The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of L&L Energy, Inc. -- LLEN
March 11, 2015 08:00 ET | Source: The Rosen Law Firm PA
NEW YORK, March 11, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Faruqi & Faruqi, LLP 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 L&L Energy, Inc. (OTCMKTS:LLEN):
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED COMMON STOCK OF L&L ENERGY, INC. DURING THE PERIOD FROM AUGUST 13, 2009 THROUGH SEPTEMBER 18, 2013, 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 June 26, 2015 at 10:00 a.m. in courtroom 1506 before the Honorable Ronnie Abrams, United States District Judge of the Southern District of New York, 40 Foley Square, New York, New York 10007 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement between Lead Plaintiffs and Defendants L&L Energy, Inc. ("L&L"), Dickson V. Lee, Ian G. Robinson, and Clayton Fong (collectively, "Defendants") consisting of the sum of $3,500,000, 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 one third of the Settlement Amount, reimbursement of expenses of not more than $95,000, and awards to Lead Plaintiff not to exceed a total of $7,500 should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased common stock of L&L during the period between August 13, 2009 and September 18, 2013, 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 (the "Settlement Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to L&L Energy, Inc. Securities Litigation, c/o Strategic Claims Services, 600 North Jackson Street, Suite 3, Media, PA 19063. 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 no later than May 20, 2015, 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 mail a request for exclusion to the Claims Administrator in the manner detailed in the Settlement Notice, and must be received no later than June 5, 2015.
Any objection to the Settlement, Plan of Allocation, or the Lead Counsel's request for an award of attorneys' fees and reimbursement of expenses and awards to Lead Plaintiffs must be received by the addresses indicated in the Settlement Notice and below by no later than June 5, 2015.
|Clerk of the Court||Phillip Kim||Douglas Greene|
|United States District Court||The Rosen Law Firm||Lane Powell PC|
|Southern District New York||275 Madison Ave., 34th Floor||1420 Fifth Ave, Suite 4200|
|500 Pearl Street||New York, New York 10016||Seattle WA, 98101|
|New York, NY 10007||Lead Counsel for Class||Counsel for L&L, Ian G. Robinson, and Clayton Fong|
|Rich Gonnello||Aric Wu|
|Faruqi & Faruqi, LLP||Gibson, Dunn & Crutcher LLP|
|369 Lexington Avenue, 10th Floor||200 Park Avenue|
|New York, New York 10017||New York, New York 10166|
|Lead Counsel for Class||Counsel for Dickson V. Lee|
If you have any questions about the Settlement, you may call or write to Lead Counsel identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS SETTLEMENT NOTICE.
DATED: FEBRUARY 13, 2015
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK