Claims Administrator Angeion Group Announces Proposed Settlement of Class Action Lawsuit and Settlement Fairness Hearing in Telestone Technologies Securities Litigation

PHILADELPHIA, Nov. 6, 2017 /PRNewswire/ -- Angeion Group today announced a proposed settlement has been reached in the Telestone Technologies Securities Litigation. The class action lawsuit pending in the United States District Court, District of New Jersey, Case No. 2:15-cv-00703-JMV-MF includes:  All persons and entities all persons and/or entities who purchased the common stock of Telestone Technologies Corporation between March 31, 2010 and April 16, 2013, inclusive, and were damaged thereby (the "Settlement Class").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of New Jersey, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for $1,250,000 in cash (the "Settlement") with Defendant Mazars CPA Limited ("Mazars CPA") that, if approved, will resolve all claims in the Action against Mazars CPA.

A hearing will be held on March 6, 2018 at 10:30 a.m., before the Honorable John Michael Vazquez at the United States District Court for the District of New Jersey, U.S. Courthouse and Post Office Building, Courtroom PO 3, 2 Federal Square, Newark, New Jersey, 07102, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Mazars CPA, and the Releases specified and described in the Stipulation and Agreement of Settlement dated February 8, 2017 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  You may obtain copies of the Notice and Claim Form by contacting the Claims Administrator at Telestone Technologies Securities Litigation, c/o Angeion Group, 1801 Market Street, Suite 660, Philadelphia, PA 19103, 1-844-225-4532.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.TelestoneSettlement.com.  

If you are a member of the Settlement Class, to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than February 21, 2018.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than February 13, 2018, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Mazars CPA's Counsel such that they are received no later than February 13, 2018, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Mazars CPA, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to:
Telestone Technologies Securities Litigation, c/o Angeion Group,
1801 Market Street, Suite 660,
Philadelphia, PA 19103
[email protected]
www.TelestoneSettlement.com
Telephone: 1-844-225-4532

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, 1-888-773-9224, www.glancylaw.com or [email protected] or Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., 5 Becker Farm Road, Roseland, NJ 07068, (973) 994-1700, [email protected]

Media Contact:
Angeion Group
Douglas S. Clauson
Director, Communications
(215) 563-4116

SOURCE Angeion Group

Related Links

http://www.angeiongroup.com