Joseph Prause v. TechnipFMC PLC, et al.
TechnipFMC Securities Litigation
Cae No. 4:17-cv-02368 (S.D. Tex.)

Welcome to the Joseph Prause v. TechnipFMC PLC, et al. Website

The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.

Summary of the Action

The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants TechnipFMC plc, Tore Halvorsen, and Dianne B. Ralston (collectively, the “Defendants”) violated the federal securities laws by making false and misleading statements regarding TechnipFMC’s financial condition in certain registration statements. A more detailed description of the Action is set forth in paragraphs 11-22 of the Notice.  The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class, as defined in paragraph 22 of the Notice.

Subject to Court approval, the Class Representative, individually and on behalf of the Settlement Class, has agreed to settle the Action in exchange for a settlement payment of $19,500,000 in cash (the “Settlement Amount”).  The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class.

If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement.

The Settlement Class consists of:

all persons or entities that purchase or otherwise acquired TechnipFMC Common Stock in the United States, including but not limited to shares acquired through the merger of FMC Technologies Inc., FMC Technologies SIS Limited and Technip S.A.) between January 16, 2017 and July 24, 2017, both dates inclusive.

Please read the Notice to fully to understand your rights and options.

If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form with adequate supporting documentation by mail postmarked no later than May 15, 2021.

If the Settlement is approved by the Court, payments to eligible claimants will be made only after the completion of all claims processing. Please be patient, as this process will take some time to complete.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT:
SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN MAY 15, 2021. This is the only way to be eligible to receive a payment from the Settlement Fund.  If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 31 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 32 of the Notice), so it is in your interest to submit a Claim Form.
EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 26, 2021. If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund.  This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.  
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 26, 2021.  If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.  
ATTEND HEARING ON MARCH 19, 2021 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 26, 2021. Filing a written objection and notice of intention to appear by February 26, 2021 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses.  If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
DO NOTHING If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

How do I obtain more information?

More detailed information about the Action and the Settlement is contained in the Notice. If you have questions, you may contact the Claims Administrator by calling toll-free 1-877-545-0232 or emailing info@TechnipFMCSecuritiesLitigation.com or mailing a letter to:

TechnipFMC Securities Litigation
c/o JND Legal Administration
P.O. Box 91369
Seattle, WA 98111

 

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

 

For More Information

Visit this website often to get the most up-to-date information.

Mail

TechnipFMC Securities Litigation
c/o JND Legal Administration
P.O. Box 91369
Seattle, WA 98111-0107