Resideo Technologies Inc. (Resideo) is a global provider of security, comfort, and smart-technology solutions and products. The Company emerged out of a corporate spin-off of Honeywell, which was completed on October 29, 2018, whereby Honeywell combined certain unrelated business units and products and spun them off to create Resideo (the Spin-Off). Plaintiffs alleged that Defendants made materially false and misleading statements and omissions in connection with the operations, financial condition, resources, and product lines of Resideo following the Spin-Off. On April 10, 2020, Plaintiffs filed the operative Consolidated Amended Complaint for Violations of the Federal Securities Laws (the Complaint) asserting class action claims against all Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10b-5 promulgated thereunder, and against the Individual Defendants under Section 20(a) of the Exchange Act. Among other things, the Complaint alleges materially false and misleading statements and omissions in connection with the operations, financial condition, resources and product lines of Resideo.
On July 10, 2020, Defendants filed a motion to dismiss the Complaint, which Plaintiffs opposed on October 9, 2020. On March 30, 2021, the Court entered its Opinion and Order denying Defendants’ motion to dismiss in its entirety. Discovery in the Action commenced promptly after the Court issued the order denying Defendants’ motion to dismiss.
The Parties began discussing the possibility of resolving the claims asserted in the action in January 2021. A mediation session was held on February 15, 2021, and following extensive arm’s-length negotiations, both directly and with the ongoing assistance of the Mediator, over the next five months, the parties were able to reach an agreement in principle to settle the action for $55,000,000, which was memorialized in a term sheet executed and finalized on July 30, 2021. The Parties executed the Stipulation of Settlement on August 17, 2021.
The case is In re Resideo Technologies, Inc. Securities Litigation, No. 19-cv-02863 (WMW/KMM). Labaton Keller Sucharow is co-lead counsel in the action and represents lead plaintiffs the Naya Group.
Submit Claim Form
If you 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, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by March 4, 2022.
Settlement Hearing
The Settlement Hearing was held on January 27, 2022, at 9:00 a.m. Central Time, remotely and the court approved the Settlement and Plan of Allocation and awarded attorneys' fees and expenses. Members of the public may call in to listen to the proceedings using the audio instructions posted on this webpage.
