FORT LAUDERDALE, Fla., May 15, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of Florida has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Chanticleer Holdings, Inc. (Nasdaq:HOTR) (Nasdaq:HOTRU) (Nasdaq:HOTRW):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED CHANTICLEER HOLDINGS, INC. SECURITIES EITHER (I) PURSUANT AND/OR TRACEABLE TO THE COMPANY'S JUNE 21, 2012 PUBLIC OFFERING OR (II) ON THE OPEN MARKET BETWEEN JUNE 21, 2012 AND FEBRUARY 19, 2013, INCLUSIVE.
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF A LAWSUIT PENDING IN THIS COURT.
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 Florida, that Lead Plaintiffs, Francis Howard and Ja'Marr Comer, represented by The Rosen Law Firm, P.A., on behalf of themselves and the Court-certified Class ("Plaintiffs"), have reached a proposed Settlement of the above-captioned securities class litigation (the "Litigation"), with Defendants Chanticleer Holdings, Inc. ("Chanticleer"), Michael D. Pruitt, Eric S. Lederer, Michael Carroll, Paul I. Moskowitz, and Keith Johnson (collectively, the "Chanticleer Defendants"), and Creason & Associates, P.L.L.C. ("Creason"). Under the terms of the Settlement Agreement, Chanticleer Defendants' insurer shall pay eight hundred thirty seven thousand five hundred dollars ($837,500) and Creason shall pay twelve thousand five hundred dollars ($12,500), for a total Settlement Amount of $850,000.1 These payments, if approved, will settle Plaintiffs' claim in this litigation.
A Fairness Hearing will be held on August 14, 2014, at 9:30 a.m., in Courtroom 203E at the United States District Court for the Southern District of Florida, Fort Lauderdale Division, 299 East Broward Blvd, Fort Lauderdale, FL 33301 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement should be approved as fair, reasonable and adequate; (2) whether all settled Claims should be dismissed with prejudice; (3) whether an order approving the Settlement should be entered; (4) whether the allocation of the Qualified Settlement Fund should be approved; (5) whether the Attorneys' Fees and Expenses Application should be approved; and (6) other matters as the Court may deem appropriate. The Court may change the date of the hearing without providing additional notice to the Settlement Class Members.
If you purchased Chanticleer securities either (i) pursuant or traceable to the Company's June 21, 2012 public offering or (ii) on the open market between June 21, 2013 and February 19, 2013, inclusive, you may be a member of the Class described above, and your rights may be affected by the Settlement of this Litigation.
If you have not received a detailed Individual Notice and a copy of the Claim Form, you may obtain copies of these documents by contacting the Settlement Administrator at:
Chanticleer Securities Litigation
Settlement Administrator
c/o Strategic Claims Services
600 North Jackson Street—Suite 3
P.O. Box 230
Media, PA 19063
Or by visiting the Settlement Administrator's website, www.strategicclaims.net, or by phone toll-free at (866) 274-4004.
If you are a Class Member, in order to share in the distribution of the Net Cash Settlement Amount, you must submit a Claim Form postmarked no later than July 24, 2014, establishing that you are entitled to recovery, in the manner and form explained in the Individual Notice. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will be bound by any judgment or orders entered by the Court in the litigation, whether or not you submit a claim.
If you desire to be excluded from the Settlement Class, you must submit a request for exclusion postmarked no later than July 24, 2014, in the manner and form explained in the Notice. All members of the Settlement Class who do not request exclusion will be bound by any judgment entered in the Litigation.
Any objections to the Settlement, the proposed Plan of Allocation, or Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses must be postmarked and mailed to the addresses below by no later than July 24, 2014:
| COURT | PLAINTIFFS' COUNSEL | DEFENSE COUNSEL |
| Clerk of the Court | Laurence Rosen, Esq. | Stanley H. Wakshlag, Esq. |
| United States District Court | Phillip Kim, Esq. | Kenny Nachwalter P.A. |
| Southern District of Florida | The Rosen Law Firm, P.A. | 1100 Miami Center |
| 299 East Broward Boulevard | 275 Madison Avenue, 34th Floor | 201 South Biscayne Boulevard |
| Fort Lauderdale, FL 33301 | New York, NY 10016 | Miami, FL 33131 |
|
Counsel for Lead Plaintiff |
Counsel for Chanticleer Holdings, Inc., Michael Pruitt, Eric Lederer, Paul Moskowitz, Michael Carroll, Keith Johnson |
|
| Mark D. Hunter, Esq. | ||
| Hunter Taubman Weiss LLP | ||
| 255 University Drive | ||
| Coral Gables, FL 33134 | ||
| James D. Sallah | ||
| Sallah & Cox LLC | ||
| One Boca Place | ||
| 2255 Glades Road, Suite 300E | ||
| Boca Raton, Florida 33431 | ||
| Counsel for Creason & Associates, P.L.L.C. | ||
If you have any questions about the Settlement, you may call or write to the Settlement Administrator at the contact information identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: APRIL 22, 2014
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF FLORIDA
1All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Stipulation and Agreement of Settlement, dated March 17, 2014.