CHICAGO, Sept. 7, 2006 (PRIMEZONE) -- Krislov & Associates, Ltd. announce that the Lead Plaintiffs in the DVI, Inc. Securities Litigation have entered into Partial Settlement Agreements with three of the named Defendants in this Litigation, OnCURE Medical Corp., f/k/a OnCURE Technologies, Corp. ("OnCURE"), Dolphin Medical, Inc. ("Dolphin") and PresGar Imaging, L.C. ("PresGar") (the "Partial Settlements").
UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA
Case No. 2:03-CV-5336
SUMMARY OF INFORMATION IN NOTICE OF PENDENCY AND PROPOSED PARTIAL SETTLEMENTS OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES, OTHER THAN DEFENDANTS IN THE LITIGATION AND PLAINTIFFS NAMED IN WM HIGH YIELD FUND, ET AL. V. O'HANLON ET AL., NO. 04-CV-3423 (E.D. PA.), WHO PURCHASED OR OTHERWISE ACQUIRED THE SECURITIES OF DVI (DVI's COMMON STOCK AND 9 7/8% SENIOR NOTES) BETWEEN AUGUST 10, 1999 AND AUGUST 13, 2003, BOTH DATES INCLUSIVE (THE "CLASS").
IF YOU ARE A MEMBER OF THE CLASS YOU MAY BE ENTITLED TO SHARE IN PARTIAL SETTLEMENTS.
YOU ARE HEREBY NOTIFIED that the Partial Settlements terms include releases of the class claims asserted against OnCURE, Dolphin and PresGar, but not other defendants, brought pursuant to Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission.
Lead Plaintiffs have settled their claims against OnCURE, Dolphin and PresGar for cash payments of $1,175,000, $960,000 and $750,000, respectively, for total Partial Settlements with these Defendants of $2,885,000. The final amount distributed to Class Members will depend upon the amount of interest earned on these funds and the amount of Court-approved attorneys' fees, costs and expenses, and Notice and Administration Costs.
The parties do not agree on the amount of damages per common share and per Senior Note that would be recoverable if the Class were to prevail on each claim alleged. The parties disagree as to whether the Class suffered damages, the amount thereof and how to measure damages.
The Lead Plaintiffs are proposing the Partial Settlements because, upon consideration of, among other things, the record, the potential damages, the strength of the Class' claims and the risks and cost of continued litigation, the Partial Settlements provide substantial recovery to the Class, is fair, reasonable and adequate, and is preferable to continued litigation. OnCURE, Dolphin and PresGar deny any liability or wrongdoing, but desire to resolve the claims asserted under the terms set forth herein and, in more detail, in the Settlement Agreements.
A hearing will be held before the Honorable Legrome D. Davis in the United States District Court for the Eastern District of Pennsylvania on November 9, 2006 at 10:00 a.m. to determine whether the proposed Partial Settlements are fair, reasonable and adequate to the Class and should be approved; whether the proposed Plan of Allocation is fair, reasonable and adequate to the Class and should be approved; whether a proposed Final Judgment should be entered; to determine the amount of fees and expenses that should be awarded to Plaintiffs' Lead Counsel; and to rule upon such other matters as the Court may deem appropriate.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE PARTIAL SETTLEMENT FUNDS. If you have not yet received a Proof of Claim form and the full printed Notice of (i) Proposed Partial Settlements of Class Action, (ii) Hearing on Proposed Settlements and Petition for Attorneys' Fees and Costs, and (iii) Right to Share in Settlement Funds, you may obtain copies of these documents by contacting the Claims Administrator at:
DVI, Inc. Securities Litigation c/o Strategic Claims Services Claims Administrator 2710 Concord Road, Suite 5 Aston, PA 19104 www.strategicclaims.net (610) 364-2693
Inquiries, other than requests for the Notice and Proof of Claim form, may be made to Plaintiffs' Lead Counsel:
Clinton A. Krislov Michael R. Karnuth Krislov & Associates, Ltd. 20 N. Wacker Drive, Suite 1350 Chicago, IL 60606 (312) 606-0500
To participate in the Partial Settlements, you must submit a Proof of Claim no later than January 3, 2007. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the Partial Settlements, but, unless you exclude yourself from the Class on or before October 12, 2006, you will be bound by the Order and Final Judgment of the Court.
Further information may be obtained by directing your inquiry in writing to the Claims Administrator at the address above.
PLEASE DO NOT CALL THE COURT OR THE OFFICE OF THE CLERK OF THE COURT FOR INFORMATION OR ADVICE. If you have questions about this notice, you may consult an attorney of your own choosing or any of Plaintiffs' Lead Counsel, whose names and other contact information are listed above.
DATED: August 18, 2006 BY ORDER OF THE COURT
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca