Nielsen Holdings Proposes $73 Million to Resolve Investors’ Suit

Nielsen Holdings Plc is willing to pay $73 million to resolve a lawsuit claiming the market measurement firm misled investors about the impact European privacy law would have on its ability to access data, according to a proposed class settlement filed in the Southern District of New York.

The figure, if approved, will provide an average recovery of approximately $0.14 per damaged share after deductions for attorneys’ fees and costs, according to the Tuesday filings in the U.S. District Court for the Southern District of New York.

The would-be settlement class includes anyone who “purchased or otherwise acquired Nielsen publicly traded common stock during the period from February 11, 2016 through July 25, 2018, inclusive, and were damaged thereby.”

The contemplated class period is broader than the period that survived Nielsen’s motion to dismiss and would provide the company with a complete release of the alleged claims, according to the motion for approval.

The number of would-be settlement class members isn’t specified, but according to an earlier and unresolved motion for class certification, there were over 350 million common shares of Nielsen stock outstanding during the class period.

Would-be settlement class counsel said that they would apply for an award of attorneys’ fees equal to 25% of the settlement fund, plus expenses not to exceed $1.1 million.

The case is before Judge Jesse M. Furman.

Lead counsel for plaintiffs and the proposed settlement class is Labaton Sucharow LLP. Robbins Geller Rudman & Dowd LLP also represents the plaintiffs.

Nielsen is represented by Simpson Thacher & Bartlett LLP.

The case is In re Nielsen Holdings PLC Sec. Litig., S.D.N.Y., No. 1:18-cv-07143, 3/15/22.