NII Holdings, Inc. Securities Litigation
NII Holdings, Inc. Securities Litigation
Home
Home
Notice
Notice
Claim Form
Claim Form
Court Documents
Court Documents
Institutional Electronic Filing
Institutional Electronic Filing
How to Report a Change of Address
How to Report a Change of Address
How to Report a Change of Name
How to Report a Change of Name

***IMPORTANT UPDATE***

The Court has granted Final Approval of the Settlement.  Please see the Court Documents tab of this website where you may view and download the Final Order and Judgment,  the Order Approving Plan of Allocation of Net Settlement Fund, and the Order Awarding Attorneys' Fees and Expenses.


The information contained on this website is only a summary of information presented in more detail in the Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys’ Fees and Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

If You Are a Member of the Class Defined Below,Your Legal Rights Will Be Affected Whether You Act or Do Not Act.

Please Read the Notice Carefully.

If you purchased or otherwise acquired the publicly traded securities of NII Holdings, Inc. (“NII”) and/or NII Capital Corp. (“NII Capital”) during the period from February 25, 2010, through February 27, 2014, inclusive (the “Class Period”) and were damaged thereby (the "Class"), you may be entitled to a payment from a class action settlement. The eligible securities are NII Holdings, Inc. common stock (“NII Stock”) (ISIN: US62913F2011), as well as the following debt securities (“NII Bonds”): (i) 7.625% NII Bonds, due April 1, 2021 (ISIN: US67021BAE92); (ii) 8.875% NII Bonds, due December 15, 2019 (ISIN: US67021BAC37); and (iii) 10% NII Bonds, due August 15, 2016 (ISIN: US67021BAD10). Certain individuals and entities are specifically excluded from the definition of the Class, as set forth in Question 6 of the Notice.

IMPORTANT DATES AND DEADLINES

SUBMIT A CLAIM FORM

Claim Forms must be postmarked or received on or before September 28, 2016.

EXCLUDE YOURSELF FROM THE CLASS

Requests for exclusion from the Class must be received on or before August 26, 2016.

OBJECT TO THE SETTLEMENT

Objections to the Settlement, Plan of Allocation and/or Fee and Expense Application must be received by counsel on or before August 26, 2016, and filed with the Court no later than August 26, 2016.

FILE A NOTICE OF INTENTION TO APPEAR

A notice of intention to appear must be received on or before August 26, 2016.

SETTLEMENT HEARING

September 16, 2016, at 9:00 a.m.

United States District Court for the Eastern District of Virginia, Alexandria Division




The Court’s Settlement Hearing

The Court has scheduled the Settlement Hearing for September 16, 2016 at 9:00 a.m., at the Albert V. Bryan U.S. Courthouse, 401 Courthouse Square, Alexandria, VA 22314.

At this hearing, the Court will consider whether: (a) the Settlement is fair, reasonable, adequate, and should be finally approved; (b) the proposed plan for allocating the proceeds of the Settlement to eligible Class Members is fair, reasonable, adequate, and should be approved; and (c) the application of Class Counsel for an award of attorneys’ fees and payment of litigation expenses, including the costs and expenses of the Class Representatives, is reasonable and should be approved.

The Court may change the date and time of the Settlement Hearing without another notice being sent to Class Members. Please check this website for any updates to the date and time of the Settlement Hearing.

What is this case about?

In March 2014, a putative securities fraud class action was filed against NII, NII Capital, and Defendants in the United States District Court for the Eastern District of Virginia related to allegedly false and misleading statements and omissions concerning NII’s transition to 3G in Latin America and away from its existing infrastructure, which used an older technology called “iDEN”.  Additional details regarding the claims asserted in the Action can be found in the Notice and in the operative complaint, which can be viewed on the Court Documents page of this website.

The Court-appointed Class Representatives, through Class Counsel, have conducted a thorough investigation of the claims, defenses, and underlying events and transactions that are the subject of the Action.  This process included reviewing and analyzing: (i) documents filed publicly by the Company with the U.S. Securities and Exchange Commission; (ii) publicly available information, including press releases, news articles, and other public statements issued by or concerning the Company and Defendants; (iii) research reports issued by financial analysts concerning the Company; (iv) other publicly available information and data concerning the Company; (v) approximately 1.2 million pages of documents produced by Defendants and the Company (among other third parties); and (vi) the applicable law governing the claims asserted and potential defenses thereto.  The Parties completed extensive fact and class discovery, which included Plaintiffs’ Counsel taking 13 depositions of current and former NII employees (including all three Defendants), taking one deposition of Defendants’ market efficiency expert, defending five depositions of representatives of Lead Plaintiffs, defending one deposition of Lead Plaintiffs’ market efficiency expert, and consulting with experts in the fields of loss causation, market efficiency, damages, and the industry in which the Company operated.  Class Representatives also served two expert reports and expert discovery was scheduled to close on February 19, 2016.  

The Settlement Benefits

In exchange for the Settlement and the release of the Released Claims against the Released Defendant Parties, Defendants have agreed to fund a $41.5 million cash fund that, along with any interest earned on this amount, will be distributed after deduction of Court-awarded attorneys’ fees and expenses, Notice and Administration Expenses, Taxes, and any other fees or expenses approved by the Court, among all Class Members who submit valid Claim Forms and are found by the Court to be eligible to receive a distribution from the Net Settlement Fund.

If you are entitled to receive a distribution from the Net Settlement Fund, your share of the Net Settlement Fund will depend on several things, including, among other things, how many Class Members timely send in valid Claim Forms; the amount of NII Stock and NII Bonds you purchased or otherwise acquired during the Class Period; the prices and dates of those purchases or acquisitions; and the prices and dates of any sales you made of NII Stock and NII Bonds.

The Rights of Class Members

If you are a Class Member, you have the following options:

Submit a Claim Form

If you are a Class Member, to be eligible to share in the distribution of the Settlement proceeds, you must timely submit a valid Claim Form, which can be found herepostmarked or received on or before September 28, 2016.  If you are a Class Member and do not submit a timely and valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in connection with the Settlement.


Exclude yourself from the Class

If you are a Class Member, but wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in Question 13 of the Notice, so that the request for exclusion is received on or before August 26, 2016.  If you are a Class Member and do not timely exclude yourself from the Class, you will be bound by any judgments or orders entered by the Court in connection with the Settlement.

Object to the Settlement

If you are a Class Member, you can object to the Settlement, the Plan of Allocation and/or the Fee and Expense Application.  Any objections must be filed with the Court, and mailed or delivered to Class Counsel and Defendants’ Counsel in accordance with the instructions set forth in Question 18 of the Notice, so that the objection is received on or before August 26, 2016.

 

Further Information:

For more details regarding the Action and this Settlement, please review the Stipulation and Agreement of Settlement, dated April 18, 2016, and the other documents filed in the case which are available on the “Court Documents” page of this website.  You may also contact the Claims Administrator or Class Counsel for further information:

 

Claims Administrator:

 

In re NII Holdings, Inc. Securities Litigation

c/o A.B. Data, Ltd.

P.O. Box 173009

Milwaukee, WI  53217

866-905-8128

info@NIISecuritiesLitigation.com



 

Class Counsel:

 

Labaton Sucharow LLP

Joel H. Bernstein, Esq.

140 Broadway

New York, NY 10005

 

Kessler Topaz Meltzer & Check, LLP

Gregory M. Castaldo, Esq.

280 King of Prussia Road

Radnor, PA 19087

 

 

Please read the Notice carefully. If you have questions, you may call the NII Securities Litigation Help Line at 866-905-8128 or email info@NIISecuritiesLitigation.com.

adobe reader imageYou will need Adobe Reader to view documents on this site. You can learn more about Adobe Reader and download the latest version by clicking here.