Resideo Derivative Settlement

The purpose of this website is to inform you that the above-captioned Consolidated Action is being settled on the terms set forth in a Stipulation of Settlement, dated February 7, 2023 (the “Stipulation” or “Settlement”).

Please see the full Notice here.  The Notice should be read in conjunction with, and is qualified in its entirety by reference to, the text of the Stipulation, which has been filed with the United States District Court for the District of Minnesota. 

Under the terms of the Stipulation, as part of the proposed Settlement, Resideo has agreed to adopt and maintain certain corporate governance measures that serve as the basis for the resolution of the claims asserted in this derivative litigation. The Company has agreed to maintain the Corporate Governance Reforms for a period of no less than five (5) years. The corporate governance measures are detailed in their entirety in Exhibit A to the Stipulation. Resideo has also agreed to pay an award of attorneys’ fees, reimbursement of expenses, and service awards, if any, for all Plaintiffs and Plaintiffs’ Counsel in an aggregate amount not to exceed $1,600,000.00, subject to Court approval.

On June 22, 2023, a settlement fairness hearing will be held before the Honorable Wilhelmina M. Wright, at the United States District Court for the District of Minnesota, Courtroom 7A, Warren E. Berger Federal Building and U.S. Courthouse, 316 N. Robert Street, St. Paul, Minnesota 55101 (the “Settlement Hearing”). At the Settlement Hearing, the Court will: (a) determine whether Plaintiffs and Plaintiffs’ Counsel have adequately represented the interests of Resideo and its stockholders; (b) determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, adequate, and in the best interests of Resideo and its stockholders; (c) determine whether the Notice fully satisfies the requirements of Rule 23.1 and due process; (d) determine whether a judgment should be entered dismissing the Action with prejudice against Defendants; (e) determine whether the motion by Plaintiffs’ Counsel for the Fee Award should be approved; (f) hear and determine any objections to the Settlement or the motion by Plaintiffs’ Counsel for the Fee Award; and (g) consider any other matters that may properly be brought before the Court in connection with the Settlement.