The Rosen Law Firm, P.A. Announces Proposed Partial Class Action Settlement on Behalf of Purchasers of Common Stock of Tibet Pharmaceuticals, Inc. – TBET
RICHMOND, Va., Nov. 06, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States Bankruptcy Court Eastern District of Virginia Richmond Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Tibet Pharmaceuticals, Inc. (TBET):
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED TIBET PHARMACEUTICALS, INC. (“TIBET”) COMMON STOCK PURSUANT AND/OR TRACEABLE TO TIBET’S REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH TIBET'S INITIAL PUBLIC OFFERING OF STOCK ON JANUARY 24, 2011; OR (2) PURCHASED OR OTHERWISE ACQUIRED TIBET COMMON STOCK FROM JANUARY 24, 2011 TO APRIL 3, 2012, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States Bankruptcy Court for the Eastern District of Richmond in the above-captioned action (the “Litigation”), that a hearing will be held on February 4, 2016 at 10:00 a.m. before the Honorable Keith L. Phillips, United States Bankruptcy Judge of the Eastern District of Virginia, Richmond Division, 701 East Broad Street, Richmond, Virginia 23219 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement Agreement between Plaintiffs and the Chapter 7 Trustee on behalf of Anderson & Strudwick, Inc. (the “Settling Defendants”) consisting of an allowed, unsecured claim in the total amount of Fourteen Million Dollars ($14,000,000) in the Debtor’s bankruptcy case, which will be distributed to the Class on a pro rata basis pursuant to the Bankruptcy Code after payment of other secured claims, administrative claims, and other priority claims, 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 the lesser of twenty-five percent of the Settlement amount or $2.8 million, reimbursement of expenses of not more than $100,000 and awards to each Class Representative not to exceed $5,000 per representative should be approved; and (4) whether the Securities Class Action Adversary Proceeding as against Settling Defendants should be dismissed with prejudice.
If you (1) purchased or otherwise acquired Tibet common stock pursuant and/or traceable to Tibet’s Registration Statement and Prospectus issued in connection with Tibet’s initial public offering of Stock on January 24, 2011; or (2) purchased or otherwise acquired Tibet common stock from January 24, 2011 to April 3, 2012, both dates inclusive, 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 (the “Notice”) and a copy of the Class Action Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator at: Anderson & Strudwick Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 North Jackson Street, Suite 3, Media, PA 19063, or going to the website, www.strategicclaims.net. You must submit a Class Action Proof of Claim and Release postmarked no later than January 11, 2016 to the Claims Administrator establishing that you are entitled to recovery.
As detailed in the Notice, it is unlikely that the actual dollar value of the Settlement will be $14,000,000. $14,000,000 represents the maximum possible Settlement Amount. The ultimate dollar amount of the Gross Settlement Fund will likely be much less than $14,000,000.
Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Securities Class Action Adversary Proceeding whether or not you make a claim. To exclude yourself from the Class, you must submit a Request for Exclusion to the Claims Administrator in the manner detailed in the Notice, and it must be received no later than January 5, 2016.
Any objection to the Settlement, Plan of Allocation, or the Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and awards to Class Representatives must be received by the addresses indicated in the Notice and below by no later than January 15, 2016.
|COURT||PLAINTIFFS’ COUNSEL||DEFENSE COUNSEL|
|Clerk of the Court United States Bankruptcy Court Eastern District of Virginia, Richmond Division 701 East Broad Street Richmond, VA 23219||Laurence M. Rosen THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016
Class Counsel for Plaintiffs
|Vern Inge LECLAIRRYAN, A Professional Corporation 919 East Main Street, 24th Floor Richmond, Virginia 23219
Counsel for the Chapter 7 Trustee
If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: October 28, 2015
BY ORDER OF THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF VIRGINIA