The Rosen Law Firm, P.A. Announces Proposed Class Action Settlements on Behalf of Holders and Purchasers of Common Stock of China Natural Gas, Inc. -- CHNGQ
WILMINGTON, Del., March 28, 2016 (GLOBE NEWSWIRE) -- Wohl & Fruchter LLP and The Rosen Law Firm, P.A. announces that the United States District Court for the District of Delaware has approved the following announcement of the proposed class action settlements that would benefit holders and purchasers of common stock of China Natural Gas, Inc. (OTCMKTS:CHNGQ):
SUMMARY NOTICE OF PENDENCY OF CLASS ACTIONS AND PROPOSED SETTLEMENTS
To: All China Natural Gas, Inc. (“CHNG”) stockholders and their successors in interest and transferees, immediate and remote, who held CHNG stock as of April 30, 2012 inclusive (the “Stockholder Class” or “Stockholder Class Members”) and all persons or entities who purchased or otherwise acquired the publicly traded common stock of CHNG between March 10, 2010 and September 21, 2011, inclusive (“Securities Class” or “Securities Class Members”).
YOU ARE HEREBY NOTIFIED that, pursuant to an order of the United States District Court for the District of Delaware (the “Court”), a hearing will be held before the Honorable Richard G. Andrews, United States District Judge, on June 2, 2016, at 9:30 a.m., in Courtroom 6A of the United States Courthouse, J. Caleb Boggs Federal Building, located at 844 North King Street, Wilmington, Delaware 19801, for the purpose of determining: (1) whether the proposed Settlement of the Stockholder Action for a payment of $1,400,000 in cash (consisting of the “Stockholder Settlement Amount” of $1,150,000 and the “Trustee Settlement Amount of $250,000) should be approved as fair, reasonable, and adequate to Stockholder Class Members; (2) whether the proposed Settlement of the Securities Class Action for a payment of $1,500,000 in cash (the “Securities Settlement Amount”) should be approved as fair, reasonable and adequate to Securities Class Members; (3) whether the proposed Orders and Final Judgments dismissing the Actions with prejudice should be entered; (4) whether the proposed plans to distribute the settlement proceeds (“Plans of Allocation”) are fair, reasonable, and adequate and, therefore, should be approved; and (5) whether the applications of Plaintiffs for attorneys’ fees and costs incurred in connection with the Actions and reimbursement of Plaintiffs’ expenses should be approved. As set forth in the Stipulation of Settlement in the Stockholder Action, dated January 28, 2016, Stockholder Plaintiffs’ counsel will request attorneys’ fees of 25% of the Stockholder Settlement Amount, plus expenses (exclusive of claims administration costs) not to exceed $40,000. Stockholder Plaintiffs will also seek approval of service awards in the aggregate amount not to exceed $10,000 to be paid out of the award of attorneys’ fees and expenses. The Securities Plaintiffs’ counsel will request attorneys’ fees of one third of the Securities Settlement Amount, plus expenses (exclusive of claims administration costs) not to exceed $125,000. Securities Plaintiffs will also seek approval of service awards in the aggregate amount not to exceed $10,000.
If you owned CHNG stock as of April 30, 2012 and/or you purchased or otherwise acquired CHNG stock between March 10, 2010 and September 21, 2011 (inclusive), your rights may be affected by the Settlements of the Actions. If you have not received a detailed Joint Notice of Pendency of Class Actions and Proposed Settlements (the “Notice”) and a copy of the Proof of Claim and Release Form (“Claim Form”), you may obtain copies by writing to the Claims Administrator (at China Natural Gas, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063; email@example.com), or by accessing the website, www.strategicclaims.net.
If you are a member of one or both of the classes, in order to share in the distribution of the settlement proceeds, you must submit a valid Claim Form to the Claims Administrator, postmarked on or before May 31, 2016, establishing that you are entitled to recovery.
Any objections to the settlements of the Actions, the Plans of Allocation, and/or the applications for attorneys’ fees and costs and Plaintiffs’ service awards must be filed with the Court and delivered to counsel no later than May 19, 2016, in the manner and form explained in the detailed Notice.
If you desire to be excluded from one or both of the classes, you must mail a request for exclusion to be received no later than May 12, 2016, in the manner and form explained in the detailed Notice.
All Stockholder Class Members and Securities Class Members who have not timely and validly requested exclusion from one or both of the classes will be bound by any judgments entered in the Actions pursuant to the Stipulations of Settlement, dated January 28, 2016.
If you have any questions about the Settlements, you may contact Plaintiffs’ counsel:
Ethan D. Wohl
Laurence M. Rosen
PLEASE DO NOT TELEPHONE THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
Dated: March 8, 2016
BY ORDER OF THE COURT, UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE