NEWARK, N.J., July 29, 2019 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of Akers Biosciences, Inc. common stock (NASDAQ:AKER):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED AKERS BIOSCIENCES, INC. COMMON STOCK FROM MAY 15, 2017 THROUGH JUNE 5, 2018, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on November 8, 2019, at 2:30 p.m. before the Honorable Esther Salas, United States District Judge of the District of New Jersey, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Courtroom MLK 5A Newark, New Jersey 07102 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $2,250,000 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 of Lead Counsel for an award of attorneys’ fees of up one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $35,000 and an incentive payment of no more than $5,000 to Lead Plaintiff, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated March 8, 2019 (the “Settlement Stipulation”).
If you purchased Akers Biosciences, Inc. (“Akers”) common stock during the period from May 15, 2017 through June 5, 2018, 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 Akers common stock. 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, by First Class mail or this Summary Notice by email, you may obtain copies by writing to or calling the Claims Administrator: Akers Biosciences, Inc. 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. You can also download copies of the Notice and submit your Proof of Claim and Release Form online at 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 electronically or postmarked no later than October 9, 2019 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 received no later than October 18, 2019, 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 Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and Award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than October 18, 2019, to each of the following:
| Clerk of the Court United States District Court District of New Jersey 50 Walnut Street Newark, NJ 07102 | LEAD COUNSEL: THE ROSEN LAW FIRM, P.A. Laurence M. Rosen, Esq. 609 W. South Orange Avenue, Suite 2P South Orange, NJ 07079 | COUNSEL FOR DEFENDANTS: DLA PIPER LLP (US) Michael D. Hynes, Esq. Marc A. Silverman, Esq. 51 John F. Kennedy Parkway, Suite 120 Short Hills, NJ 07078 |
If you have any questions about the Settlement, you may call or write to Lead Counsel:
THE ROSEN LAW FIRM, P.A.
Laurence M. Rosen, Esq.
609 W. South Orange Avenue, Suite 2P
South Orange, NJ 07079
Tel: 973-313-1887
Fax: 973-833-0399
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: July 3, 2019
__________________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF
NEW JERSEY