Federman & Sherwood Announces Proposed Settlement of Exide Technologies Securities Litigation

LOS ANGELES, April 22, 2016 /PRNewswire/ -- The following statement is being issued by Federman & Sherwood regarding the Exide Technologies Securities Litigation:

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA

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

TO:     ALL PERSONS WHO PURCHASED THE COMMON STOCK OF EXIDE TECHNOLOGIES ("EXIDE") DURING THE PERIOD JUNE 1, 2011 THROUGH MAY 24, 2013, INCLUSIVE, OR EXIDE 8 AND 5/8% SENIOR SECURED NOTES DUE 2018 DURING THE PERIOD FROM AUGUST 12, 2011 THROUGH NOVEMBER 9, 2012, INCLUSIVE. 

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that Lead Plaintiffs in the above-captioned litigation (the "Litigation") have reached a proposed settlement with Defendants for $14,750,000.00 in cash, plus interest earned (the "Settlement").  

A hearing will be held on June 6, 2016, at 9:00 a.m., before the Honorable Stephen v. Wilson, United States District Judge, in Courtroom 6 of the United States District Court, Central District of California, at 312 North Spring Street, Los Angeles, CA, 90012-4701for the purpose of determining:  (1) whether the Court should certify the Settlement Class for purposes of the Settlement pursuant to Federal Rule of Civil Procedure 23; (2) whether the proposed Settlement of $14,750,000.00 in cash, plus any return thereon, should be approved by the Court as fair, just, reasonable, and adequate; (3) whether the Litigation should be dismissed with prejudice as against Defendants and their Corresponding Released Parties as set forth in the Stipulation of Settlement dated as of March 7, 2016; (4) whether the Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; (5) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and reimbursement of costs and expenses incurred in connection with the Litigation should be approved; and (6) such other matters as the Court may deem appropriate. 

If you purchased Exide's common stock during the period from June 1, 2011 through May 24, 2013, inclusive, or Exide 8-5/8% senior secured notes due 2018 during the period from August 12, 2011 through November 9, 2012, inclusive, your rights may be affected by the settlement of the Litigation.  If you have not received a detailed Notice of Pendency and Proposed Settlement (the "Notice") and a copy of the Proof of Claim, you may obtain copies by writing to Loritz v. Exide Technologies, et al., c/o KCC Class Action Services, Claims Administrator, P.O Box 30211 College Station, TX 77842-3211, or by calling 1-877-369-4103.  You may also obtain copies on the internet at www.exidetechsecuritiessettlement.com.  Complete information concerning the Litigation may be obtained from the Court files on this matter. 

If you are a member of the Settlement 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 July 19, 2016.  If you are a member of the Settlement 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 Settlement Class, you must submit to the Claims Administrator a request for exclusion at 3301 Kerner Blvd., San Rafael, CA 94901 and postmarked no later than May 16, 2016, in the manner and form detailed in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgment or orders entered by the Court in the Litigation 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 Lead Counsel for Plaintiffs and Counsel for Defendants, such that it is received by each party no later than May 16, 2016, 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