Update: Claims processing in connection with the settlement of this litigation has been completed. On May 13, 2015, the Court issued an Order, among other things, approving Plaintiffs’ proposed plan for distribution of the settlement proceeds, approving Heffler's determinations with respect to the acceptance and rejection of the claims submitted, and authorizing distribution of the settlement proceeds to claimants whose claims have been approved for payment. Heffler is currently performing the tasks necessary to conduct the distribution to Authorized Claimants. We expect that payments to Authorized Claimants will be made in June 2015. You can view the Court’s Order by clicking on the "Important Documents" tab on the left-hand side of this website and clicking on the Order Approving Distribution. Please continue to check this website for updates regarding the status of the distribution of the settlement proceeds.
A proposed settlement has been reached in the In re Heckmann Corporation Securities Litigation, Case No. 1:10-cv-00378-LPS-MPT (the "Litigation") for at least $27 million, comprised of the following two components: (i) $13.5 million in cash and (ii) the greater of 847,990 shares of Nuverra Environmental Solutions, Inc. common stock or the number of shares of Nuverra common stock that equals $13.5 million in value as of the date preceding the final settlement hearing as set forth in the Stipulation of Settlement dated as of March 4, 2014. The proposed settlement is subject to Court approval.
If approved by the Court, the proposed settlement will resolve class action litigation over allegations as to whether, during the relevant period, Defendants violated the federal securities laws by obtaining shareholder approval of the merger of Heckmann Corporation and China Water & Drinks, Inc. (the "Merger") by means of the Proxy and other proxy solicitations that misrepresented China Water's operations, assets, and financial results, and omitted material information regarding known fraudulent conduct at China Water. Defendants also are alleged to have made materially false and misleading statements and omitted material facts about China Water and the Merger throughout the Settlement Class Period (i.e., May 20, 2008 through May 8, 2009, inclusive) in order to deceive the investing public in violation of the federal securities laws.
You may be a member of the Settlement Class if you purchased or otherwise acquired the common stock or warrants of Heckmann Corporation (n/k/a Nuverra Environmental Solutions, Inc.) during the period from May 20, 2008 through May 8, 2009, inclusive, or held Heckmann Corporation common stock as of September 15, 2008, and were entitled to vote on the merger between Heckmann Corporation and China Water & Drinks, Inc. The full definition of "Settlement Class" appears in paragraph 2, page 2 of the Court's Order Preliminarily Approving Settlement. You can view a copy of the Court's Order here
. Please be sure to read the Notice to fully understand your rights.
You can obtain a copy of the Notice here
. If you are a member of the Settlement Class and wish to submit a Proof of Claim and Release Form, you can obtain a copy of the Proof of Claim and Release Form here
A hearing will be held on June 26, 2014, at 9:30 a.m., before the Honorable Mary Pat Thynge, in the United States District Court for the District of Delaware, J. Caleb Boggs Federal Building, 844 N. King Street, Wilmington, DE 19801-3555, for the purpose of determining: (1) whether the proposed settlement should be approved by the Court as fair, reasonable and adequate; (2) the deposit, distribution, and any sale of the Settlement Shares is subject to exemption from the registration under Section 3(a)(10) of the Securities Act of 1933, as amended; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; (4) whether Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved; (5) whether Lead Plaintiff's application for reimbursement of costs and expenses (including lost wages) in connection with representation of the Settlement Class should be approved; and (6) whether the claims against Defendants should be dismissed with prejudice, and the release described in the Stipulation of Settlement dated as of March 4, 2014 should be granted.
This website will be updated as more information becomes available. Please check back periodically for updates regarding the proposed settlement.