Summary Notice of Pendency of Proposed Class Action Settlement in In re Wachovia Equity Securities Litigation

NEW YORK, March 13, 2012 /PRNewswire-USNewswire/ -- Kirby McInerney LLP is issuing the following statement regarding the In re Wachovia Equity Securities Litigation:

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

In re Wachovia Equity Securities Litigation, No. 08 Civ. 6171 (RJS)

Summary Notice of (I) Pendency of Class Action; (II) Proposed Settlement and Plan of Allocation; (III) Settlement Fairness Hearing; and (IV) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses

TO: All persons and entities who purchased or otherwise acquired Wachovia Corporation ("Wachovia") common stock between May 8, 2006, and September 29, 2008, inclusive, and were damaged thereby, including all persons or entities who acquired Wachovia common stock through any of Wachovia's (a) offerings of common stock in connection with its acquisitions of Golden West Financial Corp., and/or A.G. Edwards, Inc., and/or (b) April 14, 2008, common stock offering, and were damaged thereby.

This notice was authorized by the court.  It is not a lawyer solicitation. 

Please read this notice carefully and in its entirety, your rights
will be affected by a class action lawsuit pending in this court.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, (i) that the above-captioned litigation (the "Action") has been preliminarily certified as a class action on behalf of a class of all persons and entities who purchased or otherwise acquired Wachovia common stock between May 8, 2006, and September 29, 2008, inclusive, and were damaged thereby, and a subclass of all persons or entities who acquired Wachovia common stock through any of Wachovia's (a) offerings of common stock in connection with its acquisitions of Golden West Financial Corp., and/or A.G. Edwards, Inc., and/or (b) April 14, 2008, common stock offering, and were damaged thereby (collectively, the "Settlement Classes"), except for certain persons and entities who are excluded from the Settlement Classes by definition as set forth in the Stipulation and Agreement of Settlement in the Action (the "Stipulation"); and (ii) that Lead Equity Plaintiffs in the Action have reached an agreement to settle the Action for an aggregated settlement payment of $75 million in cash to the class and subclass (the "Settlement").

A hearing will be held on June 1, 2012, at 11:00 a.m. before the Honorable Richard J. Sullivan at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 21C, New York, NY 10007-1312, to determine (i) whether the proposed Settlement should be approved as fair, reasonable and adequate; (ii) whether the Action should be dismissed with prejudice against all the Defendants, and the releases specified and described in the Stipulation should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Equity Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of either (or both) of the Settlement Classes, your rights will be affected by the Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the full printed Notice of (I) Pendency of Class Action; (II) Proposed Settlement and Plan of Allocation; (III) Settlement Fairness Hearing; and (IV) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator:  In re Wachovia Equity Securities Litigation, c/o Rust Consulting, Inc., Claims Administrator, P.O. Box 8027, Faribault, MN  55021-9427, 1-888-773-8390.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.wachoviaequitysettlement.com. 

If you are a member of either (or both) of the Settlement Classes, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 27, 2012.  If you are a member of either (or both) the Settlement Classes 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 judgments or orders entered by the Court in the Action.    

If you are a member of the Settlement Classes and wish to exclude yourself from the Settlement Classes, you must submit a request for exclusion such that it is received no later than May 12, 2012, in accordance with the instructions set forth in the Notice.  If you properly and timely exclude yourself from the Settlement Classes, you will not be bound by any judgments or orders entered by the Court in the Action 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 Equity 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 Equity Counsel and counsel for the Wachovia Defendants such that they are received no later than May 12, 2012, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice and Claim Form, may be made to Lead Equity Counsel:

Andrew McNeela, Esq.
Beverly Mirza, Esq.
KIRBY McINERNEY LLP
825 Third Avenue
New York, NY 10022
(212) 371-6600

Dated:  January 27, 2012 By Order of the United States District Court
for the Southern District of New York

SOURCE Kirby McInerney LLP

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