WELCOME TO THE JOY GLOBAL SECURITIES LITIGATION WEBSITE

This website has been established to provide general information related to the proposed settlement (the "Settlement") of the action captioned Steven Duncan, et al. v. Joy Global, Inc., et al., No. 2:16-cv-01229-PP (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 May 22, 2018, which can be found and downloaded by clicking on the Case Documents tab above.

CASE BACKGROUND

The Litigation is currently pending in the United States District Court for the Eastern District of Wisconsin, Milwaukee Division (the “Court”), before the Honorable Pamela Pepper. The persons that lead the Litigation, Steven Duncan, Peter Cahill and Charles Caparelli, are called the Lead Plaintiffs.  The individuals and entities, Joy Global Inc. (“Joy Global” or the “Company”), Edward L. Doheny II, Steven L. Gerard, Mark J. Gliebe, John T. Gremp, John Nils Hanson, Gale E. Klappa, Richard B. Loynd, P. Eric Siegert and James H. Tate, who were sued and who have now settled are called the Defendants. The Court appointed the law firms of Robbins Geller Rudman & Dowd LLP and Bronstein Gewirtz & Grossman LLC as Lead Counsel to represent the Class.

This is a class action alleging violations of the federal securities laws, brought on behalf of all Persons who purchased, sold or held Joy Global common stock during the time period from and including September 1, 2016, through and including April 5, 2017 against the Defendants. The Amended Complaint alleges that Defendants violated §§14(a) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission (“SEC”) Rule 14a-9 promulgated thereunder by making materially misleading statements and omissions in the Definitive Proxy Statement on Schedule 14A (the “Proxy”), filed with the SEC on September 2, 2016 and as amended by the “Supplemental Disclosures” filed on September 29, 2016 and October 3, 2016. Defendants deny that they violated any securities laws or SEC rules.

Defendants expressly have denied and continue to deny that Lead Plaintiffs have asserted any valid claims as to any of them in the Litigation and maintain that their conduct was at all times proper and in compliance with all applicable provisions of law. Defendants expressly have denied and continue to deny any and all charges of fault, damages, wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Litigation. Defendants also have denied, inter alia, the allegations that they made a materially false statement or had any intent to make one, the allegations that Lead Plaintiffs or the Class has suffered damage, that Lead Plaintiffs or the Class were harmed by the conduct that was or could have been alleged in the Litigation, or that Defendants have any liability to the Class. In addition, Defendants maintain that they have meritorious defenses to all claims alleged in the Litigation.

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. Lead Plaintiffs agreed to the Settlement in order to ensure that Class Members will receive compensation, and because Lead Plaintiffs (advised by Lead Counsel) considered the Settlement Amount to be a favorable recovery compared to the risk-adjusted possibility of recovery after trial and any appeals, in light of Defendants’ legal argument that the statements at issue were not actionable at all by the Class, and its factual arguments that Defendants believed the Company was complying with all applicable laws. Lead Plaintiffs 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.

In exchange for the Settlement and the release of the Released Claims as well as dismissal of the Litigation, Defendants have agreed that a payment of $20 million will be made by Defendants (or on their behalf) to be divided, after taxes, fees, and expenses, among all Authorized Claimants.

The Class includes all Persons who purchased, sold or held Joy Global common stock between September 1, 2016 and April 5, 2017, inclusive, except those Persons and entities that are excluded. Excluded from the Class are (i) Defendants; (ii) members of the immediate families of each Defendant; (iii) Joy Global’s subsidiaries and affiliates; (iv) any entity in which any Defendant has a controlling interest; and (v) the legal representatives, heirs, successors, administrators, executors, and assigns of each Defendant. Also excluded from the Class are those Persons who properly exclude themselves by timely and validly requesting exclusion from the Class pursuant to 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

IMPORTANT DATES AND DEADLINES