Berman DeValerio Announces Summary Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses in Sanderson et al. v. Verdasys, Inc. et al.

BOSTON, Sept. 4, 2014 /PRNewswire/ -- The following statement is being issued by Berman DeValerio regarding Sanderson et al. v. Verdasys, Inc. et al., Civil Litigation No. SUCV2012-00621-BLS1, pursuant to an order by the Commonwealth of Massachusetts, Suffolk County Superior Court:

ALAN SANDERSON, DONATO BUCCELLA and MARK SILVERMAN, on behalf of themselves and all others similarly situated,
Plaintiffs,

v.

VERDASYS, INC., TORONTO-DOMINION CAPITAL, n/k/a FAIRHAVEN CAPITAL PARTNERS, LLC, SPECIAL SITUATIONS FUND III, L.P., SPECIAL SITUATIONS TECHNOLOGY FUND, L.P., SPECIAL SITUATIONS PRIVATE EQUITY FUND, L.P., SPECIAL SITUATIONS TECHNOLOGY FUND II, L.P., VERDASYS INC. INVESTMENT TRUST, VERDASYS INC. SERIES B CONVERTIBLE PREFERRED INVESTMENT TRUST, VERDASYS INC. SERIES C CONVERTIBLE PREFERRED INVESTMENT TRUST, DANIEL KESHIAN, ADAM STETTNER, HUGH WARREN, ALLEN MICHELS, and SETH BIRNBAUM,
Defendants.

CIVIL ACTION NO.  
SUCV2012-00621-BLS1 

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED
SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL PERSONS AND ENTITIES WHO OWNED THE SECURITIES OF VERDASYS, INC. ("VERDASYS") AS OF APRIL 8, 2011, AND WERE THEREBY DAMAGED.

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Massachusetts Rules of Civil Procedure and an Order of the Superior Court of the Commonwealth of Massachusetts, of

• the pendency of this action ("Action") as a class action on behalf of the persons and entities described above ("Class"), except for certain persons and entities who are excluded from the Class by definition; and of
• a proposed all-cash settlement of the Action in the total amount of $1.05 million on behalf of all Class members that will fully and finally settle all claims against and release all Defendants.

A hearing will be held at the Suffolk County Courthouse, 3 Pemberton Square, Boston, MA 02108 at 2:00 p.m. on October 21, 2014, (i) to determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (ii) to determine whether the Settled Claims against the Defendants and other Released Parties should be dismissed with prejudice; (iii) to determine whether the proposed plan of allocation should be approved by the Court as fair and reasonable; and (iv) to consider the application of Lead Plaintiffs' Counsel for attorneys' fees and reimbursement of Litigation Expenses and the application of Lead Plaintiffs for a Compensatory Award.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses ("Notice"), with the attached Claim Form, you may obtain a copy of these documents by contacting the Claims Administrator: Sanderson, et al. v. Verdasys, et al. Litigation, c/o Berman DeValerio, One Liberty Square, Boston, MA, 02109, or by telephone at 617-542-8300. Copies of the Notice and Claim Form can also be downloaded from the Claims Administrator's website, www.BermanDeValerio.com.

If you are a Class member, you will be bound by any judgment entered in the Action. Any objections to any of the proposed Settlement, the proposed plan of allocation, the request for attorneys' fees and reimbursement of Litigation Expenses, or Lead Plaintiffs' request for a Compensatory Award, must be filed with the Court no later than October 7, 2014, and delivered to Lead Plaintiffs' Counsel and counsel for the Defendants such that they are received no later than October 8, 2014, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries may be made to Lead Plaintiffs' Counsel:

Daryl DeValerio Andrews, Esq.
BERMAN DEVALERIO
One Liberty Square
Boston, MA 02109
(617) 542-8300
www.BermanDeValerio.com

By Order of the Court

SOURCE Berman DeValerio

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