Flowserve Posts Stein Litigation Settlement Notice and Documentation

DALLAS, Dec. 9, 2016 /PRNewswire/ -- Flowserve has posted required information regarding the Stein Litigation Settlement Notice and Documentation. For more information, visit www.flowserve.com.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

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SHIVA STEIN,                                                 Plaintiff,                           - against –   JOHN R. FRIEDERY, et al.,                                                   Defendant.	: : : : : : : : : : :	16 Civ. 2487 (KPF)     SUMMARY NOTICE
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TO: ALL RECORD OR BENEFICIAL OWNERS OF COMMON STOCK OF FLOWSERVE CORPORATION.

YOU ARE HEREBY NOTIFIED that Plaintiff Shiva Stein, acting derivatively on behalf of Flowserve Corporation ("Flowserve"), and Defendants in the above-entitled shareholder derivative action (the "Action") have entered into an agreement to settle the Action. 

PLEASE BE FURTHER ADVISED that pursuant to an Order of the United states District Court for the Southern District of New York entered on November 28, 2016, a hearing will be held on February 9, 2017, before The Honorable Katherine Polk Failla at 1:00 p.m. at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY  10007 (or such other date and time as the Court may direct) (the "Settlement Hearing"), for the purpose of finally determining: (a) whether a Stipulation of Settlement dated October 28, 2016 (the "Stipulation"), and the terms and conditions of the settlement set forth in the Stipulation (the "Settlement") are fair, reasonable and adequate to Flowserve and its shareholders, and should be finally approved by the Court; (b) whether a final judgment should be entered dismissing the Action with prejudice, releasing claims as described in the Stipulation and Settlement (the "Released Claims"), and enjoining Flowserve and its shareholders from pursuing the Released Claims; and (c) whether to approve the application of Plaintiff's counsel for an award of attorneys' fees, and for reimbursement of costs and expenses.  At the Settlement Hearing the Court may hear such other matters relating to the foregoing as the Court may deem necessary and appropriate.   Unless otherwise defined herein, all capitalized terms have the same meanings as set forth in the Stipulation.