The Rosen Law Firm, P.A. Announces Class Action Settlement on Behalf of Purchasers of Common Stock of China Electric Motor, Inc. -- CELM

June 24, 2013

LOS ANGELES, June 24, Jun 24, 2013 (GLOBE NEWSWIRE via COMTEX) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of China Electric Motor, Inc. (otcmkts:CELM):
 

SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
 

TO:    ALL PERSONS WHO PURCHASED THE PUBLICLY TRADED COMMON STOCK OF CHINA ELECTRIC MOTOR, INC. DURING THE PERIOD FROM JANUARY 29, 2010 THROUGH MARCH 30, 2011, INCLUSIVE.
 

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on September 16, 2013 at 10:00 a.m. before the Honorable Manuel L. Real, United States District Judge of the Central District of California, 312 N. Spring Street, Los Angeles, CA 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $3,778,333.33 (of which $2,750,000 will be paid on behalf of China Electric Motor, Inc.; approximately $518,333.33 will be paid on behalf of MaloneBailey LLP; $400,000 by Roth Capital Partners, LLC., $100,000 by the parent company of WestPark Capital, Inc.; and $10,000 by Philip Kempisty and Kempisty & Company CPAs, P.C.) 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 25% of the Settlement amount ($944,583) and reimbursement of expenses of not more than $200,000, and an incentive payment of no more than $2,000 to lead plaintiff, should be approved; and (4) whether the Litigation should be dismissed with prejudice with respect to the Released Parties.
 

If you purchased common stock of China Electric Motor, Inc., during the class period from January 29, 2010 through March 30, 2011, 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 and a copy of the Proof of Claim and Release, you may obtain copies by writing to China Electric Motor, Inc. Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063 (tel:866-274-4004); (fax:610-565-7985); (email:info@strategicclaims.net), or going to the website, www.strategicclaims.net. If you are a member of the 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 August 28, 2013, 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 Class, you must submit a request for exclusion so that it is received no later than August 16, 2013, 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 Plaintiff's 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 August 27, 2013, to each of the following:

Clerk of the Court
United States District Court
Central District of California -Western Division
312 N. Spring Street
Los Angeles, CA 90012

Laurence M. Rosen, Esq.
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071

Lead Counsel

Jerome S. Fortinsky, Esq.
Brian G. Burke, Esq.
SHEARMAN & STERLING LLP
599 Lexington Avenue
New York, New York 10022

Counsel for China Electric Motor, Inc.

Patrick M. Kelly, Esq.
David S. Eisen, Esq.
Patricia Ann Golson, Esq.
WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP
555 South Flower Street, Suite 2900
Los Angeles, California 90071

Counsel for MaloneBailey LLP

John R. Loftus, Esq.
STROOCK & STROOCK & LAVAN LLP
2029 Century Park East
Los Angeles, CA 90067

Counsel for Roth Capital Partners, LLC

Nathan Dooley, Esq.
COZEN O'CONNOR
601 South Figueroa Street
Suite 3700
Los Angeles, California 90017

Counsel for WestPark Capital, Inc. and Richard Rappaport

                                   

If you have any questions about the Settlement, you may call or write to Lead Plaintiff's Counsel:
                                       

Laurence M. Rosen, Esq.
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Tel.: (213) 785-2610
 Fax: (213) 226-4684
  

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

                                       

DATED: JUNE 14, 2013
                                       

                                       

_______________________________
 BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
CENTRAL DISTRICT OF CALIFORNIA