Imperva Securities Litigation
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Welcome to the Imperva Securities Litigation Website

This website has been established to provide general information related to the proposed settlement of the action captioned Shankar v. Imperva, Inc., et al., Case No. 4:14-cv-01680-PJH (the "Litigation"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated August 30, 2017, which can be found and downloaded by clicking on the Case Documents tab above.

PLEASE NOTE: the location of the Settlement Hearing has been changed.  The Settlement Hearing will be held on January 31, 2018, at 9:00 a.m., before the Honorable Phyllis J. Hamilton, United States District Judge, in Courtroom 5, 2nd Floor at the United States District Court for the Northern District of California, Oakland Division, Ronald V. Dellums Federal Building & United States Courthouse, 1301 Clay Street, Oakland, California 94612.

CASE BACKGROUND

This Litigation is currently pending in the United States District Court for the Northern District of California, Oakland Division (the “Court”). The entity that leads the Litigation, Delaware County Employees Retirement System, is called the Lead Plaintiff and the individuals and entity sued are called the Defendants.  The Court has appointed the law firm of Robbins Geller Rudman & Dowd LLP as Lead Counsel.

Lead Plaintiff brought this Litigation as a securities class action against Imperva and certain of its officers and directors (the “Individual Defendants,” and collectively with Imperva, the “Defendants”), alleging that Defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and that the Individual Defendants violated Section 20(a) of the Exchange Act, in connection with statements concerning, among other things, Imperva’s success in competing against IBM.

Defendants deny all of Lead Plaintiffs’ allegations. They deny that they have done anything wrong or violated any statute and admit no liability and deny that they are liable in any respect or that Lead Plaintiff or the Class suffered any injury.

The Court has not decided in favor of the Defendants or the Class. Instead, both sides agreed to the settlement to avoid the costs and risks of further litigation, including trial and post-trial appeals, and Lead Plaintiff agreed to the settlement in order to ensure that Class Members will receive compensation. Lead Plaintiff and Lead Counsel believe the settlement is in the best interest of all Class Members in light of the real possibility that continued litigation could result in no recovery at all.

The proposed settlement creates a fund in the amount of $19,000,000.00 in cash (the "Settlement Fund"). The Settlement Fund, plus interest earned from the date it is established, less approved costs, fees, and expenses (the “Net Settlement Fund”), will be divided among all eligible Class Members who send in valid Proof of Claim and Release forms.

The Class includes all Persons and entities who purchased or otherwise acquired Imperva securities between May 2, 2013 and April 9, 2014, inclusive. Excluded from the Class are the Defendants and their immediate families, the directors and officers of Imperva at all relevant times, and their legal representatives, heirs, successors or assigns. Also excluded from the Class are those Persons who timely and validly request exclusion from the Class in accordance with the requirements set forth in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"). 

Although the information in this website is intended to assist you, it does not replace the information contained in the relevant case documents found on the Case Documents tab above. We recommend that you read the relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

Submit a Proof of Claim The only way to receive a payment. Proofs of Claim and Release must be postmarked or submitted online on or before January 22, 2018.
Exclude Yourself Receive no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims related to the issues raised in this Litigation. Exclusions must be received no later than January 3, 2018.
Object Write to the Court about why you oppose the settlement, the Plan of Allocation, the request for attorneys’ fees and expenses, and/or the expenses of Lead Plaintiff. You will still be a Member of the Class. Objections must be received by the Court and counsel on or before January 3, 2018.
Go to the Hearing Ask to speak in Court about the fairness of the settlement. Requests to speak must be received by the Court on or before January 3, 2018.
Do Nothing Receive no payment. Give up your rights.

IMPORTANT DATES AND DEADLINES

Submit Claim January 22, 2018
Request Exclusion January 3, 2018
File Objection January 3, 2018
Court Hearing on Fairness of Settlement January 31, 2018, at 9:00 a.m.