The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Securities of Global Geophysical Services, Inc. -- GEGSQ, GEGPQ
HOUSTON, Nov. 06, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of Texas has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Global Geophysical Services, Inc. (OTCMKTS:GEGSQ) (OTCMKTS:GEGPQ):
SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED (A) GLOBAL GEOPHYSICAL SERVICES, INC. (“GGS”) COMMON STOCK DURING THE PERIOD FROM FEBRUARY 22, 2012 THROUGH MARCH 26, 2014, INCLUSIVE AND/OR (B) GGS SERIES A PREFERRED STOCK PURSUANT TO OR TRACEABLE TO GGS’ DECEMBER 3, 2013 REGISTRATION STATEMENT.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on January 15, 2016 at 2:00 p.m. before the Honorable Vanessa D. Gilmore, United States District Judge of the Southern District of Texas, 515 Rusk Street, Courtroom 9A, Houston, Texas 77002 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $5,300,000 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 $1,766,666.667 or one-third and reimbursement of expenses of not more than $85,000 and a collective service award of no more than $15,000 to Lead Plaintiff and Named Plaintiffs (“Plaintiffs”), should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased (a) GGS common stock during the class period from February 22, 2012 through March 26, 2014, inclusive, and/or (b) GGS Series A preferred stock pursuant to or traceable to GGS’ December 3, 2013 registration statement and 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: Global Geophysical Services, Inc., 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)); firstname.lastname@example.org, 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 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 postmarked no later than December 21, 2015, in the manner and form explained in the detailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of Allocation, or Class 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 postmarked no later than December 21, 2015, to each of the following:
Clerk of the Court
United States District Court Southern District of Texas 515 Rusk Street Houston, Texas 77002
COUNSEL FOR PLAINTIFFS AND THE CLASS:
Phillip Kim, Esq. THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, New York 10016
COUNSEL FOR DEFENDANTS:
Peter A. Stokes NORTON ROSE FULBRIGHT US LLP 98 San Jacinto Blvd., Suite 1100 Austin, Texas 78701-4255
Counsel for Defendants Global Geophysical Services, Inc., Mathew Verghese, Richard C. White, Damir Skerl, Michael C. Forrest, George E. Matelich, Stanley De Jongh Osborne, Karl F. Kurz, Michael S. Bahorich, and Joseph P. McCoy
Marc D. Powers BAKER HOSTETLER LLP 45 Rockefeller Plaza, 14th Floor New York, NY 10022
Counsel for Defendant Richard A. Degner
Karl G. Dial DLA PIPER LLP 1717 Main Street, Suite 4600 Dallas, Texas 75201
Counsel for Defendant UHY LLP
If you have any questions about the Settlement, you may call or write to Class Counsel:
Phillip Kim, Esq. THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Telephone: (212) 686-1060 Fax: (212) 202-3827
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: OCTOBER 6, 2015
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS