The Rosen Law Firm, P.A. Announces Second Settlement For Keyuan Petrochemicals, Inc. Investors

October 27, 2015

The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Securities of Keyuan Petrochemicals, Inc. – KEYP

NEWARK, N.J., Oct. 27, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Keyuan Petrochemicals, Inc. (OTCMKTS:KEYP):

SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO PURCHASED (A) KEYUAN PETROCHEMICALS, INC. (“KEYUAN”) COMMON STOCK DURING THE PERIOD FROM AUGUST 16, 2010 THROUGH OCTOBER 7, 2011, INCLUSIVE AND/OR (B) KEYUAN SECURITIES PURSUANT TO THE CONFIDENTIAL PRIVATE OFFERING MEMORANDUM DATED MARCH 22, 2010 CONSISTING OF PURCHASERS IN THE FIRST TRANCHE THAT CLOSED ON APRIL 22, 2010 AND THE SECOND TRANCHE THAT CLOSED ON MAY 18, 2010.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on January 25, 2016 at 11:00 a.m. before the Honorable Madeline Cox Arleo, United States District Judge of the District of New Jersey, 50 Walnut Street, Courtroom MLK 2A, Newark, New Jersey 07101 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $850,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; (3) whether the application for an award of attorneys’ fees of $283,333.33 or one-third and reimbursement of expenses of not more than $7,500 and an incentive payment of no more than $5,000 to Lead Plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.

If you purchased (a) Keyuan common stock during the class period from August 16, 2010 through October 7, 2011, inclusive, and/or (b) Keyuan securities pursuant to the confidential private offering memorandum dated March 22, 2010 consisting of purchasers in the first tranche that closed on April 22, 2010 and the second tranche that closed on May 18, 2010, your rights may be affected by the Settlement of this action.  If you have not received a detailed Notice of Pendency and Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator at: Patrizio & Zhao LLC, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063 (866-274-4004 (Tel) 610-565-7985 (Fax); info@strategicclaims.net, or going to the website, www.strategicclaims.net).  If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must either (1) have already submitted a claim in connection with the “First Keyuan Settlement”by September 28, 2015; or (2) if you did not submit a claim in connection with the First Keyuan Settlement by September 28, 2015, submit a Proof of Claim and Release postmarked no later than December 21, 2015 to the Claims Administrator, establishing that you are entitled to recovery.  Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. If you desire to be excluded from the Settlement Class, you must submit a request for exclusion so that it is received no later than January 5, 2016, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, or the Lead Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than January 5, 2016, to each of the following:

Clerk of the Court
United States District Court
District of New Jersey
50 Walnut Street
Newark, NJ 07101

COUNSEL FOR PLAINTIFFS AND THE CLASS:
Laurence M. Rosen, Esq.
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016

COUNSEL FOR DEFENDANTS:
Thomas F. Quinn, Esq.
WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP
200 Campus Drive
Florham Park, NJ 07932

If you have any questions about the Settlement, you may call or write to Lead Plaintiffs’ Counsel:

Laurence M. Rosen, Esq.
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: OCTOBER 5, 2015                                       

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF
NEW JERSEY

1 The First Keyuan Settlement is the class action settlement in the lawsuit against Keyuan and certain of its officers and directors pending the U.S. District Court for the Southern District of New York, styled as Neil Vanleeuwen and Rodney Omanoff, et al. v. Keyuan Petrochemicals, Inc., et al., No. 1:13-cv-6057 (PAC).