Please note that all distributions for this matter have been completed, the case is now closed, and all remaining funds have been escheated to the Treasurer of the State of Nevada in compliance with the Order Approving Class Action Settlement, Authorizing Disbursement of Settlement Fund, and Dismissing Case with Prejudice. For further information, or if you believe that you or a deceased relative were entitled to compensation for shares but did not receive funds, check the Nevada unclaimed funds website at: www.nevadatreasurer.gov.
Summary of the Action
The proposed Settlement, if approved by the Court, will provide a $9,200,000 Settlement Fund from which to pay: (1) claims of eligible class members who held Archon Corporation (“Archon”) exchangeable redeemable preferred stock as of the close of business on August 31, 2007, (2) attorney fees and expenses, and (3) reimbursement of notice costs, and claims administration fees. Additionally, Plaintiffs will ask for up to $50,000 in incentive awards for Dan Raider for his contributions to this lawsuit and if approved by the Court this amount will be deducted from the Settlement Fund. The amount per share that Settlement Class Members will be paid is unknown and depends on how many of the approximately 1.4 million shares file valid claims.
The Settlement resolves a lawsuit. The two sides disagree on whether the investors could have won, and if so, how much money they could have recovered.
Plaintiff and Defendants, and their counsel, have concluded that the Settlement is advantageous, considering the risks and uncertainties to each side of continued litigation. The significant cash benefits under the Settlement must be considered against the significant risk that a smaller recovery – or indeed no recovery at all – might be achieved after a heavily contested litigation and appeals process, contested motions, a contested trial and likely further appeals. This litigation could be expected to last several years into the future. Class Representative Dan Raider and class counsel have determined that the Settlement is fair, reasonable, and adequate and is in the best interests of the Settlement Class Members.
You may be a member of the Class:
If you owned or held Archon exchangeable redeemable preferred stock at the close of business on August 31, 2007. Excluded from the Class are Defendants, Archon Corporation, Paul W. Lowden, and Suzanne Lowden. Also excluded from the class are officers or directors of Archon or any Plaintiff in one of four individual cases that have already resolved. Those four cases are: (1) D.E. Shaw et al. v Archon Corporation, United States District Court for the District of Nevada, Case No. 2:07-CV-01146-PMP-LRL, (2) Leeward, L.P. v Archon Corporation, United States District Court for the District of Nevada, Case No. 2:08-CV-00007-PMP-LRL, (3) Archon v. Jung and Megowen, District Court of Clark County Nevada, Case No. A-15-712853-C and (4) Haberkorn v. Archon Corporation, et al., District Court of Clark County, Nevada, Case No. A-16-732619-B.
How do I obtain more information?
More detailed information about the Action and the Settlement is contained in the Notice available on the "Important Documents" page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-888-551-9712 or emailing info@ArchonPreferredClassAction.com or mailing a letter to:
Raider v Archon Corporation, et al.
c/o JND Legal Administration
P.O. Box 91332
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.