NEW YORK, Nov. 10, 2015 (GLOBE NEWSWIRE) -- The following statement is being issued by Faruqi & Faruqi, LLP and The Rosen Law Firm, P.A. regarding the FAB Universal Corp. Proposed Class Action Settlement.
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
FRANK SIMMONS, Individually and on Behalf of all Others Similarly Situated, Plaintiff, v. CHRISTOPHER J. SPENCER, JOHN BUSSHAUS, and FAB UNIVERSAL CORP., Defendants. Case No.: 13-CV-8216 (RWS)
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK AND/OR CALL OPTIONS OF FAB UNIVERSAL CORP. (“FAB”), OR SOLD (WROTE) PUT OPTIONS OF FAB DURING THE PERIOD FROM JUNE 15, 2012 THROUGH NOVEMBER 21, 2013, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York in the above-captioned action (the “Litigation”), that a hearing will be held on January 27, 2016 at 12:00 p.m. in courtroom 18C before the Honorable Robert W. Sweet, United States District Judge of the Southern District of New York, 500 Pearl Street, New York, New York 10007 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement between Lead Plaintiffs and Defendants FAB Universal Corp. (“FAB”), Christopher J. Spencer, and John Busshaus (collectively, “Defendants”) consisting of the sum of $1,500,000, 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 one-third of the Settlement Amount, reimbursement of expenses of not more than $90,000, and awards to Lead Plaintiffs not to exceed a total of $10,000 should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased the common stock and/or call options of FAB or sold (wrote) put options of FAB during the period between June 15, 2012 and November 21, 2013, inclusive, your rights may be affected by the Settlement of this Litigation. If you have not received a detailed Notice of Pendency and Settlement of Class Action (the “Settlement Notice”) and a copy of the Proof of Claim and Release, you may obtain copies by writing to FAB Universal Corp. Securities Litigation, c/o Heffler Claims Group, P.O. Box 58970, Philadelphia, PA 19102-8970. 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 January 18, 2016, 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. NOTE THAT CLAIMS AMOUNTING TO AN AWARD OF LESS THAN $10.00 WILL NOT BE PAID. To exclude yourself from the Class, you must mail a request for exclusion to the Claims Administrator in the manner detailed in the Settlement Notice, and postmarked no later than January 6, 2016.
Any objection to the Settlement, Plan of Allocation, or to Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and awards to Lead Plaintiffs must be received by each of the addresses indicated in the Settlement Notice by no later than January 6, 2016.
COURT
Clerk of the Court
United States District Court Southern District of New York
500 Pearl Street
New York, NY 10007
PLAINTIFFS’ COUNSEL
Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Ave.,
10th Floor
New York, NY 10017
Lead Counsel for Class
Phillip Kim
The Rosen Law Firm, P.A.
275 Madison Ave., 34th Floor New York, NY 10016
Lead Counsel for Class
DEFENSE COUNSEL
Eugene Licker
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154
Counsel for FAB, Christopher J. Spencer, and John Busshaus
If you have any questions about the Settlement, you may call or write to Lead Counsel identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS SETTLEMENT NOTICE.
DATED: October 16, 2015
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK
Source: Faruqi & Faruqi, LLP and The Rosen Law Firm, P.A.