Contact Information: Contact: William B. Federman FEDERMAN & SHERWOOD 10205 N. Pennsylvania Oklahoma City, OK 73120 (405) 235-1560 Fax: 239-2112 WFederman@aol.com
Federman & Sherwood Announces to All Current Owners of Magma Design Automation, Inc. (NASDAQ: LAVA) Common Stock
| Source: Federman & Sherwood
OKLAHOMA CITY, OK--(Marketwire - August 7, 2008) - YOU ARE HEREBY NOTIFIED that the Parties
to a shareholder derivative action styled Susan Willis v. Rajeev Madhavan,
et al.; Civil Action No. 1:05-CV-045834 (Superior Court of CA, County of
Santa Clara) (the "Derivative Action") have entered into a Stipulation and
Agreement of Settlement (the "Stipulation") to resolve the allegations
asserted in the Derivative Action (the "Settlement").
PLEASE BE FURTHER ADVISED that pursuant to an Order of the Superior Court
of CA, County of Santa Clara (the "Court"), the Settlement was
preliminarily approved on August 4, 2008. A hearing will be held in the
Derivative Action on October 3, 2008, at 9:00 a.m. PDT (the "Settlement
Hearing"), before the Honorable Jack Komar for the purpose of determining:
(a) whether the Settlement of the Derivative Action by way of the adoption
of certain corporate governance provisions (as set forth in more detail in
the Stipulation) should be approved by the Court as fair, reasonable and
adequate to Magma (NASDAQ : LAVA ) and its common stockholders; (b) whether
the application of Plaintiff's Counsel for attorneys' fees and
reimbursement of expenses should be approved; and (c) whether the
application of Plaintiff for an incentive fee award should be approved.
If you are a current shareholder of Magma, your rights to pursue certain
derivative claims on behalf of Magma may be affected by this Settlement.
Any person who is a current Magma shareholder, i.e., persons who have
continuously owned Magma common stock since on or after October 23, 2002
and who continue to hold their Magma common stock as of the date of the
Settlement Hearing, may appear in person or by attorney at the hearing and
show cause, if any, why the Stipulation should not be finally approved; why
a judgment dismissing the Derivative Action with prejudice as against the
Defendants should not be entered and the claims of Magma should not be
barred permanently; why the application of Plaintiff's counsel for an award
of attorneys' fees and reimbursement of expenses should not be approved;
and/or why the application of Plaintiff for an incentive fee award should
not be approved. Before the Court will consider an objection, however,
such objection must be in writing and must include the objector's name,
address, telephone number and signature; and must be accompanied by formal
proof of continuous ownership of Magma stock from October 23, 2002 through
the date of objection. Any shareholder that files a written objection and
appears at the Settlement Hearing, either in person or through counsel,
must also be prepared to show continuous ownership through the date of the
Settlement Hearing. Any written objection must be filed with the Court and
served upon the following attorneys at least twenty (20) days before the
Settlement Hearing date.
If you want additional information regarding the Derivative Action or the
Settlement, please go to www.federmanlaw.com to access the Stipulation and
Agreement of Settlement or contact Plaintiff's counsel.
PLEASE DO NOT TELEPHONE THE COURT OR MAGMA
REGARDING THIS NOTICE