The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of China Expert Technology, Inc.
NEW YORK, Nov 22, 2013 (GLOBE NEWSWIRE via COMTEX) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of China Expert Technology, Inc.:
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF CHINA EXPERT TECHNOLOGY, INC. DURING THE PERIOD FROM MARCH 31, 2006 THROUGH OCTOBER 1, 2007, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York in the above-captioned action (the "Litigation"), that a hearing will be held on February 5, 2014 at 2:30 p.m. in courtroom 14D before the Honorable Alvin K. Hellerstein, United States District Judge of the Southern District of New York, 500 Pearl Street, New York, New York 10007 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement between Plaintiffs and PKF Hong Kong, Certified Public Accountants ("PKF HK"), PKF, Certified Public Accountants, A Professional Corporation (sued herein as PKF New York, Certified Public Accountants, A Professional Corporation) ("PKF NY"), and BDO Ltd., Certified Public Accountants ("BDO") (collectively, the "Settling Defendants") consisting of the sum of $4,200,000, 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 25.0% of the Settlement amount, reimbursement of expenses of not more than $755,000, and awards to each Class Representative not to exceed $5,000 should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased or otherwise acquired common stock of China Expert Technology, Inc. ("China Expert") during the period from March 31, 2006 through October 1, 2007, inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to China Expert Securities Litigation, c/o Strategic Claims Services, Claims Administrator, 600 North Jackson Street, Suite 3, P.O. Box 230, Media, PA 19063, 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 January 9, 2014, 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. To exclude yourself from the Class, you must submit a Request for Exclusion to the Claims Administrator in the manner detailed in the Notice, and postmarked no later than January 9, 2014.
Any objection to the Settlement, Plan of Allocation, or the Plaintiffs' Counsel's request for an award of attorneys' fees and reimbursement of expenses and awards to Class Representatives must be received by the addresses below and made in the manner indicated in the Notice by no later than January 9, 2014.
COURT PLAINTIFFS' COUNSEL DEFENSE COUNSEL Clerk of the Court Laurence Rosen Thomas R. Manisero United States District Court ROSEN LAW FIRM, P.A. WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP Southern District of New York 275 Madison Avenue 150 East 42nd Street 500 Pearl Street 34 Floor New York, NY 10017 New York, NY 10007 New York, NY 10016 James J. Farrell Class Counsel for Plaintiffs LATHAM & WATKINS, LLP 355 S. Grand Ave. Los Angeles, CA 90071 Neal R. Marder WINSTON & STRAWN LLP 333 S. Grand Avenue Los Angeles, CA 90071 Counsel for Settling Defendants
If you have any questions about the Settlement, you may call or write to Plaintiffs' Counsel identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: NOVEMBER 15, 2013
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK