Kirby McInerney LLP Announces Proposed Settlement of Class Action Lawsuit Involving Purchasers of AudioEye, Inc. Common Stock

TUCSON, Ariz., Feb. 17, 2017 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF ARIZONA

SUMMARY NOTICE

TO:   ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED ANY COMMON STOCK OF AUDIOEYE, INC. ("AUDIOEYE") DURING THE PERIOD FROM MAY 14, 2014 THROUGH AND INCLUDING APRIL 1, 2015

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Arizona (the "District Court") and Rule 23 of the Federal Rules of Civil Procedure, that a hearing will be held at 1:30 P.M. on May 8, 2017 before the Honorable David C. Bury, United States District Court Judge, at the Evo A. DeConcini U.S. Courthouse, 405 West Congress Street, Suite 6170, Tucson, AZ 85701, for the purpose of determining: (1) whether the proposed settlement of the Litigation for the principal amount of $1,525,000, plus accrued interest, should be approved by the District Court as fair, reasonable, and adequate; (2) whether the Order and Final Judgment should be entered by the District Court dismissing the Litigation with prejudice; (3) whether the proposed Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; and (4) whether the Attorneys' Fee and Expense application should be approved.  In connection with the Attorneys' Fee and Expense application, Lead Plaintiffs' Counsel will request attorneys' fees of up to one third of the Settlement Fund, plus interest, and expenses (exclusive of administration costs) not to exceed $75,000.

If you purchased AudioEye common stock during the period from May 14, 2014 through April 1, 2015, inclusive, your rights may be affected by the settlement of the Litigation.  To receive a detailed Notice of Pendency and Proposed Settlement of Class Action (the "Notice") and a copy of the Claim Form, you may obtain copies by writing to In re AudioEye, Inc. Securities Litigation, c/o JND Class Action Administration, P.O. Box 6847, Broomfield, CO 80021, or by calling toll-free 1-844-357-6871, or on the internet at www.audioeyesecuritieslitigation.com, or from Lead Plaintiffs' Counsel's website at www.kmllp.com.  If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Claim Form, postmarked on or before April 24, 2017, establishing that you are entitled to recovery.

If you desire to be excluded from the Settlement Class, you must submit a request for exclusion received no later than April 7, 2017, in the manner and form explained in the detailed Notice referred to above.  All members of the Settlement Class who have not timely and validly requested exclusion from the Settlement Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement dated as of December 13, 2016.  If you properly and timely exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Litigation and you will not be eligible to share in the proceeds of the Settlement.

Any objections to any aspect of the proposed Settlement, the proposed Plan of Allocation or Lead Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to designated representative Lead Plaintiffs' Counsel and counsel for the Defendants such that they are received no later than April 17, 2017, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE DISTRICT COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Plaintiffs' Counsel:

     Ira Press, Esq.
     Mark Strauss, Esq.
     KIRBY McINERNEY LLP
     825 Third Avenue, 16th
     New York, NY 10022
     Tel: (212) 371-6600

SOURCE Kirby McInerney LLP

Related Links

http://www.kmllp.com