Scott+Scott Attorneys at Law LLP, Hedin Hall LLP, and Hagens Berman Sobol Shapiro LLP Announce Proposed Class Action Settlement on Behalf of All Persons who Purchased or Otherwise Acquired Pivotal...

NEW YORK, Aug. 19, 2022 /PRNewswire/ --

IN RE PIVOTAL SOFTWARE, INC. SECURITIES LITIGATION
Lead Case No. CGC-19-576750

YOU ARE HEREBY NOTIFIED that a hearing will be held on DECEMBER 1, 2022, at 2:00 p.m.  before the Honorable Andrew Y.S. Cheng in Department 613, Superior Court of California, County of San Francisco, 400 McAllister Street, San Francisco, CA 94102, to determine whether: (1) the proposed Settlement as set forth in the Amended Stipulation of Settlement dated April 15, 2022 ("Stipulation") of the above-captioned action ("Action") for $2,750,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Plan of Allocation should be approved by the Court, as fair, reasonable, and adequate; (3) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below), and if so in what amount; (4) to reimburse Plaintiffs for their time and expense in representing the Class, and if so in what amount; and (5) to enter the Judgment as provided under the Stipulation.

This Action¹ is a securities class action brought on behalf of those Persons or Entities who purchased or otherwise acquired Pivotal Software, Inc. ("Pivotal") common stock pursuant or traceable to the registration statement and prospectus (the "Offering Documents") issued in connection with Pivotal's April 20, 2018 Initial Public Offering ("IPO"), and against Pivotal, Dell Technologies, Inc. ("Dell"), certain Pivotal officers and directors, and the underwriters of Pivotal's IPO, for allegedly making materially untrue or misleading statements in the Offering Documents filed with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which allegedly damaged Class Members. Defendants deny all of Plaintiffs' allegations. Persons or Entities who purchased or otherwise acquired Pivotal common stock before October 17, 2018 (the date upon which the lockup period expired) shall be presumed as being able to trace their purchases to the Offering.

IF YOU PURCHASED OR ACQUIRED PIVOTAL COMMON STOCK PURSUANT OR TRACEABLE TO THE OFFERING DOCUMENTS ISSUED IN CONNECTION WITH PIVOTAL'S IPO, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release ("Proof of Claim") by mail (postmarked no later than NOVEMBER 7,2022) or submitted electronically at www.pivotalshareholdersettlement.com no later than NOVEMBER 7,2022. Your failure to submit your Proof of Claim by NOVEMBER 7, 2022, will subject your claim to rejection and preclude you from receiving any of the recovery in connection with the Settlement of this Action. If you are a Member of the Class and do not request exclusion, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim. Plaintiffs' Counsel represents you and other Members of the Class. If you want to be represented by your own lawyer, you may hire one at your own expense. To the extent you file a Proof of Claim and a Request for Exclusion, the Claims Administrator shall communicate with you in writing to give you an opportunity to cure the conflicting requests submitted and to advise the Claims Administrator whether you are seeking to be part of the Class and, thus, be eligible for their pro rata share of the recovery, or, alternatively, whether you wish to be excluded as a member of the settlement class.

Distributions will be made to Authorized Claimants by the Claims Administrator after all claims have been processed and after the Court has finally approved the Settlement. Authorized Claimants will have ninety (90) days to cash their checks. For Authorized Claimants whose checks are returned as undeliverable, the Claims Administrator will endeavor to locate new addresses for the recipient. Where a new address is located, the Claims Administrator will update the database accordingly and re-issue a distribution check to the Authorized Claimant at the new address. In the event the Authorized Claimant loses or damages his, her, or its check, or otherwise requires a new check, the Claims Administrator will issue replacements only upon written instructions from the Authorized Claimant, provided that the Authorized Claimant returns the previous check where appropriate. For all checks, the Claims Administrator will void the initial payment prior to re­issuing a payment. Authorized Claimants requesting re-issuance of checks will be informed that, if they do not cash their Initial Distribution checks within 30 days of the mailing of such reissued check, their check will lapse, their entitlement to recovery will be irrevocably forfeited, and the funds will be re-allocated to other Authorized Claimants. Reissue requests for lost or damaged checks will be granted after the void date on the checks, however, void dates on such reissues will be adjusted so as not to delay future re-distributions.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or exclude yourself from the Class), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other Settlement documents, online at www.pivotalshareholdersettlement.com, or by writing to:

Pivotal Shareholder Litigation Settlement
Claims Administrator
c/o A.B. Data Ltd.
P.O. Box 173081
Milwaukee, WI 53217
Phone: 877-829-4296
www.pivotalshareholdersettlement.com

               Inquiries may also be made to a representative of Plaintiffs' Counsel:

HEDIN HALL LLP
David W. Hall
Four Embarcadero Center, Suite 1400
San Francisco, CA 94104
Phone: 415-766-3534

SCOTT+SCOTT ATTORNEYS AT LAW LLP
Thomas L. Laughlin, IV
230 Park Avenue, 17th Floor
New York, NY 10169
Phone: 212-419-3171

HAGENS BERMAN SOBOL SHAPIRO LLP
Reed R. Kathrein
715 Hearst Avenue, Suite 202
Berkeley, CA 94710
Phone: 510-725-3000

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A WRITTEN REQUEST FOR EXCLUSION BY SENDING A SIGNED LETTER IN THE MAIL TO THE CLAIMS ADMINISTRATOR THAT IT IS POSTMARKED NO LATER THAN NOVEMBER 1,2022. SUCH A REQUEST FOR EXCLUSION MUST INCLUDE YOUR NAME, ADDRESS, E-MAIL ADDRESS, TELEPHONE NUMBER, AND THE DATE, PRICE AND NUMBER OF SHARES OF PIVOTAL COMMON STOCK PURCHASED OR OTHERWISE ACQUIRED PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH PIVOTAL'S APRIL 2018 IPO. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE LITIGATION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, AND/OR THE REQUEST BY PLAINTIFFS' COUNSEL FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES. IN ORDER FOR ANY OBJECTION TO BE CONSIDERED, YOU MUST SEND A WRITTEN STATEMENT, ACCOMPANIED BY PROOF OF CLASS MEMBERSHIP, TO THE CLAIMS ADMINISTRATOR SUCH THAT IS IT POSTMARKED NO LATER THAN NOVEMBER 1, 2022.

ATTENDANCE AT THE SETTLEMENT FAIRNESS HEARING IS NOT NECESSARY. IT IS NOT NECESSARY TO FILE A WRITTEN OBJECTION IN ORDER TO APPEAR AT THE SETTLEMENT FAIRNESS HEARING TO PRESENT YOUR OBJECTION TO THE COURT.

DATED: AUGUST 19, 2022

¹ You can view this Action's full docket on the Court's website (https://www.sfsuperiorcourt.org/online-services) free of charge by inputting the case number (CGC-19-576750).

View original content:https://www.prnewswire.com/news-releases/scottscott-attorneys-at-law-llp-hedin-hall-llp-and-hagens-berman-sobol-shapiro-llp-announce-proposed-class-action-settlement-on-behalf-of-all-persons-who-purchased-or-otherwise-acquired-pivotal-software-inc-common-stock-issue-301608859.html

SOURCE Scott+Scott Attorneys at Law LLP, Hedin Hall Law LLP, and Hagens Berman Sobol Shapiro LLP