NEW YORK, March 18, 2014 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP and Wohl & Fruchter LLP announces that the United States District Court Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of Gerova Financial Group, Ltd. Securities (OTCMKTS:GVFG, OTCMKTS:GVFGU, OTCMKTS:GVFGW):
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND SETTLEMENT HEARING
TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED GEROVA FINANCIAL GROUP, LTD. ("GEROVA") SECURITIES (STOCK SYMBOLS: CIO, CIO.WS, CIO.U, GFC, GFC.WS, GFC.U) BETWEEN JANUARY 8, 2010 AND FEBRUARY 23, 2011, INCLUSIVE (THE "SETTLEMENT CLASS PERIOD"), ON THE NEW YORK STOCK EXCHANGE (NYSE), NYSE ALTERNEXT US EXCHANGE (LATER NAMED THE NYSE AMEX EXCHANGE), OR BY OTHER MEANS INVOLVING TRANSACTIONS IN THE UNITED STATES
Excluded from the Class are Settling Defendants, Jason Galanis, Tore Nag, the officers and directors of Gerova or of any subsidiary of Gerova, and members of any of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that a hearing will be held on June 9, 2014, at 4:30 p.m., at the courthouse for the United States District Court, Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, New York 10007-1312, for the purpose of determining, among other things,: (1) whether the proposed Settlement of the Class's claims against the Settling Defendants for $1,372,000.00 should be approved as fair, reasonable and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether the application by Co-Lead Counsel for an award of attorneys' fees and expenses should be approved; (4) whether the Class Plaintiffs' application for reimbursement of costs and expenses should be granted; and (5) whether the Action should be dismissed with prejudice against the Settling Defendants as set forth in the Global Settlement Agreement and the Stipulation and Agreement of Settlement, dated February 4, 2014, filed with the Court.
If you purchased or otherwise acquired shares of Gerova securities between January 8, 2010 and February 23, 2011, inclusive (the "Settlement Class Period"), on the New York Stock Exchange (NYSE), NYSE Alternext US exchange (later named the NYSE Amex Exchange), or by other means involving transactions in the United States, your rights may be affected by this Action and the Settlement thereof. If you have not received the detailed Notice of Proposed Settlement of Class Action, Motion For Attorneys' Fees and Expenses, and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release Form, you may obtain them free of charge by contacting the Settlement Administrator, by mail at:
Gerova Financial Group, Ltd. Securities Litigation,
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 3
Media, PA 19063
Toll-free phone: 866-274-4004
www.strategicclaims.net
If you are a member of the Class and wish to share in the Settlement money, you must submit a Proof of Claim postmarked no later than May 20, 2014 establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, received no later than May 12, 2014. Any objections to the Settlement, Plan of Allocation or attorney's fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, received no later than May 19, 2014.
Inquiries, other than requests for the Notice, may be made to Co-Lead Counsel for the Class:
Jeremy A. Lieberman, Pomerantz LLP, 600 Third Avenue, New York, NY 10016, Telephone: 212-661-1100
INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE
CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL
DATED: FEBRUARY 6, 2014
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK