NEWARK, N.J., Jan. 09, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Tibet Pharmaceuticals, Inc. (OTCMKTS:TBET):
If you bought Tibet Pharmaceuticals, Inc. stock between January 24, 2011 and April 3,
2012, you could get a payment from a class action settlement.
A settlement has been proposed in a class action lawsuit about the price of Tibet Pharmaceuticals, Inc. (“Tibet” or the “Company”) common stock. The settlement will pay $2,075,000 to pay claims from Tibet investors who bought the Company’s common stock pursuant or traceable to Tibet’s Registration Statements and Prospectus issued in connection with Tibet’s Initial Public Offering of Stock (“IPO”) on or about January 24, 2011 or 2) purchased or otherwise acquired Tibet common stock from January 24, 2011 to April 3, 2012, both dates inclusive. If you qualify, you may send in a claim form to get benefits, or you can exclude yourself to the settlement, or object to it. The United States District Court for the District of New Jersey authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the settlement.
If You submitted a valid and timely proof of claim form in the Settlement with Anderson & Strudwick, You are automatically eligible for recovery in this case without needing to submit another proof of claim and release form. To find out if you previously submitted a valid proof of claim form in the Anderson & Strudwick Settlement, Contact the Claims Administrator at (866) 274-4004.
You are a class member and could get benefits if you bought shares of Tibet stock from January 24, 2011 through April 3, 2012. You are a Class Member only if you bought shares of Tibet stock individually not simply through a mutual fund. Tibet’s officers and directors, as well as immediate family members of directors of Tibet are not Class Members. Contact your broker to see if you had shares of Tibet stock. If you’re not sure you are included you can get more information, including a detailed notice, at www.strategicclaims.net or by calling toll free 866-274-4004.
WHAT’S THIS ABOUT?
The lawsuit claims that Tibet solicited investors for its IPO with a registration statement and prospectus that contained false financial information about Tibet, because, among other reasons, Tibet was insolvent at the time of the IPO, the lawsuit alleges that Tibet’s auditor Acquavella, Chiarelli, Shuster & Berkower, LLP (“ACSB”) failed to conduct a proper audit of Tibet’s financial statements contained in the Registration Statement. ACSB denies that it did anything wrong. The Court did not decide which side was right. But both ACSB and Plaintiffs agreed to the settlement to resolve the case as to ACSB and get benefits to investors. Plaintiffs and ACSB, disagree on how much money could have been won if the investors had won at a trial.
WHAT DOES THE SETTLEMENT PROVIDE?
ACSB agreed to create a fund of $2.075 million to be divided among all Class Members who send in valid claim forms. A Stipulation of Settlement, available at www.strategicclaims.net, describes all of the details about the proposed settlement.
Your share of the fund will depend on the number of valid claim forms that Class Members send in, how many shares of Tibet stock you bought, and when you bought and sold them. Generally, if you bought more shares and have more Recognized Losses (as explained in the detailed notice), you will get more money. If you bought fewer shares and have fewer Recognized Losses, you will get less. All of the $2.075 million will be paid out.
If every eligible Class Member sends in a valid claim form the average payment will be $0.14 per share for each share of Tibet stock outstanding as of April 3, 2012, before deduction of attorneys’ fees, and expenses and approximately $0.08 per share after deduction of attorneys’ fees and expenses. The number of claimants who send in claims varies widely from case to case. If less than 100% of the Class sends in a claim form, you could get more money.
HOW DO YOU ASK FOR A PAYMENT?
A detailed notice and claim form package contains everything you need. Just call 866-274-4004 or visit www.strategicclaims.net to get one. To qualify for a payment, you must send in a claim form unless you submitted one in the Anderson & Strudwick settlement. Claim forms must be submitted to the Claims Administrator by February 27, 2017.
WHAT ARE YOUR OTHER OPTIONS?
If you don’t want to be legally bound by the settlement, you must exclude yourself by May 16, 2017, or you won’t be able to sue or continue to sue ACSB about the legal claims in this case. If you exclude yourself, you can’t get money from this settlement. If you stay in the settlement, you may object to it by May 23, 2017. The detailed notice explains how to exclude yourself or object.
The Court will hold a hearing in this case (Dartell v. Tibet Pharmaceuticals, Inc. et al., Case No. 14-cv-3620) on June 6, 2017 to consider whether the approve the settlement and a request by the lawyers representing all Class Members (The Rosen Law Firm, PA, of New York, NY) for attorneys’ fees of not more than one third of the Settlement Amount or $691,667, reimbursement of total litigation expenses of no more than $150,000, and an award to the Class Plaintiffs not to exceed $30,000 (or $5,000 for each of the six Class Plaintiffs). Collectively, the attorneys’ fees and expenses are estimated to average $0.058 per share of Tibet Stock. You may ask to appear at the hearing but you don’t have to. For more information, call toll free 866-274-4004, visit the website at www.strategicclaims.net., or write to Dartell v. Tibet Pharmaceuticals, Inc. et al, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063.