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CARB.US
id: 1091

Carbonite (CARB) $27.5M Shareholder Settlement

$27,500,000
Cash Settlement
D. Massachusetts
Court
1:19-cv-11662
Case number
10/18/2018
Class period Start
07/25/2019
Class period End
06/21/2024
Claim deadline

OpenText Corp will pay $27.5 million to settle claims that Carbonite deceived investors about a faulty data backup program before being acquired by OpenText in 2019.

Case Type
US Securities Class Action
Case Status
Distribution Started
Alleged Offence
Misleading Statements, 
Financial Misrepresentation, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
1.79
Filing date
08/01/2019
Lead Plaintiff Deadline
09/30/2019
Plaintiffs
Construction Industry and Laborers’ Joint Pension Trust
Attorneys
Hutchings Barsamian Mandelcorn, LLP (Wellesley Hills, MA), Robbins Geller Rudman & Dowd LLP (Melville, NY)
Defendants
Mohamad S. Ali, Anthony Folger
Judge
Hon. Leo T. Sorokin
Administrator
Gilardi & Co LLC
Settlement agreement date
2024-01-31
Trades matching type
FIFO
Disbursement date
05/22/2025

Frequently Asked Questions

Who is eligible for this settlement?

All persons and entities who purchased or otherwise acquired Carbonite common stock between October 18, 2018 and July 25, 2019, inclusive, and were damaged thereby.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How much will my payment be?

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $1.79 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $7.16 per share.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.