The Rosen Law Firm, P.A. Announces Class Action Settlement on Behalf of Purchasers of New Source Energy Partners L.P.’s 11% Series A Cumulative Convertible Preferred Units

August 21, 2017

NEW YORK, Aug. 21, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP announce that the United States District Court for the Southern District of New York has approved the following announcement of a class action settlement that would benefit purchasers of New Source Energy Partners L.P.’s 11% Series A Cumulative Convertible Preferred Units:

SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION

TO:     ALL PERSONS WHO PURCHASED NEW SOURCE ENERGY PARTNERS L.P.’S 11% SERIES A CUMULATIVE CONVERTIBLE PREFERRED UNITS PURSUANT AND/OR TRACEABLE TO THE MAY 5, 2015 OFFERING PRIOR TO OCTOBER 21, 2015.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on November 20, 2017 at 11:00 a.m. before the Honorable Kimba M. Wood, United States District Judge of the Southern District of New York, 500 Pearl Street, Courtroom 18B, New York, New York, 10007-1312 (the “Settlement Hearing”) for the purpose of determining: (1) whether to certify the Settlement Class pursuant to Federal Rule of Civil Procedure 23(a) and (b); (2) whether the Settlement Amount consisting of the sum of $2,850,000 should be approved by the Court as fair, reasonable, and adequate; (3) whether Final Judgment should be entered, dismissing the Action with prejudice and ordering the release of claims in accordance with the Stipulation of Settlement; (4) whether the Plan of Allocation to distribute the settlement proceeds is fair, reasonable, and adequate; (5) whether the application for an award of attorneys’ fees of $950,000 or one-third of the Settlement Amount, and reimbursement of expenses of not more than $35,000 and a case contribution award payment of no more than $15,000 collectively to all Lead Plaintiffs should be approved; (6) the merits of any objections to the Settlement; and (7) such other matters as the Court may deem appropriate.

If you purchased New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (“Series A Preferred Units” or “Units”) pursuant and/or traceable to New Source’s May 5, 2015 offering of the Units prior to the commencement of this Action on October 21, 2015 (the “Settlement Class Period”), 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 (“Notice”) and a copy of the Proof of Claim and Release, you may obtain copies by writing to New Source Energy Partners L.P. Securities 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; info@strategicclaims.net; or going to the website at 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 October 10, 2017 to the Claims Administrator, establishing that you are entitled to recovery.  Unless you submit a written request for exclusion, you will be bound by any judgment rendered in the Action whether or not you make a claim. If you desire to be excluded from the Settlement Class, you must submit a request for exclusion to the Claims Administrator received no later than October 23, 2017, in the manner and form explained in the Notice.

Any objection to the Settlement, Plan of Allocation, Co-Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses, or case contribution award payment must be in the manner and form explained in the Notice and received no later than November 2, 2017, to each of the following:

Clerk of the Court
United States District Court
Southern District of New York
500 Pearl Street
New York, New York 10007-1312

 
Co-Lead Counsel

Phillip Kim
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016

-and-

Peter C. Harrar
WOLF HALDENSTEIN 
ADLER FREEMAN & HERZ 
LLP
270 Madison Avenue
New York, NY 10016

 
Counsel for Individual 
Defendants

Ari M. Berman
VINSON & ELKINS L.L.P.
666 Fifth Avenue, 26th Floor
New York, NY 10103

Counsel for Underwriter 
Defendants

Peter B. Morrison
SKADDEN, ARPS, SLATE, 
MEAGHER & FLOM LLP
300 South Grand Ave., Ste. 
3400
Los Angeles, CA 90071

 

If you have any questions about the Settlement, you may call or write to Co-Lead Counsel

Phillip Kim  -and- Peter C. Harrar 
THE ROSEN LAW FIRM, P.A.   WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP
275 Madison Avenue, 34th Floor   270 Madison Avenue 
New York, New York 10016   New York, NY 10016 
Tel.:  212-686-1060   Tel: 212-545-4600 
Fax:  212-202-3827   Fax: 212-686-0114 

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

DATED: JULY 27, 2017

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK