Proposed Settlement Reached in Class Action Involving Chelsea Therapeutics International, Ltd. ("CHTP") Common Stock
NEW YORK, June 28, 2016 /PRNewswire/ -- The following is being released by the law firm of Faruqi & Faruqi, LLP regarding McIntyre v. Chelsea Therapeutics International, Ltd., et al., No 3:12-CV-213-MOC-DCK.
TO: All persons who purchased or otherwise acquired the common stock of Chelsea Therapeutics International, Ltd. ("CHTP") in the United States or on the NASDAQ stock market from September 20, 2010 through May 21, 2012, both dates inclusive ("class").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Western District of North Carolina, that a hearing will be held on September 19, 2016 at 10:00 a.m., before the Honorable Max O. Cogburn, Jr., at the United States Courthouse, 100 Otis Street, Asheville, NC 28801, for the purpose of determining (1) whether the proposed settlement of the claims in the Action for the principal amount of $5,500,000 for the Class should be approved by the Court as fair, just, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with prejudice should be entered by the Court dismissing the Action with prejudice; (3) whether the Plan of Allocation is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees in the amount of 33.3% of the Settlement Fund, an expense award to Lead Plaintiff not to exceed $10,000, and litigation expenses not to exceed $125,000 should be approved.
If you purchased or acquired CHTP common stock in the united states or on the NASDAQ stock market during the period from September 20, 2010 through May 21, 2012, both dates inclusive, your rights may be affected by the settlement of this litigation. You may obtain copies of a detailed Notice of Pendency and Settlement of Class Action ("Settlement Notice") and a copy of the Proof of Claim and Release form by writing to McIntyre v. Chelsea Therapeutics International, Ltd., et al., c/o Rust Consulting, Inc., Claims Administrator, P.O. Box 3065003, Des Moines, IA 50306-5003, visiting the internet at www.ChelseaTherapeuticsSettlement.com, or calling the Claims Administrator toll free at 1-877-251-1451. Inquiries other than requests for the above-referenced documents may also be made to Plaintiff's Lead Counsel:
Richard W. Gonnello
FARUQI & FARUQI, LLP
685 Third Avenue
26th Floor
New York, NY 10017
If you are a Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Proof of Claim form postmarked no later than September 4, 2016, establishing that you are entitled to recovery. NOTE THAT NO CLAIMS LESS THAN $10.00 WILL BE PROCESSED OR PAID.
If you purchased or otherwise acquired CHTP common stock and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than August 29, 2016, in the manner and form explained in the detailed Settlement Notice referred to above. All Class Members who do not timely and validly request exclusion from a Class will be bound by any judgment entered in the Action pursuant to the Stipulation and Agreement of Settlement.
Any objection to the Settlement must be mailed to each of the following recipients no later than August 29, 2016:
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF NORTH CAROLINA
100 Otis Street
Asheville, NC 28801
Lead Counsel for Plaintiff:
Richard W. Gonnello
FARUQI & FARUQI, LLP
685 Third Avenue
26th Floor
New York, NY 10017
Counsel for Defendants:
Barry M. Kaplan
WILSON SONSINI GOODRICH & ROSATI, PC
701 Fifth Avenue
Suite 5100
Seattle, WA 98104
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.
DATED: June 28, 2016
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF NORTH CAROLINA
SOURCE Faruqi & Faruqi, LLP
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