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|1.||What is this case about?|
On April 19, 2016, the Securities and Exchange Commission (the “Commission”) issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Cease-and-Desist Orders and Penalties (the “Order”) against the Respondents (the “Administrative Action”). In the Order, the Commission found Logitech responsible for recurring instances of improper accounting between 2008 and 2013 related to a product write-down, warranty liabilities, and revenue recognition. The Commission further found Doktorczyk and Bolles, both former officers of Logitech, responsible for the improper accounting for warranty liabilities that occurred during their employment. The Commission ordered Logitech, Doktorczyk, and Bolles to pay civil money penalties of $7,500,000.00, $50,000.00, and $25,000.00, respectively. The Respondents have since paid in full and the Commission holds more than $7.575 million, comprised of the civil money penalties paid by the Respondents and accrued interest.
On February 27, 2018, the Commission established a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so that the $7.575 million in civil money penalties paid by the Respondents can be distributed for the benefit of the injured investors (the “Logitech Fair Fund”).
The First Plan of Distribution (“First Plan”) was approved by the Securities and Exchange Commission (the “Commission”) on October 26, 2018, and resulted in the full compensation, including reasonable interest, of all eligible claimants who purchased shares of Logitech common stock on the Nasdaq Global Select Market. Approximately $5 million, comprised of undistributed funds; unused reserves for taxes, fees, and expenses; interest; and tax refunds remains in the Fair Fund. On September 20, 2021 the Commission approved the Second Plan of Distribution.
|2.||Why did I receive a Notice?|
You received a Notice because records indicate you may have purchased Logitech ordinary stock between May 28, 2011 through July 27, 2011, inclusive (the “Recovery Period”). The notice you received is designed to notify you of the administration and to inform you that you may be eligible to receive payment from the Logitech Fair Fund.
|3.||Who is eligible to participate in the Fair Fund?|
You must satisfy certain eligibility criteria described in detail in the Plan. The general criteria include:
|4.||Who is excluded from participating in the Fair Fund?|
|5.||What is the amount of the Fair Fund?|
Approximately $5 million, comprised of undistributed funds; unused reserves for taxes, fees, and expenses; interest; and tax refunds remains in the Fair Fund and the initial distribution.
|6.||What do I need to participate in the Fair Fund?|
To participate in the Fair Fund, you must timely send in a valid Proof of Claim with supporting documents by February 15, 2022.
|7.||What do I need to submit with my Proof of Claim Form?|
You must document each transaction that you include on your Proof of Claim Form. Acceptable forms of supporting documentation include, but are not limited to:
|8.||What is the deadline for submitting my Proof of Claim Form?|
The deadline to submit a completed and signed Proof of Claim Form with the necessary documentation is February 15, 2022.
|9.||Will I be notified if my Proof of Claim is deficient?|
Yes, if your Proof of Claim is deficient, you will receive a Determination Notice setting forth the reason(s) why the claim is deficient and advising you of the opportunity to cure such a claim.
|10.||How much money will I receive if my claim is approved?|
Until all claims have been fully processed it is not possible to determine the amount of any individual payment because the amount will depend on a variety of factors, including the number of valid claims processed, the amount of Logitech ordinary stock that you purchased, when you purchased these shares, and whether you sold these shares or held the shares through October 26, 2011.
|11.||Who is the Fund Administrator?|
The Garden City Group, LLC was appointed as the Fund Administrator. As of June 1, 2018, The Garden City Group has been operating as Epiq Class Action & Claims Solutions, Inc.
|12.||Where can I obtain the Plan and Notice?|
|13.||How do I get more information?|
|14.||When did the Initial Distribution take place?|
The Initial Distribution took place on Monday, December 14, 2020.