The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of American Depository Shares of LightInTheBox Holding Co., Ltd. -- LITB
NEW YORK, Dec. 18, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of American Depository Shares of LightInTheBox Holding Co., Ltd. (NYSE:LITB):
TO: All Persons who purchased or otherwise acquired American Depository Shares ("ADSs") of LightInTheBox Holding Co., Ltd. ("LITB" or "the Company") between June 6, 2013 and August 19, 2013, inclusive (collectively, the "Settlement Class").
If you meet the above class definition, you could get a payment from a class action settlement.
A federal court authorized this Notice. This is not a solicitation from a lawyer.
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 March 25, 2015, at 11:00 a.m., before the Honorable Valerie Caproni, in Courtroom 443 of the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, New York 10007 (the "Court"), for the purpose of determining (1) whether the proposed settlement of claims in the above-captioned Action for consideration including the sum of US$1,550,000.00 (one million five hundred fifty thousand U.S. dollars) in cash should be approved by the Court as fair, reasonable and adequate; (2) whether this Action should be dismissed with prejudice as to the Defendants pursuant to the terms and conditions set forth in the Stipulation of Settlement dated September 4, 2014; (3) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and expenses incurred in connection with this Action and reimbursement of the Lead Plaintiff's reasonable costs and expenses (including lost wages) directly related to their representation of the Settlement Class should be approved.
If you purchased or otherwise acquired LITB ADSs between June 6, 2013 and August 19, 2013, inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in the ADSs.
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 form that is received no later than February 25, 2015, establishing that you are entitled to recovery, to the Claims Administrator at the address below.
If you desire to be excluded from the Settlement Class, you must mail a request for exclusion to the Claims Administrator in the manner and form explained in the detailed Notice so that it is received by February 25, 2015. Any objection to any aspect of the Settlement must be sent to the Court, Plaintiffs' Counsel Designee and the Company's Counsel Designee in the manner and form explained in the detailed Notice, no later than February 25, 2015.
If you wish to receive a detailed Notice concerning the terms of the Settlement or the Proof of Claim and Release form, you may obtain copies by writing to LightInTheBox (LITB) Securities Litigation, Claims Administrator, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, Pennsylvania 19063, or by visiting www.strategicclaims.net.
DO NOT TELEPHONE THE COURT, THE CLERK'S OFFICE OR ANY OF THE DEFENDANTS OR COUNSEL FOR THE DEFENDANTS REGARDING THIS NOTICE.
DATED: NOVEMBER 26, 2014
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
LightInTheBox (LITB) Securities Litigation, Claims Administrator, c/o Strategic Claims Services P.O. Box 230 600 N. Jackson Street, Suite 3 Media, Pennsylvania 19063 www.strategicclaims.net 866-274-4004