CHICAGO, March 12, 2008 (PRIME NEWSWIRE) -- Krislov & Associates, Ltd. Announces the Notice of Pendency of Class Action, Hearing on Proposed Settlement, Plan of Allocation and Attorneys' Fees and Expenses Involving DVI, Inc.
UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA
Case No. 2:03-CV-5336
SUMMARY OF INFORMATION IN NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES, OTHER THAN DEFENDANTS IN THE LITIGATION AND PLAINTIFFS NAMED IN WM HIGH YIELD FUND, ET AL. V. O'HANLON ET AL., NO. 04-CV-3423 (E.D. PA.), WHO PURCHASED OR OTHERWISE ACQUIRED THE SECURITIES OF DVI, Inc. (DVI's COMMON STOCK AND/OR 9 7/8% SENIOR NOTES) BETWEEN AUGUST 10, 1999 AND AUGUST 13, 2003, BOTH DATES INCLUSIVE (THE "SETTLEMENT CLASS").
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS YOU MAY BE ENTITLED TO SHARE IN A SETTLEMENT.
YOU ARE HEREBY NOTIFIED that the Lead Plaintiffs in the above captioned action have entered into a Settlement with one of the named Defendants in this Litigation, Merrill Lynch & Co., Inc. ("Merrill Lynch"). The Settlement terms include releases of the Settlement Class' claims asserted against Merrill Lynch, but not other Defendants, brought pursuant to Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission.
Lead Plaintiffs have settled their claims against Merrill Lynch, which was a former lender to DVI and underwriter in certain "securitization" transactions, for cash payment of Four Million Five Hundred Thousand dollars ($4,500,000). The final amount distributed to Settlement Class Members will depend upon the amount of interest earned on these funds and the amount of Court-approved attorneys' fees, costs and expenses, and Notice and Administration Costs.
The parties to this litigation do not agree on the amount of damages per Common Share and per Senior Note that would be recoverable if the Settlement Class were to prevail on each claim alleged. The parties also do not agree as to whether the Settlement Class suffered damages, the amount thereof and how to measure damages.
The Lead Plaintiffs are proposing the Settlement because, upon consideration of, among other things, the record, the potential damages, the strength of the Settlement Class' claims and the risks and cost of continued litigation, the Settlement provides substantial recovery to the Settlement Class, is fair, reasonable and adequate, and is preferable to continued litigation. Merrill Lynch denies any liability or wrongdoing, but desires to resolve the claims asserted under the terms set forth herein and, in more detail, in the Stipulation.
A hearing will be held before the Honorable Legrome D. Davis in the United States District Court for the Eastern District of Pennsylvania on April 30, 2008 at 2:00 p.m. to determine whether the proposed Settlement is fair, reasonable and adequate to the Settlement Class and should be approved; whether the proposed Plan of Allocation is fair, reasonable and adequate to the Settlement Class and should be approved; whether a proposed Final Judgment should be entered; to determine the amount of fees and expenses that should be awarded to Plaintiffs' Lead Counsel; and to rule upon such other matters as the Court may deem appropriate.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUNDS. If you have not yet received a Proof of Claim form and the full printed Notice of Pendency of Class Action, Hearing on Proposed Settlement, Plan of Allocation and Attorneys' Fees and Expenses, you may obtain copies of these documents by contacting the Claims Administrator at:
DVI, Inc. Securities Litigation
c/o Strategic Claims Services
Claims Administrator
600 N. Jackson Street, Suite 3
Media, PA 19063
www.strategicclaims.net
(610) 565-9202
Inquiries, other than requests for the Notice and Proof of Claim forms, may be made to Plaintiffs' Lead Counsel:
Clinton A. Krislov
Michael R. Karnuth
Krislov & Associates, Ltd.
20 N. Wacker Drive, Suite 1350
Chicago, IL 60606
(312) 606-0500
If you are a Settlement Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement. Unless you exclude yourself from the Settlement Class on or before April 10, 2008, you will be bound by the Order and Final Judgment of the Court.
If you already submitted a valid and timely Proof of Claim form in the settlement between Lead Plaintiffs and Defendants OnCure Medical Corp., Dolphin Medical Inc. and Presgar Imaging LC, approved by the Court on November 17, 2006 (hereinafter referred to as the "November 17, 2006 Settlement"), or in the settlement between Lead Plaintiffs and Defendants Nathan Shapiro, William Goldberg and John McHugh, approved by the Court on November 5, 2007 (hereinafter referred to as the "November 5, 2007 Settlement"), that Proof of Claim form will serve as your Proof of Claim in this Settlement and you are eligible to recover in this Settlement without needing to submit another Proof of Claim form.
If you did not submit a Proof of Claim in the November 17, 2006 Settlement or in the November 5, 2007 Settlement, submitting a Proof of Claim in this Settlement does not entitle you to recovery in the November 17, 2006 Settlement or in the November 5, 2007 Settlement. To participate in this Settlement, you must submit a valid and timely Proof of Claim form to the Claims Administrator by no later than July 7, 2008.
Further information may be obtained by directing your inquiry in writing to the Claims Administrator at the address above.
PLEASE DO NOT CALL THE COURT OR THE OFFICE OF THE CLERK OF THE COURT FOR INFORMATION OR ADVICE. If you have questions about this notice, you may consult an attorney of your own choosing or any of Plaintiffs' Lead Counsel, whose names and other contact information are listed above.
All capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Stipulation.
Dated: February 28, 2008
BY ORDER OF THE COURT