LOS ANGELES, Aug. 8, 2006 (PRIMEZONE) -- The following was released by Yourman Alexander & Parekh LLP with regards to In re PurchasePro.com, Inc. Securities Litigation, Master File No.: CV-S-01-0483-JLQ (District of Nevada)
SUMMARY NOTICE FOR PUBLICATION
TO ALL PERSONS WHO PURCHASED OR ACQUIRED THE COMMON STOCK OF PURCHASEPRO.COM, INC. ("PURCHASEPRO" OR THE "COMPANY") DURING THE PERIOD FROM MARCH 23, 2000, THROUGH MAY 21, 2001, INCLUSIVE:
YOU ARE HEREBY NOTIFIED that the Representative Plaintiffs, as defined in the Stipulation of Settlement (the "Stipulation") dated May 15, 2006, in the above-captioned federal court action (the "Litigation") for themselves and on behalf of the Settlement Class Members, have entered into the Stipulation with Defendants to resolve the Litigation. (All terms herein are as defined in the Notice of Pendency and the Stipulation of Settlement on file with the Court).
PLEASE BE FURTHER ADVISED that, pursuant to an order of the United States District Court for the District of Nevada (the "Court"), dated July 18, 2006, a hearing will be held on October 10, 2006 at 9:30 a.m. (the "Settlement Hearing") before the Honorable Justin L. Quackenbush, in the United States District Court, District of Nevada, located at 333 S. Las Vegas Blvd., Las Vegas, Nevada 89101, for the purpose of determining: (1) whether the proposed settlement of the Litigation for $24,200,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether the Litigation should be dismissed on the merits and with prejudice pursuant to the terms of the Stipulation; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; (4) whether Representative Plaintiffs' Counsel's application for fees and expenses, including any award of reasonable costs and expenses (including lost wages, directly relating to the representation of the Settlement Class to any Representative Plaintiff serving on behalf of the Settlement Class) and interest thereon should be approved; and (5) whether the releases provided for in the Stipulation should be approved as fair, reasonable and adequate to the Members of the Settlement Class. If you purchased or acquired PurchasePro common stock during the period from March 23, 2000, through May 21, 2001, inclusive, your rights may be affected by the settlement of this Litigation.
If you are a Settlement Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Proof of Claim and Release, which must be received by the Claims Administrator at the address listed below postmarked no later than November 17, 2006, establishing that you are entitled to recovery. To receive a Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing ("Notice") and Proof of Claim and Release or for further information, please write to the Claims Administrator:
PurchasePro Securities Litigation c/o Berdon Claims Administration LLC P.O. Box 9014 Jericho, NY 11753-8914 Fax: (516) 931-0810 Website: www.berdonllp.com/claims
If you purchased or acquired PurchasePro common stock during the Settlement Class Period, you will be deemed to be a Member of the Settlement Class unless you expressly request to be excluded from the Settlement Class. You must submit a valid request for exclusion postmarked NO LATER THAN September 19, 2006. Instructions on how to request exclusion from the Settlement Class are set forth in the detailed Notice. You will be bound by, and subject to, any judgment rendered in the Litigation unless you request to be excluded in the manner set forth in the Notice. If you submit a valid and timely request for exclusion, you will not be entitled to share in the proceeds of the Settlement and you will not be bound by the Settlement or the Judgment.
Counsel for the Representative Plaintiffs and the Settlement Class are:
Kevin J. Yourman Nadeem Faruqi Vahn Alexander Antonio Vozzolo YOURMAN ALEXANDER FARUQI & FARUQI, LLP & PAREKH LLP 320 East 39th Street 3601 Aviation Blvd., Suite 3000 New York, NY 10016 Manhattan Beach, CA 90266 Tel: (212) 983-9330 Tel: (310) 725-6400
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE.
BY ORDER OF THE HON. JUSTIN L. QUACKENBUSH SENIOR UNITED STATES DISTRICT JUDGE