The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Worldwide Energy & Manufacturing, Inc. Common Stock Sold in Private Placements Closing on Jan. 26, 2010 and Feb. 9, 2010
LOS ANGELES, Jan 10, 2015 (BUSINESS WIRE) -- TO:ALL PURCHASERS OF WORLDWIDE ENERGY & MANUFACTURING USA, INC. COMMON STOCK SOLD THROUGH BROKER-DEALER, LADENBURG, THALMANN & CO., INC., IN PRIVATE PLACEMENTS CLOSING ON JANUARY 26, 2010 AND FEBRUARY 9, 2010 (“CLASS”)
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Superior Court for the State of California, County of San Mateo, that a hearing will be held on April 10, 2015 at 9:00 am. in Courtroom 2E before the Honorable Marie S. Weiner Superior Court Judge of the Superior Court for the State of California, County of San Mateo, 400 County Center Redwood City, CA 94063 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $1,615,000 plus interest, 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 one-third of the Settlement Amount and reimbursement of expenses of not more than $50,000 should be approved; and (4) whether the Litigation should be settled and resolved with prejudice.
If you owned Worldwide Energy & Manufacturing USA, Inc. (“WEMU”) common stock obtained in the private placements closing on January 26, 2010 and February 9, 2010, 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 and a copy of the Proof of Claim and Release, you may obtain copies by writing to Worldwide Energy & Manufacturing USA, Inc. Securities Litigation Settlement, Claims Administrator, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, PA 19063, or going to the website www.strategicclaims.net. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than March 5, 2015, establishing that you are entitled to recovery. You will be bound by any judgment rendered in the Litigation whether or not you make a claim.
Any objection to the Settlement, Plan of Allocation, or the Request for Award of Attorneys’ Fees and Reimbursement of Expenses must be mailed or delivered such that it is received by each of the following no later than March 5, 2015:
If you have any questions about the Settlement, you may call or write to The Rosen Law Firm, P.A., or to the Claims Administrator:
Worldwide Energy & Manufacturing USA Inc. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street—Suite 3
Media, PA 19063
Tel: (866) 274-4004
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: DECEMBER 22, 2014 BY ORDER OF THE SUPERIOR COURT JUDGEFOR THE SUPERIOR COURT OF THE STATE OF CALIFORNIA, COUNTY OF SAN MATEO
SOURCE: ROSEN LAW FIRM, P.A.
Attorneys for Plaintiffs and the Class
THE ROSEN LAW FIRM, P.A.
Laurence M. Rosen (State Bar No. 219683)
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Telephone: (213) 785-2610
Facsimile: (213) 226-4684
Attorneys for Defendant Ladenburg Thalmann & Co. Inc.
MORVILLO ABRAMOWITZ GRAND IASON & ANELLO P.C.
Robert J. Anello
Judith L. Mogul
565 Fifth Avenue
New York, New York 10017
Telephone: (212) 880-9478
Facsimile: (212) 856-9494