NEW YORK, Aug. 11, 2011 (GLOBE NEWSWIRE) -- A Notice of Pendency and Proposed Settlement of Class Action has been issued in a litigation brought against NexCen Brands, Inc.
Master File No. 1:08-CV-04906 (AKH)
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS OR ENTITIES WHO PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF NEXCEN BRANDS, INC. FROM MARCH 13, 2007 THROUGH MAY 18, 2008, AND WHO WERE ALLEGEDLY DAMAGED THEREBY
YOU ARE HEREBY NOTIFIED that this class action is pending and that a settlement of it for $4,000,000 has been proposed. A hearing will be held on December 2, 2011 at 12:00 p.m. in Courtroom 14D before the Honorable Alvin K. Hellerstein, 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 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan for distribution of the settlement proceeds is fair, reasonable and adequate; (3) whether the application for an award of attorneys' fees of up to 30% of the settlement amount and reimbursement of expenses of not more than $70,000 should be approved; and (4) whether the litigation and all the claims against the Defendants should be dismissed with prejudice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you think you may be a member of the Class but have not received the full printed Notice of Pendency and Proposed Settlement of Class Action and the Proof of Claim and Release form you may obtain copies of these documents by contacting:
NexCen Brands Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 North Jackson Street - Suite 3
Media, PA 19063
(866) 274-4004
or by printing them at www.nexcensettlement.com. Motions and supporting papers explaining why the Lead Plaintiff and his counsel believe the Court should approve the settlement and the request for an award of attorneys' fees and reimbursement of expenses will be filed with the Court by November 2, 2011 and posted at this website promptly thereafter.
For any questions or inquiries, other than requests for copies of the Notice and Proof of Claim, please contact Counsel for the Class:
Lisa M. Mezzetti
Matthew B. Kaplan
COHEN MILSTEIN SELLERS & TOLL PLLC
1100 New York Avenue, N.W.
Suite 500 West Tower
Washington, D.C. 20005
(202) 408-4600
www.cohenmilstein.com
To participate in this settlement, you must submit a Proof of Claim no later than January 31, 2012. You will be bound by the Order and Final Judgment rendered in the Litigation whether or not you file a claim. As more fully described in the Notice, if you wish to object to the proposed settlement or motion for fees and costs, or want to exclude yourself from the Class, you can do so by filing a request; your objection or request for exclusion must be received by November 14, 2011.
Further information may be obtained by directing your inquiry in writing to the Claims Administrator, Strategic Claims Services, at the address listed above or through the website.
DATED: JULY 5, 2011
BY ORDER OF THE COURT.