Labaton Sucharow LLP Announces Summary Notice of Proposed Settlement with Remaining Defendants and Motion for Attorneys' Fees and Expenses in the In re Colonial BancGroup, Inc. Securities Litigation
NEW YORK, April 10, 2015 /PRNewswire/ -- Labaton Sucharow LLP announces the following statement regarding the In re Colonial BancGroup, Inc. Securities Litigation.
IN THE DISTRICT COURT OF THE UNITED STATES FOR THE MIDDLE DISTRICT OF ALABAMA, NORTHERN DIVISION
In re COLONIAL BANCGROUP, INC. SECURITIES LITIGATION
Civil Action No. 2:09-CV-00104-RDP-WC
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED DURING THE PERIOD BETWEEN APRIL 18, 2007 AND AUGUST 6, 2009, INCLUSIVE (THE "CLASS PERIOD"): (I) THE COMMON STOCK OF THE COLONIAL BANCGROUP, INC. ("COLONIAL" OR THE "COMPANY"); (II) COLONIAL'S COMMON STOCK TRACEABLE TO THE COMPANY'S APRIL 23, 2008 STOCK OFFERING PURSUANT TO THE REGISTRATION STATEMENT AND PROSPECTUS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "STOCK OFFERING"); OR (III) THE $250 MILLION WORTH OF SUBORDINATED NOTES DUE IN 2038, PAYING 8.875% INTEREST ON A QUARTERLY BASIS, PURSUANT OR TRACEABLE TO COLONIAL'S FORM S-3/A SHELF REGISTRATION STATEMENT AND PROSPECTUS DATED NOVEMBER 12, 2004 AND FORM 424 (B)(2) PROSPECTUS SUPPLEMENT DATED FEBRUARY 28, 2008 (THE "NOTE OFFERING"), AND WHO WERE ALLEGEDLY 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 Court, that the above-captioned litigation (the "Action") has been preliminarily certified as a class action for the purposes of settlement only and that a settlement with the Underwriter Defendants and PricewaterhouseCoopers LLP (collectively, "Defendants") and the Tolled Defendants in the amount of $7,900,000 in cash, has been proposed by the Parties.
A hearing will be held before the Honorable R. David Proctor of the United States District Court for the Northern District of Alabama (assignment by designation) in the Hugo L. Black United States Courthouse, 1729 5th Avenue North, Birmingham, Alabama 35203, in Courtroom 7A at 9:30 a.m., on June 18, 2015 to, among other things: determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; determine whether the proposed Plan of Allocation for distribution of the Settlement proceeds should be approved as fair and reasonable; and consider the application of Lead Counsel for an award of attorneys' fees and payment of litigation expenses. The Court may change the date of the hearing without providing another notice.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING LITIGATION AND THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement with Remaining Defendants and Motion for Attorneys' Fees and Expenses ("Notice") and a Proof of Claim and Release Form ("Proof of Claim"), you may obtain copies of these documents by contacting the Claims Administrator:
In re Colonial BancGroup, Inc. Securities Litigation
Claims Administrator
c/o Strategic Claims Services
600 North Jackson Street, Suite 3
Media, PA 19063
(866) 274-4004
www.strategicclaims.net
Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:
LABATON SUCHAROW LLP
James W. Johnson, Esq.
140 Broadway
New York, NY 10005
(888) 219-6877
[email protected]
www.labaton.com
If you are a Settlement Class Member, to be eligible to share in the distribution of the Settlement proceeds and participate in the proposed Settlement, you must either (1) have already submitted a claim in connection with the prior partial settlement in the Action (the "Colonial I Settlement") by February 28, 2014; or (2) if you did not previously submit a claim in connection with the Colonial I Settlement by February 28, 2014, submit a Proof of Claim in this proposed Settlement postmarked or received no later than July 27, 2015 to the Claims Administrator. To exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice so that it is received no later than May 28, 2015. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by the Final Order and Judgment as to Remaining Defendants entered by the Court. Any objections to the proposed Settlement, Plan of Allocation, and/or application for attorneys' fees and payment of expenses must be filed with the Court and served on counsel for the Parties in accordance with the instructions set forth in the Notice, such that they are received no later than May 28, 2015. If you are a Settlement Class Member and do not timely submit a valid Proof of Claim, you will not be eligible to share in the Net Settlement Fund, but you nevertheless will be bound by the Final Order and Judgment of the Court.
DATED: APRIL 10, 2015 BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF ALABAMA
SOURCE Labaton Sucharow LLP
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