NEW YORK, Aug. 21, 2007 (PRIME NEWSWIRE) -- The Law firm of Kirby McInerney announces a Proposed Class Action Settlement regarding Pharmos Corporation ("Pharmos").
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY
IN RE PHARMOS
SECURITIES LITIGATION Civil Action No. 05-338 (KSH)
CONSOLIDATED CLASS ACTION
SUMMARY NOTICE
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED
THE COMMON STOCK OF PHARMOS CORPORATION ("PHARMOS") DURING
THE PERIOD FROM FEBRUARY 10, 2000 THROUGH DECEMBER 17, 2004,
INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on November 13, 2007 at 10:00 a.m., in Courtroom #5, before the Honorable Katherine S. Hayden at the United States District Court for the District of New Jersey, Frank R. Lautenberg Post Office & U.S. Courthouse, Federal Square, Newark, New Jersey 07101, for the purpose of determining, among other things, whether: (1) the proposed settlement of the claims in the Action for cash consideration totaling $7,000,000 (plus accrued interest) should be approved by the Court as fair, reasonable and adequate; (2) this consolidated action should be dismissed with prejudice; (3) the Plan of Allocation is fair and reasonable and should be approved; (4) the Court can and should certify the Action as a class action for settlement purposes; and (5) the application of Plaintiffs' Counsel for an award of attorneys' fees and reimbursement of costs and expenses incurred in connection with this Action should be granted.
If you purchased or otherwise acquired Pharmos common stock during the period from February 10, 2000 through December 17, 2004, inclusive, your rights may be affected by the settlement of this litigation. You may obtain a copy of a detailed Notice of Pendency and Proposed Settlement of Class Action and Proof of Claim and Release by writing to: In re Pharmos Securities Litigation, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040 (or www.gilardi.com). If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than February 11, 2008, establishing that you are entitled to recovery. You will be bound by any judgment rendered in the Action whether or not you make a claim.
All members of the class who desire to exclude themselves from the Settlement Class must do so on or before October 23, 2007, by written request to the Claims Administrator at the above address.
Any objection to the proposed settlement must follow the form ordered by the Court and be mailed or delivered such that it is received by each of the following no later than October 23, 2007:
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
Martin Luther King Building & U.S. Courthouse
50 Walnut Street
Newark, NJ 07101
Plaintiffs' Lead Counsel: Attorneys' for Defendants:
Ira M. Press, Esq. Joel C. Haims, Esq.
KIRBY McINERNEY & SQUIRE, LLP MORRISON & FOERSTER, LLP
830 Third Avenue, 10th Floor 1290 Avenue of the Americas
New York, NY 10022 New York, NY 10104-0050
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING
THIS NOTICE.
DATED: August 14, 2007 BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY