SALT LAKE CITY, May 27, 2005 (PRIMEZONE) -- The following Summary Notice is being issued by Murray, Frank & Sailer LLP regarding Paradigm Medical Industries Inc.:
UNITED STATES DISTRICT COURT
DISTRICT OF UTAH
---------------------------------
IN RE PARADIGM MEDICAL )
INDUSTRIES SECURITIES LITIGATION ) Master File No. 2:03-CV-00448 (TC)
--------------------------------- Judge Tena Campbell
This Document Relates to: ) Magistrate Judge Brooke C. Wells
All Actions. )
---------------------------------
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION,
PROPOSED SETTLEMENT, AND SETTLEMENT HEARING
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE SECURITIES
OF PARADIGM MEDICAL INDUSTRIES, INC. DURING THE PERIOD BETWEEN
APRIL 17, 2000 AND NOVEMBER 4, 2002, INCLUSIVE (THE "CLASS").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal
Rules of Civil Procedure and an Order of the Court, that the
above-captioned action has been certified as a class action and that
a settlement for $1,507,500 has been proposed. A hearing will be held
before the Honorable Tena Campbell in the United States Courthouse,
350 South Main Street, Salt Lake City, Utah 84101, at 3:00 p.m., on
August 25, 2005 to determine whether the proposed settlement should
be approved by the Court as fair, reasonable, and adequate, and to
consider the application of Plaintiffs' Counsel for attorneys' fees
and reimbursement of expenses.
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 and Proposed Settlement, Motion for
Attorneys' Fees and Settlement Fairness Hearing and a Proof of Claim
form, you may obtain copies of these documents by contacting:
Paradigm Medical Industries Securities Litigation
c/o Berdon Claims Administration LLC
Claims Administrator
Post Office Box 9014
Jericho, NY 11753-8914
www.berdonllp.com/claims
Inquiries, other than requests for the forms of Notice and Proof of
Claim, may be made to Plaintiffs' Co-Lead Counsel:
Lori G. Feldman, Esq. Brian P. Murray, Esq.
MILBERG WEISS BERSHAD Murray, Frank & Sailer LLP
& SCHULMAN LLP 275 Madison Avenue
1001 Fourth Avenue, Suite 2550 New York, New York 10016
Seattle, Washington 98154 www.murrayfrank.com
To participate in the Settlement, you must submit a Proof of
Claim postmarked no later than September 26, 2005. 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 postmarked no
later than June 24, 2005. Any objections to the Settlement must be
filed by June 24, 2005. 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 contacting the Claims
Administrator.
By Order of The Court