PHILADELPHIA, July 14, 2003 (PRIMEZONE) -- The Law Offices of Bernard M. Gross, P.C. and Weinstein Kitchenoff Scarlato Karon & Goldman Ltd. announce a proposed Class Action Settlement on behalf of persons who purchased the common stock of Corel Corporation (Nasdaq:CORL). Set forth below is the Summary Notice ordered by the Court.
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF PENNSYLVANIA
Civil Action No. 00-1257(AB)
IN RE COREL CORPORATION
SECURITIES LITIGATION
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION,
PROPOSED SETTLEMENT AND SETTLEMENT HEARING
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED
THE COMMON STOCK OF COREL CORPORATION ON THE NASDAQ NATIONAL
MARKET DURING THE PERIOD OF DECEMBER 7, 1999 THROUGH MARCH 20,
2000, INCLUSIVE, AND WHO WERE DAMAGED THEREBY (THE "CLASS").
YOU ARE HEREBY NOTIFIED that the above-captioned action has been certified as a class action and that a settlement for $7,000,000 has been proposed. A hearing will be held before the Honorable Anita B. Brody in the United States Courthouse, 601 Market Street, Philadelphia, Pennsylvania 19106, at 9:30 a.m., on September 12, 2003 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiffs' Lead Counsel for attorneys' fees and reimbursement of expenses out of the Settlement Fund, including expenses of the Lead Plaintiffs.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action, Hearing on Proposed Settlement and Attorneys' Fee Petition and Right to Share in Settlement Fund and a Proof of Claim form, you may obtain copies of these documents by identifying yourself as a member of the Class and by contacting the Claims Administrator:
In re Corel Corporation Securities Litigation C/o Strategic Claims Services 2710 Concord Rd., Suite 5 Aston, PA 19014 1-866-274-4004
You may also obtain copies of the Notice and Claim Form at www.strategicclaims.org.
Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Lead Plaintiffs' Co-Lead Counsel:
Robert P. Frutkin, Esq. Paul J. Scarlato, Esq. LAW OFFICES BERNARD M. WEINSTEIN KITCHENOFF SCARLATO GROSS, P.C. KARON & GOLDMAN LTD. 1515 Locust Street 1845 Walnut Street, Suite 1100 Philadelphia, PA 19102 Philadelphia, PA 19103 (215) 561-3600 (215) 545-7200
To participate in the Settlement, you must submit a Proof of Claim no later than December 1, 2003. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Order and Final Judgment of the Court. To exclude yourself from the Class, you must submit a request for exclusion to the Claims Administrator at the above address so as to be received no later than August 29, 2003. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement but you nevertheless 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 above address.
By Order of The Court