Abbey Spanier Rodd & Abrams, LLP Announce Pendency of Class Action, Proposed Settlements and Settlement Fairness Hearing

NEW YORK, Sept. 15 /PRNewswire/ -- Lead counsel for Plaintiffs has announced, pursuant to an Order of the United States District Court for the Eastern District of New York, a hearing will be held on November 19, 2010 at 11:30 a.m. before the Honorable Joanna Seybert, Long Island Courthouse, 100 Federal Plaza, Central Islip, New York 11722-4438, to determine whether the proposed Settlements of the Action as to defendant Arthur Andersen LLP and as to defendant KPMG LLP should be approved by the Court as fair, reasonable and adequate; to determine whether to approve the allocation among Class Members of an aggregate settlement fund of $1,750,000 (consisting of proposed settlement amounts of $500,000 for Arthur Andersen, $700,000 for KPMG and $550,000 from settlements with other defendants previously approved by the Court); to consider the application of Lead Counsel for attorneys' fees and expenses and for an award of costs and expenses to Lead Plaintiffs and to consider a final judgment dismissing the Action with prejudice.  

If you have not received the full Notice of Pendency and Partial Settlement of Class Action you may obtain a copy by contacting the Claims Administrator at: Allou Securities Litigation, c/o Berdon Claims Administration, LLC, P.O. Box 9014, Jericho, NY 11753-8914; by toll-free phone at: (800) 766-3330; by fax at: (516) 931-0810; or on the website at: www.berdonclaims.com.  

If you wish to share in the distribution of the Settlement fund, you must submit a Proof of Claim and Release form ("Proof of Claim") to the claims Administrator, which must be postmarked no later than January 12, 2011, establishing that you are entitled to recovery.

If you fail to file a proper Proof of Claim form, you will not share in the Settlements, but you will be bound by the Final Judgments of the Court and you will be enjoined from asserting the Released Claims against the Released Parties.

If you desire to be excluded from the Class with regard to the proposed settlements with Andersen and KPMG, you must submit a valid request for exclusion postmarked by November 5, 2010, in the manner and form explained in the full printed Notice.  All persons in the Class who have not requested exclusion will be bound by the Settlements.

Any objection to any of the matters to be considered at the hearing referred to above must be filed with the Court and mailed or delivered so as to be received by each of the following no later than November 5, 2010.

SOURCE Abbey Spanier Rodd & Abrams, LLP

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