WideOpenWest Securities Litigation

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WideOpenWest Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Settlement of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

 Please read the Notice carefully.

IF YOU PURCHASED OR OTHERWISE ACQUIRED publicly listed or publicly traded SHARES OF WideOpenWest, Inc. common stock (ticker symbol: WOW”) pursuant or traceable to the Offering Materials issued in connection with WOW’s MAY 2017 Initial Public Offering (“IPO”) AND were allegedly damaged thereby AND ARE NOT OTHERWISE EXCLUDED FROM THE SETTLEMENT CLASS, YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM POSTMARKED (for U.S. Mail) OR RECEIVED BY THE PRIVATE CARRIER (for FedEx, UPS, etc.) NO LATER THAN DECEMBER 30, 2021

This is the only way to get a payment under the Settlement.  If you have a Recognized Claim and want to receive a portion of the Settlement proceeds, you must submit the Proof of Claim and Release that is being distributed with this Notice.

SUBMIT A REQUEST FOR EXCLUSION FROM THE SETTLEMENT CLASS POSTMARKED OR RECEIVED BY THE PRIVATE CARRIER NO LATER THAN DECEMBER 29, 2021

Get no payment.  This is the only option that allows you to bring your own lawsuit against the Released Parties about the Released Claims raised in this Litigation.  If you exclude yourself, you will receive no payment and cannot object or speak at the Settlement Hearing.

OBJECT TO THE SETTLEMENT OR ANY RELATED ASPECT POSTMARKED OR RECEIVED BY THE PRIVATE CARRIER NO LATER THAN DECEMBER 29, 2021

Write to the Court about why you do not like the Settlement.  You may, but are not required to, appear at the Settlement Hearing.  You cannot object to the Settlement unless you are a member of the Settlement Class and do not exclude yourself. 

GO TO THE HEARING ON JANUARY 20, 2022, at 2:15 P.M., AND INDICATE YOUR INTENTION TO APPEAR AT THE HEARING IN YOUR OBJECTION POSTMARKED OR RECEIVED BY THE PRIVATE CARRIER NO LATER THAN DECEMBER 29, 2021 

You may ask to speak in Court about the fairness of the Settlement at the Settlement Hearing.  Notify the Court of your intention to appear at the hearing in the written objection you send to the Court.

DO NOTHING

Get no payment.  Give up all legal rights relating to the claims at issue in this Litigation and be bound by the Judgment entered by the Court if it approves the Settlement.


How Do I know if I am a Settlement Class Member?

For purposes of the Settlement only, you are a Settlement Class Member if you purchased or otherwise acquired publicly traded or publicly listed shares of WideOpenWest Inc. (“WOW”) common stock pursuant or traceable to the Offering Materials issued in connection with WOW’s Initial Public Offering (“IPO”) and were damaged thereby, unless excluded from the Settlement Class by the terms of the Stipulation. 

As set forth in the Stipulation, excluded from the Settlement Class are: (a) Defendants, (b) the past and present officers and directors of any Defendant (including any subsidiary of WOW) (the “Excluded D&Os”), (c) the limited partners of any Defendant in their capacity as limited partners, (d) the heirs, immediate family members, successors, or assigns of any Defendant or Excluded D&O, and any trust established or maintained for the benefit of any Defendant or Excluded D&O, and (e) any entity in which any Defendant or Excluded D&O has a controlling interest.  Also excluded from the Settlement Class are any Persons who would otherwise be a Member of the Settlement Class, but who validly and timely request exclusion in accordance with the procedures to be established or approved by the Court in connection with the approval of this Stipulation and the Settlement.

The Settlement Hearing

The Court will hold a Settlement Hearing on January 20, 2022, at 2:15 p.m., before the Honorable Andrea Masley at the Supreme Court of the State of New York, County of New York: Commercial Division, 60 Centre Street, New York, NY 10007, for the purpose of determining whether: (i) the Settlement, as set forth in the Stipulation, for $7,025,000 in cash should be approved by the Court as fair, reasonable, and adequate; (ii) the Judgment, as provided under the Stipulation, should be entered; (iii) to grant final certification of a Settlement Class and of Lead Plaintiffs as class representatives and Lead Counsel as class counsel for purposes of the Settlement; (iv) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund and, if so, in what amount; (v) to pay Lead Plaintiffs for their service on behalf of the Settlement Class or for Lead Plaintiffs’ reasonable time, costs, and expenses directly relating to the representation of the Settlement Class out of the Settlement Fund and, if so, in what amount; and (vi) the Plan of Allocation should be approved by the Court.  The Court may adjourn or continue the Settlement Hearing or hold the Settlement Hearing by telephonic or video conference without further notice to members of the Settlement Class. Any change to the Settlement Hearing date, time, or manner will be posted on this website. Please check this website before attending to be sure that the date and/or time has not changed.

What is this case about?

WOW is a cable operator and internet service provider headquartered in Colorado and incorporated in Delaware.  Shortly before its IPO in May 2017, WOW offered services across nineteen markets covering more than 300 communities and approximately three million homes and businesses in the Midwestern and southeastern United States and had grown to be the sixth largest cable operator in the United States, measured by number of customers.

Lead Plaintiffs allege in this Litigation that the Defendants violated Sections 11, 12, and 15 of the Securities Act of 1933 by making untrue statements of material fact in the Offering Materials or omitting to state material facts required to be stated therein or necessary to make the statements therein not misleading.  Specifically, Lead Plaintiffs, in their Corrected Consolidated Class Action Complaint dated November 19, 2018 (the “Complaint”), allege that the Offering Materials made untrue statements of material fact or made material omissions concerning WOW’s: (a) customer service; (b) technology and products; (c) customer credit risk management practices; (d) Chicago fiber network and its value; and (e) reported goodwill and franchise operating rights.  The Complaint alleged that, as of the IPO: (a) the quality of WOW’s customer service had deteriorated and needed large additional investments to be competitive; (b) certain of WOW’s technological offerings were defective, outdated, or did not function as represented; (c) WOW’s customer credit quality was declining, as WOW had lowered credit standards and did not in all cases apply certain risk management tools; (d) WOW’s Chicago network project was so plagued by problems that WOW had already resolved to sell the network; and (e) WOW had overstated the value of its intangible assets.

Defendants deny all of Lead Plaintiffs’ allegations and characterizations.  Without limiting the generality of the foregoing in any way, Defendants have denied, and continue to deny, among other things, that any untrue statements of material fact or material omissions were made or that Lead Plaintiffs or the Settlement Class have suffered any damages.  Defendants do not admit any liability or wrongdoing in connection with the allegations set forth in the Litigation or any facts related thereto.

The Settlement Benefits

The Settlement, if approved, will result in the creation of a cash settlement fund of $7,025,000, plus all interest and accretions thereto (the “Settlement Fund”).  The Settlement Fund, less (a) any Fee and Expense Award; (b) any Lead Plaintiff Award; (c) Notice and Administration Expenses; (d) Taxes and Tax Expenses; and (e) other Court-approved deductions (the “Net Settlement Fund”), will be distributed to eligible Settlement Class Members pursuant to the Plan of Allocation described in the Notice.

Further Information

This website is a summary of the Settlement.  For more details regarding the Settlement, please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement.

Claims Administrator:

WOW Securities Litigation Settlement

Claims Administrator

c/o A.B. Data, Ltd.

P.O. Box 173126

Milwaukee, WI  53217

(877) 933-3322

info@WideOpenWestSecuritiesSettlement.com


Lead Counsel:

William C. Fredericks

Thomas L. Laughlin, IV

Lauren McCabe

Randy Moonan

SCOTT+SCOTT ATTORNEYS AT LAW LLP

The Helmsley Building

230 Park Avenue, 17th Floor

New York, NY 10169

Telephone: (212) 223-6444


Shannon L. Hopkins                             

Andrew E. Lencyk                                

LEVI & KORSINSKY, LLP                                

55 Broadway, 10th Floor                                   

New York, NY 10006                             

Telephone: (212) 363-7500          

 

Robert C. Finkel

Joshua W. Ruthizer

WOLF POPPER LLP

845 Third Avenue

New York, NY 10022

Telephone: (212) 759-4600 
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