Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-ared-4_18-cv-00793/USCOURTS-ared-4_18-cv-00793-11/pdf.json

Nature of Suit Code: 850
Nature of Suit: Securities, Commodities, Exchange
Cause of Action: 15:78m(a) Securities Exchange Act

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IN THE UNITED STATES DISTRICT COURT 

EASTERN DISTRICT OF ARKANSAS 

CENTRAL DIVISION 

STRATHCLYDE PENSION FUND, 

Lead Plaintiff PLAINTIFF 

v. No. 4:18-cv-793-DPM 

BANK OZK and GEORGE GLEASON 

ORDER 

DEFENDANTS 

1. The Court certified the following class under Federal Rule of 

Civil Procedure 23(b)(3): 

All persons who purchased or otherwise acquired the 

common stock of Bank OZK between 19 February 2016 and 

18 October 2018, inclusive. Excluded from the class are: (i) 

defendant Bank OZK, its parents, subsidiaries, and any 

other entity owned or controlled by Bank OZK; (ii) 

defendant George Gleason; (iii) all other executive officers 

and directors of Bank OZK, or any of its parents, 

subsidiaries, or other entities owned or controlled by Bank 

OZK; (iv) all immediate family members of the foregoing 

individuals, including grandparents, parents, spouses, 

siblings, children, grandchildren, and step relations of 

similar degree; and (v) all predecessors and successors in 

interest or assigns of any of the foregoing. 

Doc. 120. In the same Order, the Court appointed Strathclyde Pension 

Fund as class representative and its attorneys of record as class counsel. 

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2. The unopposed motion for preliminary approval of the 

proposed class settlement, Doc. 193, is granted as modified and with 

some caveats. The Court has reviewed the stipulation and 

preliminarily approves it and the settlement as fair, reasonable, and 

adequate, subject to further consideration at the settlement hearing. 

3. The Court preliminarily finds that the proposed settlement 

should be approved because it: (i) is the result of serious, extensive 

arm's-length, and non-collusive negotiations; (ii) falls within a range of 

reasonableness warranting final approval; (iii) has no obvious 

deficiencies; (iv) involves a class that is not substantively different from 

the class previously certified by the Court; and (v) warrants notice of 

the proposed settlement to class members and further consideration of 

the settlement at the settlement hearing described below. 

4. The Court will hold the settlement hearing at 1:30 p.m. CDT 

on Monday, 19 September 2022 in courtroom lA of the Richard 

Sheppard Arnold United States Courthouse, 500 West Capitol Avenue, 

Courtroom lA, Little Rock, AR 72201, to: (a) determine whether the 

proposed settlement of the litigation on the terms and conditions 

provided for in the stipulation is fair, reasonable, and adequate to the 

class and should be approved by the Court; (b) determine whether a 

Judgment should be entered dismissing the action with prejudice 

against defendants; (c) determine whether the proposed plan of 

allocation should be approved; (d) determine the amount of attorneys' 

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fees, costs, charges, and expenses that should be awarded to lead 

plaintiff's counsel and lead plaintiff; ( e) hear any objections by class 

members to the settlement or plan of _allocation, or to the award of 

attorneys' fees and expenses to lead plaintiff's counsel and lead 

plaintiff; and (f) consider such other matters the Court deems 

appropriate. The Court may change the date or time of the settlement 

hearing or decide to hold the settlement hearing telephonically or by 

videoconference without further notice to the class other than posting 

a notice on the website www.OZKSecuritiesClassAction.com, and may 

approve the proposed settlement with such modifications as the 

settling parties may agree to do, if appropriate, without further notice 

to the class. 

5. The Court approves the form, substance, and requirements 

of the notice of (I) proposed settlement and plan of allocation; (II) 

settlement hearing; and (III) motion for an award of attorneys' fees and 

litigation expenses and proof of claim and release form, substantially in 

the forms attached to this Order as Appendices 1 and 2, respectively. 

6. The Court approves the form of the summary notice of (I) 

proposed settlement and plan of allocation; (II) settlement hearing; and 

(III) motion for an award of attorneys' fees and litigation expenses, 

substantially in the form attached to this Order as Appendix 3. 

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7. The firm of Gilardi & Co. LLC is hereby appointed to 

supervise and administer the notice procedure as well as the processing 

of claims as more fully set forth below. 

8. Not later than 24 June 2022, OZK shall make reasonable 

good faith efforts to provide or cause to be provided to the claims 

administrator shareholder records in its possession or under its control 

( consisting of the shareholder names and addresses) in electronic form 

identifying persons or entities who purchased or acquired OZK 

common stock in their own name during the class period. 

9. Not later than 8 July 2022, the claims administrator shall 

cause a copy of the settlement notice and claim form, substantially in 

the forms attached to this Order as Appendices 1 and 2, to be mailed by 

first-class mail to all class members who can be identified with 

reasonable effort. A copy of this Order, the settlement notice, and the 

claim form must also be posted on the case-designated website, 

www.OZKSecuritiesClassAction.com. For all settlement notices 

returned as undeliverable, the claims administrator shall re-mail the 

notices at least two times and use its best efforts to locate updated 

addresses. 

10. The claims administrator shall cause the summary 

settlement notice to be published three times in The Wall Street Journal, 

and once over a national newswire service. The newspaper notice must 

be published on a Monday, a Wednesday, and a weekend day. The 

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newspaper notice should be published with the news, not in a section 

dedicated solely to advertisements. The published version of the notice 

shall occupy at least 1/ 4 of a page, the bigger the better. The third date 

of publication shall occur no later than 7 August 2022. 

11. Not later than 26 August 2022, class counsel shall serve on 

defendants' counsel and file with the Court proof, by affidavit or 

declaration, of such mailing and publishing. 

12. The claims administrator shall use reasonable efforts to give 

notice to nominee purchasers such as brokerage firms and other 

persons or entities who purchased or otherwise acquired OZK common 

stock during the class period (between February 19, 2016 and October 

18, 2018, inclusive) as record owners but not as beneficial owners. Such 

nominee purchasers are directed, within ten (10) calendar days of their 

receipt of the settlement notice, to either forward copies of the 

settlement notice and claim form to their beneficial owners or to 

provide the claims administrator with lists of the names and addresses 

of the beneficial owners, and the claims administrator is ordered to 

send the settlement notice and claim form promptly to such identified 

beneficial owners. Nominee purchasers who elect to send the 

settlement notice and claim form to their beneficial owners shall send a 

statement to the claims administrator confirming that the mailing was 

made as directed. Additional copies of the settlement notice shall be 

made available to any record holder requesting such for the purpose of 

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distribution to beneficial owners, and such record holders shall be 

reimbursed from the settlement fund, upon receipt by the claims 

administrator of proper documentation, for the reasonable expense of 

sending the settlement notice and claim form to beneficial owners. Any 

disputes with respect to the reasonableness or documentation of 

expenses incurred shall be subject to review by the Court. 

13. The Court tentatively concludes that the form and content of 

the notice program described and the methods set forth in this Order 

for notifying the class of the settlement and its terms and conditions, 

including notice of the fee and expense application and the plan of 

allocation, meet the requirements of the Federal Rules of Civil 

Procedure (including Rule 23), the United States Constitution 

(including the Due Process Clause), Section 21D(a)(7) of the Securities 

Exchange Act of 1934, 15 U.S.C. §78u-4(a)(7), as added by the Private 

Securities Litigation Reform Act of 1995, the Rules of this Court, and 

other applicable law, and constitute due and sufficient notice to all 

persons entitled to it. The Court will revisit these tentative conclusions 

after the settlement administrator reports on dissemination and claims. 

That report is due by 12 September 2022. 

14. All fees, costs, and expenses incurred in identifying and 

notifying members of the class shall be paid from the settlement fund 

and in no event shall any of the released defendant parties bear any 

responsibility, liability, or obligation for such fees, costs, or expenses. 

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15. All class members (except persons who validly and timely 

request exclusion in response to the settlement notice being provided 

pursuant to this Order) shall be bound by all determinations and 

judgments in the litigation concerning the settlement (including, but 

not limited to, the releases provided for therein) whether favorable or 

unfavorable to the class, regardless of whether such persons seek or 

obtain by any means (including, without limitation, by submitting a 

claim form or any similar document) any distribution from the 

settlement fund or the net settlement fund. 

16. Class members who wish to participate in the settlement 

shall complete and submit a claim form in accordance with the 

instructions contained the notice. Unless the Court orders otherwise, 

all claim forms must be postmarked or submitted electronically no later 

than 6 October 2022. Any class member who files a claim form shall 

reasonably cooperate with the claims administrator, including by 

promptly responding to any inquiry made by the claims administrator. 

Any class member who does not submit a claim form within the time 

provided shall be barred from sharing in the distribution of the 

proceeds of the net settlement fund, unless otherwise ordered by the 

Court, but shall in all other respects be bound by the terms of the 

stipulation and by any final Judgment entered by the Court. 

Notwithstanding the foregoing, class counsel shall have the discretion 

(but not the obligation) to accept late-submitted claims for processing 

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by the claims administrator so long as distribution of the net settlement 

fund is not materially delayed. No person shall have any claim against 

lead plaintiff, lead plaintiff's counsel, or the claims administrator by 

reason of the decision to exercise such discretion whether to accept latesubmitted claims. 

17. The claim form submitted by each class member must: (i) be 

properly completed, signed, and submitted in a timely manner in 

accordance with the preceding paragraph; (ii) be accompanied by 

adequate supporting documentation for the transactions reported in it, 

in the form of broker confirmation slips, broker account statements, an 

authorized statement from the broker containing the transactional 

information found in a broker confirmation slip, or such other 

documentation deemed adequate by the claims administrator or class 

counsel; (iii) if the person executing the claim form is acting in a 

representative capacity, include a certification of his or her current 

authority to act on behalf of the claimant; (iv) be complete and contain 

no deletions or modifications of any of the printed matter contained in 

the claim form; and (v) be signed under penalty of perjury. As part of 

the claim form, each claimant shall submit to the jurisdiction of the 

Court with respect to the claim submitted. 

18. Any class member who opts out of the class or otherwise has 

settled claims with defendants for claims arising out of the conduct 

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alleged in the litigation is hereby enjoined from submitting a claim form 

or having another person or entity submit a claim form on its behalf. 

19. Any member of the class may enter an appearance in the 

litigation, at his, her, or its own expense, individually or through 

counsel of his, her, or its own choice. Any member of the class who or 

which does not enter an appearance will be represented by class 

counsel. 

20. Any person who purchased or otherwise acquired OZK 

common stock during the class period may, upon request, be excluded 

or "opt out" of the class. Any such person must submit to the claims 

administrator a signed request for exclusion postmarked no later than 

29 August 2022. A request for exclusion must: (i) provide the name, 

address, and telephone number of the person requesting exclusion; (ii) 

list the number of shares of OZK common stock purchased or acquired, 

the date of each purchase or acquisition of OZK common stock, and the 

price paid for any purchase or acquisition of OZK common stock 

between 19 February 2016 and 18 October 2018, inclusive; and (iii) state 

that the person wishes to be excluded from the class. A request for 

exclusion shall not be effective unless it provides the required 

information and is made within the time stated above, or the exclusion 

is otherwise accepted by the Court. All persons who submit valid and 

timely requests for exclusion in the manner set forth in this paragraph 

and the settlement notice shall have no rights under the settlement, 

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shall not share in the distribution of the net settlement fund, and shall 

not be bound by the settlement or any final Judgment. Unless 

otherwise ordered by the Court any person who purchased or acquired 

OZK common stock during the class period who does not timely 

request exclusion from the class shall be deemed to have waived his, 

her, or its right to be excluded from the class, and shall be barred from 

requesting exclusion from the class in this or any other proceeding. 

21. Class counsel or the claims administrator shall cause to be 

provided to defendants' counsel copies of all requests for exclusion, 

and any written revocation of requests for exclusion, promptly upon 

receipt and as expeditiously as possible, but in no event later than five 

business days of receipt, and in any event, no later than 2 September 

2022. 

22. Defendants have already served the notice required under 

the Class Action Fairness Act, 28 U.S.C. § 1715, et seq., on the proper 

federal and state officials, class counsel, and this Court. Doc. 197. 

Defendants are solely responsible for the costs of the CAF A notice and 

administering the CAF A notice. 

23. Any member of the class may appear at the settlement 

hearing and object if he, she, or it has any reason why the proposed 

settlement of the litigation should not be approved as fair, reasonable, 

and adequate, why a Judgment should not be entered, why the plan of 

allocation should not be approved, or why attorneys' fees, together 

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with costs, charges, and expenses should not be awarded; provided that 

any such class member ( or any other person) files objections and copies 

of any papers and briefs with the Clerk of the United States District 

Court for the Eastern District of Arkansas and mails copies of those 

objections by first-class mail to Robbins Geller Rudman & Dowd LLP, 

Ellen Gusikoff Stewart, 655 West Broadway, Suite 1900, San Diego, CA 

92101; Kutak Rock LLP, Jess Askew III, 124 W. Capitol Ave., Suite 2000, 

Little Rock, AR 72201; and to Gibson, Dunn & Crutcher LLP, Jason J. 

Mendro, 1050 Connecticut Avenue, N.W., Washington, D.C. 20036, no 

later than 29 August 2022. 

Unless the Court orders otherwise for good cause, any member of 

the Class who does not make his, her, or its objection in the manner 

provided shall be deemed to have waived such objection and shall 

forever be foreclosed from making any objection to the fairness, 

reasonableness, or adequacy of the proposed settlement as 

incorporated in the stipulation, to the plan of allocation, or to the award 

of fees, costs, charges, and expenses to lead plaintiff's counsel or lead 

plaintiff. Attendance at the settlement hearing is not necessary. 

However, persons wishing to be heard orally in opposition to the 

approval of the settlement, the plan of allocation, or the application for 

an award of fees, costs, charges, and expenses are required to indicate 

in their written objection their intention to appear at the hearing and to 

include in their written objections the identity of any witnesses they 

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may call to testify and copies of any exhibits they intend to introduce 

into evidence at the settlement hearing. Class members do not need to 

appear at the settlement hearing or take any other action to indicate 

their approval. 

24. Any objections, filings, and other submissions by an 

objecting class member must: (i) state the name, address, and telephone 

number of the person objecting and must be signed by the objector, 

even if the objector is represented by counsel; (ii) contain a statement of 

the class members' objection or objections, and the specific reasons for 

each objection, including any legal and evidentiary support the class 

member wishes to bring to the Court's attention and whether the 

objections apply only to the objector, a specific subset of the class, or to 

the entire class; and (iii) include documents sufficient to prove 

membership in the class, including the objecting class member's 

purchases, acquisitions, and any sales of OZK common stock during 

the class period, the dates, the number of shares purchased, acquired, 

or sold, and the price paid or received for such purchase, acquisition, 

or sale. 

25. Any class member who does not object to the settlement, the 

plan of allocation, or class counsel's application for an award of 

attorneys' fees, costs, charges, and expenses in the manner prescribed 

in this Order and in the settlement notice shall be deemed to have 

waived such objection, and shall forever be foreclosed from making any 

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objection to the fairness, adequacy, or reasonableness of the proposed 

settlement, this Order, and the Judgment to be entered approving the 

settlement, the plan of allocation, or the application by class counsel for 

an award of attorneys' fees together with costs, charges, and expenses. 

26. All funds held by the escrow agent shall be deemed and 

considered to be in the custody of the Court, and shall remain subject 

to the jurisdiction of the Court until such time as such funds are either 

distributed or returned pursuant to the stipulation or further order of 

the Court. 

27. All papers in support of the settlement, plan of allocation, 

and any application by lead plaintiff's counsel for attorneys' fees, costs, 

charges, and expenses shall be filed and served no later than 15 August 

2022, and any reply papers shall be filed and served no later than 12 

September 2022. 

28. The released defendant parties shall have no responsibility, 

liability, or obligation for the plan of allocation or any application for 

attorneys' fees, costs, charges, or expenses submitted by lead plaintiff's 

counsel, and such matters will be considered by the Court separately 

from the fairness, reasonableness, and adequacy of the settlement. Any 

order or proceeding relating solely to the plan of allocation or any 

application for attorneys' fees. or expenses, or any appeal from any 

order relating solely to attorneys' fees or expenses or reversal or 

modification thereof, shall not operate to terminate or cancel the 

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stipulation, or affect or delay the finality of the Judgment and the 

settlement of the litigation. 

29. At or after the settlement hearing, the Court shall determine 

whether the plan of allocation proposed by class counsel, and any 

application for attorneys' fees, costs, charges, and expenses, should be 

approved. The Court reserves the right to enter the Judgment finally 

approving the settlement regardless of whether it has approved the 

plan of allocation or awarded attorneys' fees or costs, charges, and 

expenses. 

30. All reasonable expenses incurred in identifying and 

notifying class members as well as administering the settlement fund 

shall be paid as set forth in the stipulation. In the event the Court does 

not approve the settlement, or the settlement otherwise fails to become 

effective, neither lead plaintiff nor lead plaintiff's counsel nor the claims 

administrator shall have any obligation to repay any amounts actually 

and properly incurred or disbursed pursuant to 112.9 or 2.11 of the 

stipulation. 

31. This Order and the stipulation (including any of their 

respective terms or provisions), any of the negotiations, discussions, 

proceedings connected with them, and any act performed or document 

executed pursuant to or in furtherance of the stipulation or the 

settlement or this Order, may not be construed as an admission or 

concession by the released defendant parties of the truth of any of the 

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allegations in the litigation, or of any liability, fault, or wrongdoing of 

any kind, and may not be offered or received in evidence ( or otherwise 

used by any person in the litigation, or in any other action or 

proceeding, whether civil, criminal, or administrative, in any court, 

administrative agency, or other tribunal) except in connection with any 

proceeding to enforce the terms of the stipulation or this Order. The 

released defendant parties, lead plaintiff, class members, and each of 

their counsel may file the stipulation, or this Order, or the Judgment in 

any action that may be brought against them in order to support a 

defense or counterclaim based on principles of res judicata, collateral 

estoppel, release, good faith settlement, judgment bar or reduction, or 

any other theory of claim preclusion or issue preclusion, or similar 

defense or counterclaim. 

32. All proceedings in the litigation are stayed until further 

order of this Court, except as may be necessary to implement the 

settlement or comply with the terms of the stipulation. Pending final 

determination of whether the settlement should be approved, neither 

the lead plaintiff nor any class member, either directly, 

representatively, or in any other capacity, shall commence or prosecute 

any of the released claims against any of the released defendant parties 

in any action or proceeding in any court or tribunal. 

33. The Court reserves the right to change the date or time of the 

settlement hearing or to hold the settlement hearing via video or 

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telephone without further notice to class members other than posting a 

notice on the website www.OZKSecuritiesClassAction.com, and 

retains jurisdiction to consider all further applications arising out of or 

connected with the proposed settlement. The Court may approve the 

settlement, with such modifications as may be agreed to by the settling 

parties, if appropriate, without further notice to the Class. Any 

modifications to the proposed settlement agreement must, at a 

minimum, be disclosed, filed, and, if material, approved by the Court. 

34. If the settlement fails to become effective as defined in the 

stipulation or is terminated, then, in any such event, the stipulation, 

including any amendment or amendments to it (except as expressly 

provided in the stipulation, and this Order) shall be null and void, of 

no further force or effect, and without prejudice to any settling party, 

and may not be introduced as evidence or used in any actions or 

proceedings by any person or entity against the settling parties. In any 

such event, the settling parties shall be deemed to have reverted to their 

respective litigation positions as of 21 April 2022. 

So Ordered. 

D .P. Marshall Jr. 

United States District Judge 

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