Update on the Distribution of Net Settlement Funds
The Court has approved the distribution of the net settlement funds to all record holders and beneficial holders who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following date/s:
May 23, 2024

Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.

If you have any questions, please contact the Settlement Administrator whose contact information is listed here below:
1-877-917-0076, info@AVXCorporationStockholdersLitigation.com

The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear, which you can access here. Because this website is just a summary, you should review the Notice for additional details.

Summary of the Action and Settlement

This website relates to a stockholder class action (the “Action”), approved in the Court of Chancery of the State of Delaware (the “Court”). Plaintiffs Amy Stone Lamborn, Robert Reese, Harriet Herman, and Albert Herman (collectively, “Plaintiffs”), on behalf of themselves and the other members of the Court-certified stockholder class (the “Class,” as defined below), allege, among other things, that defendants Kyocera Corporation ("Kyocera") and Shoichi Aoki, Hiroshi Fure, Koichi Kano, John Sarvis, Hideo Tanimoto, and Goro Yamaguchi (collectively, the “Individual Defendants,” and together with Kyocera, “Defendants”) breached their fiduciary duties to the Class in connection with the March 30, 2020 acquisition of the outstanding shares of AVX Corporation (“AVX”) common stock not already owned by Kyocera (the “Acquisition”).

Plaintiffs and Defendants have reached an approved settlement of the Action for $49,900,000 in cash (the “Settlement”). The approved Settlement will resolve all claims in the Action.

If you are a member of the Class, you are subject to the Settlement. The Class consists of:

All former record holders and/or beneficial owners of common stock of AVX who received $21.75 per share in cash in exchange for their shares of AVX common stock in connection with the acquisition of the outstanding shares of AVX stock not already owned by Kyocera, in their capacities as record holders and/or beneficial owners of such stock (the “Class Shares”), together with their heirs, assigns, transferees, and successors-in-interest, in each case in their capacity as holders of Class Shares.

Excluded from the Class are (i) Defendants and their heirs, trusts, estates, successors, and assigns; (ii) the immediate family members of the Individual Defendants; (iii) the senior officers and directors of AVX and Kyocera at the time of the closing of the acquisition of AVX by Kyocera and their immediate family members; (iv) any parent, subsidiary, or affiliate of AVX or Kyocera; and (v) all entities in which any Defendant or any other excluded person or entity has, or had at the time of the closing of the acquisition of AVX by Kyocera, a direct or indirect controlling interest. Also excluded from the Class are Arbitrage Fund, Water Island Merger Arbitrage Institutional Commingled Fund LP, and Morningstar Alternatives Fund A Series of Morningstar Funds Trust (collectively with (i) through (v), “Excluded Stockholders” and each an “Excluded Stockholder”).

PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2).  Class Members do not have the right to exclude themselves from the Class.

The settlement administration was completed in April 2024. On April 16, 2024, Co-Lead Counsel filed Plaintiffs’ Unopposed Motion for Class Distribution Order. On April 19, 2024 the Court approved the Class Distribution Order. The first distribution of the net settlement fund occurred in May 2024. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available. 

How do I obtain more information?

More detailed information about the Action and the Settlement is contained in the Notice. If you have questions, you may contact the Settlement Administrator by calling toll-free 877-917-0076; emailing info@AVXCorporationStockholdersLitigation.com; or mailing a letter to:

AVX Corporation Stockholders Litigation
c/o JND Legal Administration
PO Box 91050
Seattle, WA 98111
 

Inquiries should NOT be directed to the Court or the Clerk of the Court.