HOUSTON, Feb. 3, 2011 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC announces that the United States District Court for the Southern District of Texas, Houston Division, approved the following announcement of a proposed class action settlement that would benefit purchasers of publicly-traded common stock of Superior Offshore International, Inc. (Nasdaq:DEEP):
TO: ALL PERSONS AND ENTITIES (INCLUDING THEIR BENEFICIARIES) WHO PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY-TRADED COMMON STOCK OF SUPERIOR OFFSHORE INTERNATIONAL, INC. ("SUPERIOR OFFSHORE") (Trading Symbol NASDAQ:DEEP) BETWEEN APRIL 20, 2007, AND APRIL 25, 2008, INCLUSIVE
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on May 10, 2011, at 9:30 a.m., before the Honorable Nancy F. Atlas at the United States Courthouse, 515 Rusk Street, Room 9015, Houston, Texas 77002, for the purpose of determining: (1) whether the proposed Settlement for the sum of $1,900,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, after the hearing, this Action should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation dated as of January 3, 2011; (3) whether the Plan of Allocation is fair, reasonable, and adequate and should be approved; (4) whether the application of Lead Counsel for the award of attorneys' fees and reimbursement of expenses incurred in this Action should be approved; and (5) whether the application of Lead Plaintiff[1] Charles Ognar for the reimbursement of reasonable time and expenses should be approved.
If you purchased or otherwise acquired (including as a beneficiary) the publicly-traded common stock of Superior Offshore between April 20, 2007, and April 25, 2008, inclusive, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement with all Defendants, Motion for Attorneys' Fees, and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release ("Proof of Claim"), you should obtain copies by writing to In re Superior Offshore International, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, PA 19063. The Notice contains details about this Action and Settlement, including what you must do to exclude yourself from the Settlement, object to the terms of the Settlement, or file a Proof of Claim. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than May 5, 2011, establishing that you are entitled to recovery.
If you desire to be excluded from the Class, you must submit a Request for Exclusion postmarked by April 26, 2011, in the manner and form explained in the detailed Notice referred to above. All Class Members who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation. Your objection(s) must be mailed on or before April 26, 2011, to: the Court; Kahn Swick & Foti, LLC on behalf of the Lead Plaintiff; and Counsel for the Defendants, at the following addresses:
| COURT: |
| Clerk of the Court |
| P. O. Box 61010 |
| Houston, TX 77208 |
| FOR LEAD PLAINTIFF: |
| Lewis S. Kahn |
| KAHN SWICK & FOTI, LLC |
| 206 Covington Street |
| Madisonville, Louisiana 70447 |
| Tel: 866-467-1400 |
| Fax: 504-455-1498 |
| Lead Counsel for Lead Plaintiff and the Class |
| FOR DEFENDANTS: |
| Michael J. Biles |
| GREENBERG TRAURIG, LLP |
| 300 West 6th Street, Suite 2050 |
| Austin, TX 78701 |
| Tel: 512-320-7200 |
| Fax: 512-320-7210 |
| Counsel for Defendants James J. Mermis and Roger D. Burks |
| Tony L. Visage |
| BRACEWELL & GIULIANI LLP |
| 711 Louisiana Street, Ste. 2300 |
| Houston, TX 77002 |
| Tel: 713-223-2300 |
| Fax: 713-221-1212 |
| Counsel for Defendants Louis E. Schaefer, Jr. and R. Joshua Koch, Jr. |
| Mark D. Manela |
| MAYER BROWN LLP |
| 700 Louisiana, Suite 3400 |
| Houston, TX, 77002 |
| Tel: 713 238-2645 |
| Fax: 713-238-4645 |
| Counsel for Underwriter Defendants Merrill Lynch, Pierce, Fenner & Smith, Inc. and J.P. Morgan Securities, Inc. |
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel for Lead Plaintiff and the Class at the address listed above.
DATED: FEBRUARY 2, 2011
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF TEXAS
[1] All capitalized terms not defined in this document have the meaning provided in the Stipulation of Settlement, dated January 3, 2011.