Wolf Popper LLP Announces a Proposed Settlement in the First Choice Healthcare Solutions, Inc. (FCHS) Securities Litigation

NEW YORK, March 30, 2021 /PRNewswire/ --

A hearing will be held at 10:00 a.m. on July 26, 2021, before the Honorable Paul G. Byron at the United States District Court for the Middle District of Florida, Orlando Division, 401 West Central Boulevard, Orlando, FL 32801, to determine whether (1) the proposed Settlement of the action titled MAZ Partners LP v. First Choice Healthcare Solutions, Inc., Case No. 6:19-cv-00619-PGB-LRH (the "Action"), for the sum of $1,000,000 should be approved by the Court as fair, reasonable, and adequate; (2) the Court should approve the Plan of Allocation of Settlement proceeds as fair, reasonable, and adequate; (3) Lead Counsel should be awarded up to $250,000 in attorneys' fees (25% of the $1,000,000 Settlement amount) and reimbursed for up to $30,000 of litigation expenses, and Lead Plaintiff should be awarded, pursuant to 15 U.S.C. § 78u–4(a)(4), its costs and expenses (including lost wages) directly relating to its representation of the Settlement Class in an amount not to exceed $5,000; and (4) the Court should enter the Judgment dismissing the Action with prejudice. The Court may change the hearing date, or order that it be held by telephonic or video conference, without further notice to the Class. However, any changes will be posted on the settlement website:  www.FirstChoiceSecuritiesLitigation.com.

If you purchased or otherwise acquired FCHS common stock between April 1, 2014, and November 14, 2018, inclusive, and did not sell all such securities before November 14, 2018, your rights may be affected by this Settlement. You may obtain, free of charge, a detailed Notice of Proposed Class Action Settlement (the "Notice") and a copy of the Proof of Claim and Release Form at the Claims Administrator's website, www.FirstChoiceSecuritiesLitigation.com, or by contacting the Claims Administrator by toll-free phone at 877-933-2895 or by mail at First Choice Healthcare Solutions, Inc. Sec. Litig., c/o A.B. Data, Ltd., P.O. Box 173070, Milwaukee, WI 53217.

If you are a Settlement Class Member and wish to share in the Settlement proceeds, you must complete and submit a Proof of Claim and Release Form to the Claims Administrator so that it is received or postmarked no later than June 25, 2021, establishing that you are entitled to recovery. If you fail to submit a valid Proof of Claim and Release Form by this deadline in accordance with the instructions in the form, you will not recover from the Net Settlement Fund, but you will nevertheless be bound by the Settlement and releases provided for therein and by the Court's Judgment dismissing the Action with prejudice. 

If you are a Settlement Class Member and wish to object to any aspect of the Settlement, the Plan of Allocation, the Lead Plaintiff service award, or Lead Counsel's Attorneys' Fees and Expenses Application, you must submit your written objection in the manner set forth in the Notice so that it is received or postmarked no later than July 12, 2021. Only Settlement Class Members who have submitted valid and timely written objections and provided notice of their intent to appear in accordance with the instructions in the Notice will be entitled to be heard at the hearing on July 26, 2021.

Notwithstanding any objection you may submit, you will be bound by the Settlement and releases provided for therein and by the Court's Judgment dismissing the Action unless you request to be excluded from the Settlement Class. To request exclusion, you must submit a written request in the manner set forth in the Notice so that it is received or postmarked no later than June 28, 2021. If you submit a timely and valid request to be excluded from the Settlement Class, you will not be required to waive or release any claims against Defendants, you will not receive any payment or other benefit in the Settlement, and you will not be bound by the Settlement or any other order or Judgment that may be entered by the Court.

On June 15, 2020, FCHS filed a Chapter 11 voluntary bankruptcy petition in the United States Bankruptcy Court for the Middle District of Florida. The bankruptcy could adversely affect whether your individual claims can proceed against FCHS and what damages, if any, you could receive from FCHS. You should consult your own counsel as to the effect of the bankruptcy on your claims or your decision to exclude yourself from the Settlement. The detailed Notice, available at www.FirstChoiceSecuritiesLitigation.com, explains more information about the bankruptcy.

Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Class at Wolf Popper LLP, 845 Third Avenue, New York, New York 10022, Tel.: (212) 759-4600.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR THEIR COUNSEL REGARDING THIS NOTICE.

SOURCE Wolf Popper LLP