Rosen Law Firm Announces Puda Coal Partial Settlement
NEW YORK, March 22, 2016 /PRNewswire/ --
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
IN RE PUDA COAL SECURITIES INC.
et al. LITIGATION
CASE NO: 1:11-CV-2598 (DLC)
TO: ALL PERSONS WHO PURCHASED OR ACQUIRED COMMON STOCK OF PUDA COAL, INC. ("PUDA") OR ENGAGED IN TRANSACTIONS IN PUDA PUT OPTIONS OR PUDA CALL OPTIONS DURING THE PERIOD DECEMBER 8, 2010 THROUGH AND INCLUDING AND APRIL 11, 2011
YOU ARE HEREBY NOTIFIED that the Lead Plaintiffs in the above-captioned class action (the "Action") have proposed: (1) a settlement with Defendant Macquarie Capital (USA) Inc. ("Macquarie") that will resolve the Action against Macquarie and provide that Macquarie will pay $7.4 million for the benefit of the Settlement Class (the "Macquarie Settlement"); (2) a settlement with Defendant Brean Murray, Carret & Co. ("Brean") that will resolve the Action against Brean and provide that Brean will pay $1.2 million for the benefit of the Settlement Class (the "Brean Settlement"), and (3) a settlement with Defendants Lawrence S. Wizel and C. Mark Tang (the "U.S. Directors") that will resolve the Action against the U.S. Directors and provide that the U.S. Directors shall pay $100,000 and assign certain claims for the benefit of the Settlement Class (the "U.S. Directors Settlement") (collectively the "Settlements"). Any payments due you under the Settlements are in addition to the monies that will be made available to purchasers of Puda common stock in Puda's December 2010 Offering through the Securities and Exchange Commission Fair Fund process relating to Macquarie.
A hearing will be held on June 17, 2016 at 11:00 a.m., before the Honorable Denise L. Cote in the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY, 10007, to determine: (1) whether each of the Settlements should be approved as fair, reasonable and adequate; (2) whether the Action should be dismissed with prejudice against the Settling Defendants and the releases and liability protections specified and described in the Notice and the respective Stipulations should be granted, (3) whether the Plan of Allocation of the settlement funds shall be approved as fair and reasonable; (4) whether Lead Plaintiffs' application for award of attorneys' fees of one-third of the Settlement Fund and reimbursement of up to $2.1 million of litigation expenses (as well as for a Reimbursement Award of $7,500 to each Lead Plaintiff) should be granted; and (5) any other matters relevant to the Settlements the Court considers necessary or appropriate (the "Settlement Hearing").
IF YOU PURCHASED PUDA COMMON STOCK OR CALL OPTIONS ON PUDA COMMON STOCK OR SOLD PUT OPTIONS ON PUDA COMMON STOCK DURING THE SETTLEMENT CLASS PERIOD (DECEMBER 8, 2010 THROUGH AND INCLUDING APRIL 11, 2011) YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlements, and the accompanying Claim Form, you may obtain copies by contacting the Claims Administrator at:
Puda Coal Securities Litigation P.O. Box 2838 Portland, OR 97208-2838
Copies of the Notice and Claim Form are also available at www.pudacoalfund.com.
If you are a member of the Class, in order to be eligible to share in the distribution of the Net Settlement Fund, you must mail your completed and signed claim form by first-class mail postmarked no later than May 13, 2016, establishing that you are entitled to a recovery. You will be bound by any judgment entered in the Action whether or not you make a claim.
If you desire to be excluded from the Class, you must file a request for exclusion postmarked no later than May 13, 2016, in the manner and form explained in the Notice. All members of the Class who do not request exclusion from the Class will be bound by any judgment entered in the Action. You can object to any or all of the Settlements.
Any objection to the proposed Settlements, Plan of Allocation, or application for attorneys' fees, reimbursement of litigation expenses, and an award to Lead Plaintiffs must be filed with the Court and delivered to counsel for the Parties no later than May 13, 2016 in the manner and form set forth in the Notice. All objections must be prepared and served in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE
Dated: March 22, 2016 BY ORDER OF THE COURT
SOURCE United States District Court, Southern District of New York