Federman & Sherwood Announces Proposed Settlement in the UTi Worldwide Inc. Securities Settlement

LOS ANGELES, Sept. 24, 2018 /PRNewswire/ -- The following statement is being issued by Federman & Sherwood regarding the UTi Worldwide Inc. Securities Settlement: 

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT
OF CLASS ACTION AND SETTLEMENT HEARING THEREON

TO:  ALL PERSONS WHO PURCHASED THE COMMON STOCK OF UTI WORLDWIDE INC. ("UTI") DURING THE PERIOD MARCH 28, 2013 THROUGH FEBRUARY 25, 2014, INCLUSIVE. 

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that Plaintiffs in the above-captioned litigation (the "Action") have reached a proposed settlement with Defendants for $13,000,000.00 in cash, plus interest earned (the "Settlement").  

A hearing will be held on February 26, 2019, at 10:00 a.m., before the Honorable Consuelo B. Marshall, United States District Judge, in Courtroom 8B of the United States District Court, Central District of California, at 350 W. 1^st Street, Los Angeles, CA 90012 for the purpose of determining: (1) whether the proposed Settlement of $13,000,000.00 in cash, plus any return thereon, should be approved by the Court as fair, just, reasonable, and adequate; (2) whether the Action should be dismissed with prejudice as against Defendants and Releasees as set forth in the Stipulation of Settlement dated as of August 7, 2018; (3) whether the Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; (4) whether the application of Class Counsel for the payment of attorneys' fees and reimbursement of costs and expenses incurred in connection with the Action should be approved; (5) whether the application of the Class Representative for a reimbursement award for time and costs spent in supervising the litigation on behalf of the Class should be approved; and (6) such other matters as the Court may deem appropriate. 

If you purchased UTi's common stock during the period from March 28, 2013 through February 25, 2014, inclusive, your rights may be affected by the Settlement of the Action.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing Thereon (the "Notice") and a copy of the Proof of Claim, you may obtain copies by writing to UTi Worldwide Inc. Securities Settlement, c/o KCC Class Action Services, P.O. Box 404072, Louisville, KY 40233-4072 or by calling 1-866-700-0415.  You may also obtain copies on the internet at www.UTiWorldwideSettlement.com.  Complete information concerning the Action may be obtained from the Court files on this matter. 

If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must timely submit a Proof of Claim to the Claims Administrator's address provided above and postmarked no later than December 18, 2018.  If you are a member of the Class and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court.

If you desire to be excluded from the Class and the Settlement, you must submit to the Claims Administrator a request for exclusion at UTi Worldwide Inc. Securities Settlement, EXCLUSIONS, c/o KCC Class Action Services, 3301 Kerner Blvd., San Rafael, CA 94901 and postmarked no later than February 5, 2019, in the manner and form detailed in the Notice.  If you properly exclude yourself from the Class, you will not be bound by any judgment or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objection to the proposed Settlement, the Plan of Allocation, and/or Fee and Expense Application must be filed in the manner detailed in the Notice with the Clerk of the Court and delivered to Class Counsel and Defendants' Counsel, such that it is received by each party no later than February 5, 2019, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Any questions should be directed to:

SOURCE FEDERMAN & SHERWOOD