NEW YORK, March 19, 2018 /PRNewswire-HISPANIC PR WIRE/ — The following statement is being issued by Kirby McInerney LLP regarding the In re Ductile Iron Pipe Fittings (“DIPF”) Indirect Purchaser Antitrust Litigation.

Please read the entire Notice carefully, as this Settlement may affect your rights.

What Is This Lawsuit About?

Plaintiffs – indirect purchasers of Ductile Iron Pipe Fittings (“DIPF”) between January 11, 2008 and December 31, 2013 – filed a class action lawsuit against Defendants – McWane, Inc., SIGMA Corporation, and Star Pipe Products, Ltd. – claiming that they paid more for DIPF and Domestic DIPF sold by Defendants than they should have because of Defendants’ alleged violations of federal and state antitrust laws and state consumer protection laws. In a class action, one or more persons or entities brings a lawsuit on behalf of everyone harmed in the same way by Defendants’ conduct. An indirect purchase is a purchase of DIPF from someone other than the Defendants, such as a distributor or other middleman. Purchases of DIPF made directly from one or more of the Defendants are not part of this lawsuit. A more complete description of the claims alleged in the lawsuit can be found at www.DIPFIndirectSettlement.com.

Why Is There A Proposed Settlement With McWane?

Plaintiffs and McWane agreed to the Settlement to avoid the cost and risk of a trial. McWane has denied all liability and wrongdoing in this case and has asserted various defenses to Plaintiffs’ claims. The Court has not decided in favor of the Plaintiffs or McWane.

What Does The Settlement Provide And How Do I Get A Payment?

Under the Settlement, McWane has agreed to pay $1,425,000 in cash into a Settlement Fund (the “McWane Settlement Fund”). Plaintiffs and class counsel think the McWane Settlement is an excellent result for the members of the class. Plaintiffs have already settled with SIGMA and Star for a combined total of $2,646,250, and those settlements have been approved by the Court.  If the McWane Settlement is also approved by the Court, the settlements will total $4,071,250, and the DIPF indirect purchaser litigation will be over.

If you are a class member and do not exclude yourself from the McWane Settlement, you may be eligible to receive a payment from the McWane Settlement Fund.  To participate in the McWane Settlement, you must submit a valid claim form, available at www.DIPFIndirectSettlement.com. Be sure to sign the claim form and mail it no later than June 27, 2018 to DIPF Indirect Purchaser Antitrust Litigation, c/o GCG, P.O. Box 10251, Dublin, OH  43017-5751. If the Court approves the Settlement, payments from the McWane Settlement Fund will be distributed to class members who submit valid and timely claims.  If you have already submitted a valid Claim Form in connection with the SIGMA and Star settlements you do not have to submit another one to receive a payment from the McWane Settlement Fund.

Am I A Class Member?

The Settlement Class includes all persons or entities that reside or have a place of business in the States of Arizona, Arkansas, California, District of Columbia, Florida, Hawaii, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Oregon, South Carolina, South Dakota, Tennessee, Utah, Vermont, West Virginia, and Wisconsin (the “Settlement Class States”) who or that purchased DIPF indirectly from any Defendant at any time from January 11, 2008, through June 30, 2011 or who or that purchased Domestic DIPF indirectly from McWane or SIGMA at any time from September 17, 2009, through December 31, 2013. Excluded from the Settlement Class are Defendants and their parents, subsidiaries and affiliates, whether or not named as a Defendant in this Action, federal governmental entities, and instrumentalities of the federal government.

“Domestic DIPF” means DIPF that is produced by McWane in the United States and is used in pressurized water and wastewater projects in the United States with domestic-only preferences or specifications.  McWane Domestic DIPF was also sold by SIGMA.

Can I Exclude Myself?

If you want to keep the right to sue McWane about the legal issues in this case, then you must exclude yourself from the McWane Settlement Class. If you exclude yourself from the McWane Settlement Class, you will not get any payment from the McWane Settlement Fund. To exclude yourself, you must send a letter saying that you want to be excluded. Important instructions about how to exclude yourself can be obtained from www.DIPFIndirectSettlement.com. Your letter must be postmarked by May 29, 2018.

How Do I Object?

You may object to any aspect of the McWane Settlement if you are a class member and have not excluded yourself.  If you are in either the McWane, SIGMA or Star Settlement Class, you can object to the requests for attorneys’ fees, reimbursement of expenses and service awards for the class representatives (see below). To object, you must send a letter to the Court. Instructions about how to object may be obtained from www.DIPFIndirectSettlement.com. Your letter must be received by May 23, 2018.

What If I Do Nothing?

If you do nothing, you will remain in the McWane Settlement Class, your claims against McWane will be extinguished, and you will not receive a payment from the Settlement Fund. To receive a payment, you must send in a valid and timely Claim Form.

Who Represents Me?

The Court has appointed Joseph C. Kohn of Kohn Swift & Graf, P.C.; Robert S. Kitchenoff of Weinstein Kitchenoff & Asher LLC; and David Kovel of Kirby McInerney, LLP (“Class Counsel”) to represent the Settlement Class for purposes of the McWane Settlement. If you want to be represented by your own lawyer concerning the McWane Settlement, you may hire one at your own expense.

How Will The Lawyers Be Paid?

The lawyers for the indirect purchasers will ask the Court to approve an award of attorneys’ fees of up to 1/3 (33.33%) of the total SIGMA, Star, and McWane Settlement Funds of $4,071,250. The lawyers have not previously asked the Court to approve an award of attorneys’ fees. The lawyers will also ask the Court for reimbursement of expenses incurred in the prosecution of the lawsuit. The lawyers will also seek service awards in the amount of $15,000 for each of the eight class representatives. All awards of attorneys’ fees, reimbursement of expenses, and service awards will be paid from the total Settlement Fund after the Court approves them. The request for attorneys’ fees, reimbursement of expenses, and service awards will be available for viewing on the website below once it is filed with the Court.

When Will The Judge Decide?

The Court will hold a fairness hearing at 9:30 a.m. on June 13, 2018, at the United States District Court for the District of New Jersey, 402 East State Street, Trenton, NJ 08608. If there are objections, the Court will consider them at this time. You may appear at the hearing, but you are not required to do so. The hearing may be moved to a different date or time without notice. You should check the Settlement Website below for updates.

This Notice is only a summary. For more information visit www.DIPFIndirectSettlement.com

SOURCE Kirby McInerney LLP

LOS ANGELES, March 7, 2018 /PRNewswire-HISPANIC PR WIRE/ — Cal/OSHA has cited Alhambra Foundry Co. Ltd. $283,390 for workplace safety and health violations following a confined space accident that resulted in the amputation of an employee’s legs. Cal/OSHA cited Alhambra Foundry for similar violations eight years ago.

On August 28, two workers at the foundry were cleaning and unjamming a 38-foot long auger screw conveyor at the bottom hopper of an industrial air filtration device without effectively de-energizing or locking out the equipment. One of the workers re-entered the 20-inch square opening after the cleaning was done to retrieve a work light from inside the confined space, when a maintenance worker 45 feet away energized the equipment to perform a test. The moving auger screw pulled the worker into the screw conveyor. Both his legs had to be amputated in order to free him.

“Sending a worker into a confined space is dangerous, especially inside machinery that can be powered on at any time,” said Cal/OSHA Chief Juliann Sum. “Employers must ensure that machinery and equipment are de-energized and locked out before workers enter the space to perform operations involving cleaning and servicing.”

Cal/OSHA’s investigation found that:

• The foundry did not have the permit-required confined space program.
• The screw conveyor was not de-energized and locked out before workers entered the hopper, and accident prevention signs were not placed on the controls.
• The worker re-entering the hopper was not monitored by a confined space attendant.
• Alhambra Foundry lacked specific procedures for de-energizing and locking out the equipment.

A confined space is defined as an area that is large enough and so configured that an employee can bodily enter and perform assigned work, has limited or restricted means of entry or exit, and is not designed for continuous employee occupancy.

Cal/OSHA issued eight citations to Alhambra Foundry Co. with proposed penalties totaling $283,390. The eight violations cited included one willful serious accident-related, one willful serious, four serious, one willful general and one general in nature. The citation for a willful serious accident-related violation was issued because Alhambra Foundry had been cited eight years prior for failing to take appropriate measures to protect workers performing cleaning and servicing operations. Cal/OSHA has extensive information on lock out / tag out requirements online.

A willful violation is issued where evidence shows that the employer committed an intentional and knowing (as contrasted with inadvertent) violation, and the employer was conscious of the fact that what he or she was doing constituted a violation, or was aware that a hazardous condition existed and made no reasonable effort to eliminate the hazard. A serious violation is cited when there is a realistic possibility that death or serious harm could result from the actual hazard created by the violation.

In 2012, Cal/OSHA launched a confined space emphasis program to raise awareness of confined space hazards and ensure employers follow proper safeguards.

The California Division of Occupational Safety and Health, or Cal/OSHA, is the division within the Department of Industrial Relations (DIR) that helps protect California’s workers from health and safety hazards on the job in almost every workplace. Cal/OSHA’s Consultation Services Branch provides free and voluntary assistance to employers to improve their safety and health programs. Employers should call (800) 963-9424 for assistance from Cal/OSHA Consultation Services.

Employees with work-related questions or complaints may contact DIR’s Call Center in English or Spanish at 844-LABOR-DIR (844-522-6734). Complaints can also be filed confidentially with Cal/OSHA district offices.

Members of the press may contact Lucas Brown or Peter Melton at (510) 286-1161, and are encouraged to subscribe to get email alerts on DIR’s press releases or other departmental updates.

https://www.facebook.com/CaliforniaDIR  
https://twitter.com/CA_DIR  
http://www.youtube.com/CaliforniaDIR  
http://www.dir.ca.gov/email/listsub.asp?choice=1

The California Department of Industrial Relations, established in 1927, protects and improves the health, safety, and economic well-being of over 18 million wage earners, and helps their employers comply with state labor laws. DIR is housed within the Labor & Workforce Development Agency. For general inquiries, contact DIR’s Call Center at 844-LABOR-DIR (844-522-6734) for help in locating the appropriate division or program in our department.

SOURCE Cal/OSHA

LOS ANGELES, March 15, 2018 /PRNewswire-HISPANIC PR WIRE/ — Live Nation Entertainment, Inc. (NYSE: LYV) (the “company”) today announced that it priced offerings of $500 million in aggregate principal amount of its 2.5% convertible senior notes due 2023 (the “Convertible Notes”) and $300 million in aggregate principal amount of its 5.625% senior notes due 2026 (the “Senior Notes”). The Convertible Notes and the Senior Notes were each priced at 100.000% of their principal amount. The company intends to use the net proceeds from these offerings to repurchase its existing 2.5% convertible senior notes due 2019 (the “existing convertible notes”) from time to time, to pay related fees and expenses and for general corporate purposes.

The Convertible Notes will have an initial conversion rate of 14.7005 shares of the company’s common stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $68.02 per share of the company’s common stock). The initial conversion price represents a premium of approximately 50% to the $45.35 per share closing price of the company’s common stock on The New York Stock Exchange on March 15, 2018.

In connection with the Convertible Notes offering, the company granted the initial purchasers a 30-day option to purchase an additional $50 million aggregate principal amount of such Convertible Notes to cover over-allotments, if any. The closing date of the Convertible Notes offering and the Senior Notes offerings will be March 20, 2018. The completion of the Convertible Notes offering is not contingent on the completion of the Senior Notes offering, and the completion of the Senior Notes offering is not contingent on the completion of the Convertible Notes offering.

The Convertible Notes will mature on March 15, 2023, unless repurchased or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding December 15, 2022, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods; thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, holders of the Convertible Notes will receive shares of the Company’s common stock, cash or a combination thereof, at the company’s election. Holders of the Convertible Notes will have the right to require the company to repurchase all or a portion of their Convertible Notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture for the Convertible Notes.

The Senior Notes will be guaranteed by certain of the company’s existing and future domestic subsidiaries and will be senior unsecured obligations of the company.

On March 15, 2018, the company agreed to repurchase approximately $200.7 million principal amount of the existing convertible notes from a limited number of holders in privately negotiated transactions.  Holders of the existing convertible notes may employ a convertible arbitrage strategy with respect to the existing convertible notes and have a short position with respect to the company’s common stock that they would close through purchases of the company’s common stock in connection with the company’s repurchase of their existing convertible notes.

Each of the Convertible Notes and Senior Notes will be offered through a private placement and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. As a result, the Convertible Notes, the Senior Notes and any common stock issuable upon conversion of the Convertible Notes may not be offered or sold in the United States or to any “U.S. persons” except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Convertible Notes and Senior Notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act and, in the case of the Senior Notes, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. This news release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes, any common stock issuable upon conversion of the Convertible Notes or the Senior Notes, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements
This news release contains forward-looking statements, including statements related to the offerings and the expected use of the net proceeds, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation, risks related to whether the company will consummate the offerings of the Convertible Notes and Senior Notes on the expected terms, or at all, market and other general economic conditions, and the fact that the company’s management will have discretion in the use of the proceeds from any sale of the Convertible Notes and Senior Notes. The company refers you to the documents it files with the Securities and Exchange Commission, specifically the section titled “Item 1A. Risk Factors” of its annual report on Form 10-K for the year ended December 31, 2017, which contains and identifies important factors that could cause actual results to differ materially from those contained in the company’s projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

Information found on Live Nation Entertainment’s website is not incorporated by reference.

SOURCE Live Nation Entertainment

NEW YORK, March 15, 2018 /PRNewswire-HISPANIC PR WIRE/ — A group of COFINA constituents that includes Ambac, the COFINA Seniors Coalition, National Public Finance Guarantee Corporation and the Puerto Rico Funds, which collectively accounts for more than $6.5 billion of bonds issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”), released the following statement today regarding the January 2018 revenue report issued by the Government of Puerto Rico on March 8:

“As the citizens of Puerto Rico look to their government for leadership and transparency, we are concerned that the public’s continued receipt of inaccurate information about the island’s financial situation now extends to Sales & Use Tax (“SUT”) collections. This troubling pattern is adversely impacting every one of Puerto Rico’s residents and stakeholders by extending – rather than accelerating – the expensive restructuring process as well as critical post-hurricane recovery efforts intended to revitalize the island. The latest misrepresentations can be found in last week’s report on net revenues, which distorts SUT collection data.

The truth, which was omitted from last week’s report, is that post-hurricane SUT collections are strong and they continue to trend upward despite ongoing power outages and the full SUT exemptions that the government invoked for small businesses, mid-size enterprises and prepared foods between November 2017 and January 2018. The government’s report did not account for these exemptions, which reduced revenues by approximately $60 million. Adjusting for the government’s decision to reduce revenues, year-over-year SUT collections are down approximately 6% through March 2, 2018. This figure is far smaller than the misleading 11% decline reported by the government^[1], and it reinforces the fact that SUT collections remain robust even in the aftermath of recent devastating hurricanes.

In addition, Puerto Rico’s Treasury Department attributes lower SUT revenue flowing to the General Fund to the fact that the required buildup of cash within the COFINA structure concluded in February instead of in early January, as was the case in 2017. Last week’s report does not mention that the Government of Puerto Rico enacted Law 84, which altered the flow of funds to COFINA by redirecting 0.5% of the SUT to municipalities beginning in July 2017. Had this change not been made, COFINA would have been funded in January 2018.

Looking ahead, there is real cause for optimism based on data that indicate February 2018 SUT collections are in-line with February 2017 figures. COFINA, which is the most widely-held bond issuance among local savers and retirees, remains Puerto Rico’s most affordable vehicle to re-access the capital markets going forward. The structure has consistently provided financing at a lower cost than General Obligation debt. These are just a few of the reasons why we call on the administration to shift from obfuscating the facts and undermining COFINA to driving a transparent, pro-growth agenda for the future.” 

For a copy of Miller Buckfire & Company’s analysis of SUT collection data, please reach out to:  [email protected] and [email protected]  

[1] Press release titled “Puerto Rico Treasury Reports Net Revenues to the General Fund for January 2018” dated March 8, 2018.

SOURCE Group of COFINA Constituents