This official website is maintained by the Settlement Administrator under the supervision of Plaintiffs' Counsel for the members of the Class in the Actions entitled In Re Pattern Energy Group Inc. Stockholders Litigation, Consolidated C.A. No. 2020-0357-MTZ and In Re Pattern Energy Group Inc. Securities Litigation, C.A. No. 20-cv-275-MN-JLH.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency of the Chancery Action and the Federal Action
and Proposed Settlement of Stockholder Claim Actions, Settlement Hearing, and Right to Appear (the “Notice”), which you can access
here, Because this website is just a summary,
you should review the Notice for additional details.
This website relates to the class actions: In re Pattern Energy Group, Inc. Stockholders Litigation, C.A. No. 2020-0357-MTZ (the “Chancery Action”), which is
pending before the Delaware Court of Chancery (the “Court of Chancery”), and In re Pattern Energy Group Inc. Securities Litigation,
C.A. No. 20-cv-275-MN-JLH (the “Federal Action”), which is pending before the United States District Court for the District of Delaware (the “Federal Court”).
Please be advised that (1) Lead Plaintiff in the Chancery Action Jody Britt (the “Chancery Plaintiff”), on behalf of herself and the Class (defined in paragraph 48 of the Notice) certified in the Chancery Action; (2) Federal Action Lead Plaintiffs The Arbitrage Fund, Water Island Merger Arbitrage Institutional Commingled Fund, LP, Morningstar Alternatives Fund a series of Morningstar Funds Trust, Litman Gregory Masters Alternative Strategies Fund, Columbia Multi-Manager Alternative Strategies Fund, Water Island Diversified Event-Driven Fund, Water Island LevArb Fund, LP and Water Island Long/Short Fund (the “Federal Plaintiffs”) on behalf of themselves and the Federal Class (defined in the Stipulation) certified in the Federal Action, (3) defendants PEGI, Edmund John Phillip Browne, Michael Garland, Hunter Armistead, Daniel Elkort, Michael Lyon, Esben Pedersen, Christopher Shugart, Alan R. Batkin, Richard A. Goodman, Douglas G. Hall, Patricia M. Newson, Mona K. Sutphen, Pattern Energy Group Holdings 2, LP, Riverstone Pattern Energy II Holdings, LP, Riverstone Holdings LLC and Goldman Sachs & Co. LLC (collectively, “Defendants”); and (4) non-party Pattern Energy Group LP (“PEG”) have reached a proposed global settlement for $100,000,000 in cash (the “Settlement”). The proposed Settlement, if approved by the Court of Chancery and subject to other conditions, will resolve and settle all claims against all Defendants in both the Chancery Action and the Federal Action (together, the “Actions”).
If you are a member of the Class, you are subject to the Settlement. The Class preliminarily certified for purposes of the Settlement consists of:
All record or beneficial owners of Pattern Energy Group Inc. (“PEGI” or the “Company”) common stock as of March 16, 2020 (the date of the consummation of the merger of PEGI and Canada Pension Plan Investment Board (the “Merger”), including any and all of their respective heirs, assigns, transferees, and successors-in-interest.
Please Note: If you are eligible to receive a payment from the Net Settlement Fund, you do not have to submit a claim form in order to receive your payment.
Please be patient. If the Settlement is approved by the Court of Chancery, it will take some time to conduct the Settlement distribution.
PLEASE READ THE NOTICE CAREFULLY AND IN ITS ENTIRETY. The Notice explains how Class Members will be affected by the Settlement. The following table provides a brief summary of the rights you have as a Class Member and the relevant deadlines, which are described in more detail in the Notice.
Please be advised that (1) Lead Plaintiff in the Chancery Action Jody Britt (the “Chancery Plaintiff”), on behalf of herself and the Class (defined in paragraph 48 of the Notice) certified in the Chancery Action; (2) Federal Action Lead Plaintiffs The Arbitrage Fund, Water Island Merger Arbitrage Institutional Commingled Fund, LP, Morningstar Alternatives Fund a series of Morningstar Funds Trust, Litman Gregory Masters Alternative Strategies Fund, Columbia Multi-Manager Alternative Strategies Fund, Water Island Diversified Event-Driven Fund, Water Island LevArb Fund, LP and Water Island Long/Short Fund (the “Federal Plaintiffs”) on behalf of themselves and the Federal Class (defined in the Stipulation) certified in the Federal Action, (3) defendants PEGI, Edmund John Phillip Browne, Michael Garland, Hunter Armistead, Daniel Elkort, Michael Lyon, Esben Pedersen, Christopher Shugart, Alan R. Batkin, Richard A. Goodman, Douglas G. Hall, Patricia M. Newson, Mona K. Sutphen, Pattern Energy Group Holdings 2, LP, Riverstone Pattern Energy II Holdings, LP, Riverstone Holdings LLC and Goldman Sachs & Co. LLC (collectively, “Defendants”); and (4) non-party Pattern Energy Group LP (“PEG”) have reached a proposed global settlement for $100,000,000 in cash (the “Settlement”). The proposed Settlement, if approved by the Court of Chancery and subject to other conditions, will resolve and settle all claims against all Defendants in both the Chancery Action and the Federal Action (together, the “Actions”).
If you are a member of the Class, you are subject to the Settlement. The Class preliminarily certified for purposes of the Settlement consists of:
All record or beneficial owners of Pattern Energy Group Inc. (“PEGI” or the “Company”) common stock as of March 16, 2020 (the date of the consummation of the merger of PEGI and Canada Pension Plan Investment Board (the “Merger”), including any and all of their respective heirs, assigns, transferees, and successors-in-interest.
Please Note: If you are eligible to receive a payment from the Net Settlement Fund, you do not have to submit a claim form in order to receive your payment.
Please be patient. If the Settlement is approved by the Court of Chancery, it will take some time to conduct the Settlement distribution.
PLEASE READ THE NOTICE CAREFULLY AND IN ITS ENTIRETY. The Notice explains how Class Members will be affected by the Settlement. The following table provides a brief summary of the rights you have as a Class Member and the relevant deadlines, which are described in more detail in the Notice.
| CLASS MEMBERS’ LEGAL RIGHTS IN THE SETTLEMENT: | |
|---|---|
| RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM. | If you are a member of the Class (defined in paragraph 48 below), you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement, if approved by the Court of Chancery. Your distribution from the Settlement will be paid to you directly. See paragraphs 55-62 of the Notice for further discussion. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN APRIL 18, 2024. | If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and expenses, including Plaintiffs’ applications for Incentive Awards, you may write to the Court of Chancery and explain the reasons for your objection. EVEN IF YOU WISH TO OBJECT TO THE PROPOSED SETTLEMENT ONLY WITH RESPECT TO THE FEDERAL ACTION, YOUR WRITTEN OBJECTION MUST BE SUBMITTED TO THE COURT OF CHANCERY. |
| ATTEND A HEARING ON May 3, 2024 AT 1:30P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN APRIL 18, 2024. | Filing a written objection and notice of intention to appear that is received by April 18, 2024, allows you to speak in Court, at the discretion of the Court of Chancery, about your objection. In the Court of Chancery’s discretion, the May 3, 2024 hearing may be conducted by telephone or video conference (see paragraphs 70-72 of the Notice). If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court of Chancery, speak to the Court about your objection. EVEN IF YOU WISH TO OBJECT TO THE PROPOSED SETTLEMENT ONLY WITH RESPECT TO THE FEDERAL ACTION, YOUR ONLY OPPORTUNITY TO SPEAK TO THE COURT ABOUT YOUR OBJECTION WILL BE BEFORE THE COURT OF CHANCERY. |
| THE FEDERAL COURT MAY DISMISS THE FEDERAL ACTION WITHOUT HOLDING A HEARING OR APPROVING THE SETTLEMENT | If the Court of Chancery approves the Settlement, its final judgment and release will encompass all claims in the Federal Action. The Federal Court will accordingly then be asked to dismiss the Federal Action without substantively reviewing the Settlement based on the preclusive effect of the Court of Chancery judgment. The Federal Court may then dismiss the Federal Action without holding a hearing. |