News & Media
Entwistle & Cappucci LLP Receives Final Approval of Class Action Settlement Against Resideo Technologies, Inc.
May 20, 2022
On April 13, 2022, the United States District Court for the District of Minnesota entered an Order and Final Judgment approving the $55 million cash settlement of the action, captioned In Re Resideo Technologies Inc., Securities Litigation, No. 0:19-cv-02863, filed by Entwistle & Cappucci LLP against Resideo Technologies, Inc. (“Resideo”) and certain of its former executives.
The settlement is the result of vigorous prosecution of the action by Entwistle & Cappucci and its co-counsel, and represents an outstanding result for the Class. In fact, the $55 million recovery is greater than the total amount recovered in private and government actions brought on behalf of consumers nationwide in connection with the sales and billing misconduct alleged in this case and represents one of the top ten securities class action settlements ever in the District of Minnesota. The settlement was negotiated with the assistance of former United States District Court Judge Layn R. Phillips serving as mediator.
The Settlement Class consists of “all persons and entities who or which purchased or otherwise acquired the common stock of Resideo during the period from October 15, 2018, through November 6, 2019, inclusive, and were damaged thereby.”
The plaintiffs filed their Motion for Final Approval of Class Action Settlement on December 22, 2021. A settlement hearing was held on January 27, 2022 via Zoom. The settlement was approved by order of the Court on March 24, 2022. No objections to the settlement were reported as of the final approval hearing.
Copies of documents related to the settlement can be found on the settlement website maintained by claims administrator: https://www.resideotechnologiessettlement.com/.