The information contained on this web page 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.
Please be advised that your rights will be affected by the above-captioned stockholder class action (the “Action”) pending in the Court of Chancery of the State of Delaware (the “Court”) if you were a public common stockholder of Sears Hometown and Outlet Stores, Inc. (“SHOS”) on October 23, 2019, or an heir, assign, transferee, or successor-in-interest of such a stockholder.
Please also be advised that lead plaintiffs Whitebark Value Partners LP and Keith Edquist (“Lead Plaintiffs”), on behalf of themselves and the Class and settling defendants Josephine Linden, Alberto Franco, and John E. Tober (the “Settling Defendants”) have reached a proposed settlement for $3,100,000 in cash (the “Settlement”). The proposed Settlement, if approved, will resolve all claims in the Action as against the Settling Defendants. The proposed Settlement does not settle or release any of the claims asserted, or that could have been asserted, against the remaining defendants in the Action, Edward S. Lampert, ESL Investments, Inc., ESL Partners, LP, RBS Partners, LP, Transform Holdco LLC, Hometown Midco LLC, and Transform Merger Corporation (collectively the “Non-Settling Defendants”) (the Non-Settling Defendants, and together with the Settling Defendants, “Defendants”). Lead Plaintiffs continue to prosecute their claims against the Non-Settling Defendants. Trial of the claims against the Non-Settling Defendants took place between February 21 and February 24, 2023.
| 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 (a “Class Member”), you may be eligible to receive a proportional 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. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 20, 2023. | If you are a Class Member and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Class Counsel’s request for an award of attorneys’ costs and expenses, you may write to the Court and explain the reasons for your objection. |
| ATTEND A HEARING ON NOVEMBER 3, 2023, AT 11:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 20, 2023. |
Filing a written objection and notice of intention to appear that is received by October 20, 2023, allows you to speak in Court, at the Court’s discretion, about your objection. In the Court’s discretion, the November 3, 2023, hearing may be conducted by video or telephone conference. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the Court’s discretion, speak to the Court about your objection. |
Please read the Notice carefully. If you have questions, you may call the Sears Stockholder Litigation Helpline at (877) 388-1772 or email info@searsstockholdersettlement.com.