Kessler Topaz Meltzer & Check, LLP and Saxena White P.A. Announce the Proposed Settlement of the SADIA S.A. Securities Litigation
NEW YORK, Oct. 20, 2011 /PRNewswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP and Saxena White P.A. regarding the SADIA, S.A. Securities Litigation
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK
In re SADIA, S.A. Securities Litigation
Case No. 1:08-CV-09528 (SAS)
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND SETTLEMENT FAIRNESS HEARING
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED SADIA, S.A. ("SADIA") AMERICAN DEPOSITORY RECEIPTS ("ADRs") FROM APRIL 30, 2008 TO SEPTEMBER 25, 2008, INCLUSIVE, WHO HELD THE ADRs THROUGH THE CLOSE OF THE MARKET ON SEPTEMBER 25, 2008, AND WHO WERE DAMAGED THEREBY (THE "CLASS").
YOU ARE HEREBY NOTIFIED that the above-captioned action has been certified as a class action and that a settlement for Twenty-Seven Million Dollars ($27,000,000) has been proposed. A hearing will be held before the Honorable Shira A. Scheindlin in the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 15C, New York, NY 10007-1312 at 2:30 p.m., on December 22, 2011 to determine whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the proposed Plan of Allocation should be approved; (3) Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved; (4) the Class Representatives' application for reimbursement of costs and expenses (including lost wages) in connection with their representation of the Class should be approved; and (5) the claims against Defendants should be dismissed with prejudice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED 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, Motion for Attorneys' Fees and Expenses and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by contacting:
In re SADIA, S.A. Securities Litigation
c/o GCG, Inc.
Claims Administrator
P.O. Box 9349
Dublin, OH 43017-4249
(800) 231-1815
Inquiries, other than requests for the forms of the Notice and Proof of Claim, may be made to Co-Lead Counsel:
Stuart L. Berman, Esq.
Christopher L. Nelson, Esq.
Kessler Topaz Meltzer & Check, LLP
280 King of Prussia Road
Radnor, PA 19087
(610) 667-7706
Joseph E. White, III, Esq.
Christopher S. Jones, Esq.
Saxena White P.A.
2424 North Federal Highway, Suite 257
Boca Raton, FL 33431
(561) 394-3399
To participate in the Settlement, you must submit a Proof of Claim no later than February 10, 2012. If you are a member of the Class and do not submit a valid Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Judgment entered by the Court in this litigation. As more fully described in the Notice, the deadline for submitting objections and requests for exclusion is December 1, 2011.
Further information may also be obtained by directing your inquiry in writing to the Claims Administrator, GCG, Inc., at the address listed above, or by calling (800) 231-1815.
By Order of the Court
SOURCE Kessler Topaz Meltzer & Check, LLP and Saxena White P.A.
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