The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP Announce Proposed Class Action Settlement on Behalf of Purchasers of Securities of Code Rebel Corporation -- CDRBQ

LOS ANGELES, July 02, 2018 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP announce that the Superior Court of the State of California, County of Los Angeles has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Code Rebel Corporation (OTCMKTS:CDRBQ):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED CODE REBEL CORPORATION SECURITIES FROM MAY 19, 2015 THROUGH MAY 12, 2017, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Superior Court of the State of California, County of Los Angeles, that a hearing will be held on October 26, 2018, at 9:00 a.m. before the Honorable Elihu M. Berle, Superior Court Judge of the Superior Court of the State of California, County of Los Angeles, Department 6, Spring Street Courthouse, 312 N. Spring Street, Los Angeles, CA 90012, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $415,000 to the Settlement Class 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 of Plaintiffs’ Counsel for an award of attorneys’ fees of up to one-third of the Class Settlement Amount ($138,333.33), reimbursement of expenses of not more than $30,000, and an incentive payment of no more than $2,000 in aggregate, or $1,000 each, to Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Second Amended Settlement Agreement and Release, dated May 25, 2018 (the “Agreement”).

Those who filed a valid and otherwise accepted proof of claim form in the “Code Rebel Settlement,” (in which final judgment was entered on April 10, 2018, in the U.S. District Court for the Southern District of New York, styled as Springer. v. Code Rebel Corp., et al, Case No. 16 Civ. 3492) shall be deemed to have filed a Proof of Claim and Release in this action.  You do not need to file another proof of claim if you already filed one in the Code Rebel Settlement pending in New York.

If you purchased Code Rebel Corporation (“Code Rebel”) securities during the period from May 19, 2015 through May 12, 2017, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Code Rebel securities. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator at Code Rebel Corporation Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net, or going to the website, www.strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than September 25, 2018 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim. 

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is postmarked no later than September 25, 2018, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Agreement.

Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Plaintiffs must be in the manner and form explained in the detailed Notice and postmarked no later than September 25, 2018, to the following:

Code Rebel Auditor Securities Litigation
c/o Strategic Claims Services
600 N. Jackson St., Ste. 205
P.O. Box 230
Media, PA 19063
Tel.:  866-274-4004
Fax:  610-565-7985
info@strategicclaims.net 

If you have any questions about the Settlement, you may call or write to Class Counsel:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

BY ORDER OF THE SUPERIOR COURT OF THE STATE OF CALIFORNIA

Dated: June 14, 2018                                                             ___________________________              
                                                                                               Hon. Elihu M. Berle
                                                                                               Superior Court Judge