HARTFORD, Conn., May 29, 2007 (PRIME NEWSWIRE) -- Schatz Nobel Izard, P.C. and Shapiro Haber & Urmy LLP announce that a settlement in the amount of $5,500,000 has been submitted for approval to the United States District Court for the District of Massachusetts in a class action lawsuit alleging violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. All persons who purchased or otherwise acquired the common stock of PolyMedica Corp. ("PolyMedica") during the period between October 26, 1998, and December 31, 2000, may be eligible to participate in the settlement.
A hearing will be held before the Honorable William G. Young, John Joseph Moakley United States Courthouse, 1 Courthouse Way, Boston, MA 02210, at 2:00 p.m., on September 5, 2007, to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Lead Counsel for attorneys' fees and reimbursement of expenses.
The rights of any member of the class described above will be affected and those persons may be entitled to share in the settlement fund. Any member of the class who has 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, may obtain copies of these documents by contacting the Claims Administrator:
PolyMedica Securities Litigation Settlement Fund
c/o FRG Information Systems Corp.
PO Box 460
Peck Slip Station
New York, NY 10272-460
(800) 556-9955
www.frginfosys.com/polymedica
Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Co-Lead Counsel:
SHAPIRO HABER & URMY LLP SCHATZ NOBEL IZARD, P.C.
53 State Street One Corporate Center
Boston, MA 02109 20 Church St., Ste. 1700
(617) 439-3939 Hartford, CT 06103
Email: cases@shulaw.com (860) 202-2690
Email: jnobel@snlaw.net
To participate in the settlement, a class member must submit a Proof of Claim no later than October 26, 2007. If a member of the class does not exclude himself from the class or does not submit a proper Proof of Claim, then that class member will not share in the settlement, but the class member will be bound by the Order and Final Judgment of the Court. To exclude herself from the class, a class member must submit a request for exclusion postmarked no later than August 22, 2007, in the manner and form explained in the detailed Notice referred to above. Any objections to the settlement must be filed by August 26, 2007.
Further information may be obtained by contacting the Claims Administrator. No one should contact the Court or the Clerk's Office for information.