceeds of the Settlement to eligible members of the Settlement Class (the “Plan of Allocation”) should be approved; (iii) Lead Counsel’s Fee and Expense Application; and (iv) certain other matters. Please read the Notice carefully. The Notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement or wish to be excluded from the Settlement Class.
- The Settlement will create a $7.5 million cash fund, plus any interest earned thereon, for the benefit of eligible Settlement Class Members, less any attorneys’ fees and expenses awarded by the Court, Notice and Administration Expenses, and Taxes.
- The Settlement resolves claims by Court-appointed Lead Plaintiff Steamfitters Local 449 Pension Plan which have been asserted individually and on behalf of the Settlement Class against Molina Healthcare, Inc. (“Molina” or the “Company”), J. Mario Molina, John C. Molina, Terry P. Bayer, and Rick Hopfer (collectively, “Defendants”). It avoids the costs and risks of continuing the litigation; pays money to eligible Settlement Class Members; and releases the Released Defendant Parties (defined below) from liability.
If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. Please read the Notice carefully.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
|---|---|
SUBMIT A CLAIM FORM NO LATER THAN OCTOBER 17, 2020 |
The only way to be eligible to receive a payment from the Net Settlement Fund. |
EXCLUDE YOURSELF BY SUBMITTING A WRITTEN REQUEST SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 1, 2020 |
This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against Defendants and/or the other Released Defendant Parties concerning the Released Claims. If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Net Settlement Fund. See FAQ 11 for details. |
OBJECT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 1, 2020 |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or Lead Counsel’s Fee and Expense Application. If you object, you will still be a member of the Settlement Class. See FAQ 15 for details. |
GO TO A HEARING ON OCTOBER 22, 2020 AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 1, 2020 |
Ask to speak in Court about the Settlement. If you submit an objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak in Court about your objection. See FAQ 19 for details. |
DO NOTHING |
You will not be eligible to receive a payment from the Net Settlement Fund, you will give up rights, and you will still be bound by the Settlement. |
- These rights and options—and the deadlines to exercise them—are explained in the Notice.
1The Settlement Agreement can be viewed here.