PHILADELPHIA, Sept. 04, 2020 (GLOBE NEWSWIRE) -- RG/2 Claims Administration announces that the United States District Court for the Southern District of Texas has approved the following announcement of a proposed class action settlement that would benefit purchasers of Applied Optoelectronics Inc (AOI) common stock and/or call options, and sellers of AOI put options.
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, AND MOTION FOR ATTORNEYS’ FEES AND EXPENSES
| To: | All persons and entities who purchased or otherwise acquired publicly traded common stock and/or call options of AOI, or sold put options of AOI, during the period from February 23, 2017 through February 21, 2018, inclusive, and were damaged thereby (the “Class”). |
YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure 23 and an Order of the United States District Court for the District of Southern District of Texas, that the Court-appointed Class Representatives, on behalf of themselves and all members of the Class, and Applied Optoelectronics, Inc. (“AOI” or the “Company”), Chih-Hsiang (Thompson) Lin (“Lin”) and Stefan J. Murry (“Murry,” collectively the “Defendants”), have reached a proposed settlement of the claims in the above-captioned class action (the “Action”) in the amount of $15,500,000 (the “Settlement”).
A hearing will be held before the Honorable Vanessa D. Gilmore, likely via teleconference or videoconference, on November 24, 2020 at 9:00 a.m., in Courtroom 5300 of the United States District Court for the Southern District of Texas, United States Courthouse, 515 Rusk Ave., Room 5300, Houston, Texas 77002 (the “Settlement Hearing”) to, among other things, determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated August 3, 2020; (iii) approve the proposed Plan of Allocation for distribution of the settlement funds available for distribution to Class Members (the “Net Settlement Fund”); (iv) approve Lead Counsel’s Fee and Expense Application; and (v) approve the Class Representatives’ service awards. The Court may change the date of the Settlement Hearing, or hold it telephonically or via videoconference, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. If you have not yet received a full Notice and Claim Form, you may obtain copies of these documents by visiting the website of the Claims Administrator, www.AOISecuritiesSettlement.com, or by contacting the Claims Administrator at:
Applied Optoelectronics Securities Litigation
RG2 Claims Administration, LLC
P.O. Box 59479
Philadelphia, PA, 19102-9479
info@rg2claims.com
(866) 742-4955
(215) 979-1620
Settlement Website: www,AOISecuritiesSettlement.com
Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Lead Counsel:
LEVI & KORSINSKY LLP
Shannon L. Hopkins
1111 Summer Street, Suite 403
Stamford, CT 06905
www.zlk.com
203-992-4523
If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted online no later than November 19, 2020. If you are a Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.
If you are a Class Member and wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than November 3, 2020. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, Lead Counsel’s Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than November 3, 2020.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR
DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
| DATED: August 26, 2020 | BY ORDER OF THE COURT UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS |