LOS ANGELES, April 1, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California has approved the following announcement of a proposed class action partial settlement that would benefit purchasers of publicly-traded common stock of Deer Consumer Products, Inc. (OTC:DEER):
SUMMARY NOTICE OF PARTIAL CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE PUBLICLY TRADED COMMON STOCK OF DEER CONSUMER PRODUCTS, INC. DURING THE PERIOD FROM AUGUST 13, 2009 THROUGH MARCH 21, 2011, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on August 9, 2013 at 9:30 a.m. in courtroom 7 - 2nd floor, before the Honorable Dolly M. Gee, United States District Judge of the Central District of California, 312 N. Spring Street, Los Angeles, CA 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed partial Settlement consisting of the sum of $2,125,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; (3) whether the application for an award of attorneys' fees of up to $531,250 or 25% of the settlement amount and reimbursement of expenses of not more than $75,000, and an incentive payment of no more than $10,000 to lead plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased common stock of Deer Consumer Products, Inc., during the class period from August 13, 2009 through March 21, 2011, inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Partial Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to Deer Consumer Products, Inc. Litigation c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3 Media, PA 19063 (866-274-4004 (Tel); 610-565-7985 (Fax); info@strategicclaims.net), or going to the website, www.strategicclaims.net. If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than June 5, 2013, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion received no later than July 10, 2013, in the manner and form explained in the detailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of Allocation, or the Lead Plaintiff's Counsel's request for an award of attorneys' fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than July 19, 2013, to each of the following:
Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Tel.: 213-785-2610
Fax: 213-226-4684
Lead Counsel
William H. Forman, Esq.
SCHEPER KIM & HARRIS LLP
601 West Fifth Street, 12th Floor
Los Angeles, CA 90071
Tel: 213-613-4682
Fax: 213-613-4656
Counsel for Deer Consumer Products, Inc.
If you have any questions about the Settlement, you may call or write to Lead Plaintiffs' Counsel:
Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Tel.: 213-785-2610
Fax: 213-226-4684
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: MARCH 22, 2013
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
CENTRAL DISTRICT OF CALIFORNIA