Brower Piven, A Professional Corporation and Shapiro Haber & Urmy LLP announce the Notice of Proposed Partial Settlement of Class Action for the Sonar Capital Management Securities Class Action
NEW YORK, April 22, 2013 /PRNewswire/ -- The following statement is being issued by Brower Piven, A Professional Corporation and Shapiro Haber & Urmy LLP regarding the Sonar Capital Management Securities Class Action.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SIDNEY GORDON and JEFFREY TAUBER, Plaintiffs, v. SONAR CAPITAL MANAGEMENT LLC, et al., Defendants. DOCKET NO. 1:11-CV-09665 (JSR)
SUMMARY NOTICE OF PROPOSED PARTIAL SETTLEMENT OF CLASS ACTION
To: All persons and entities who sold shares of common stock of Sigma Designs, Inc. between July 13, 2007 and November 28, 2007, both dates inclusive.
This Summary Notice is given 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 ("Court"), dated March 8, 2013. The purpose of this Summary Notice is to inform you of the proposed partial settlement of the above-entitled class action ("Action") against Defendant Noah Freeman.
A Settlement Hearing will be held before the Honorable Jed S. Rakoff, United States District Judge, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, at 4:00 p.m. on May 22, 2013 in order: (1) to determine whether the Court should grant certification to the Settlement Class pursuant to Fed. R. Civ. P. 23(a) and (b)(3); (2) to determine whether the Settlement consisting of $550,000 in cash, together with Defendant Freeman's agreement to cooperate in the continuing litigation against the non-settling Defendants (Sonar Capital Management, LLC Neil Druker, Primary Global Research, LLC, The John Doe Hedge Fund(s), and John and Jane Does 1 Through 100), should be approved as fair, reasonable, and adequate to the Settlement Class and the proposed Judgment entered; (3) to determine whether the proposed Plan of Allocation for the proceeds of the partial Settlement is fair and reasonable, and should be approved by the Court; (4) to determine whether the applications by Plaintiffs' Counsel for an award of attorneys' fees and expenses equal to up to one-third of the Settlement Amount should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.
If you sold shares of Sigma Designs, Inc. common stock between July 13, 2007 and November 28, 2007 (both dates inclusive), and are not otherwise excluded from the Settlement Class, you are a Settlement Class Member. Settlement Class Members will be bound by the final judgment of the Court. If you are a Settlement Class Member, you do not need to submit a Proof of Claim at this time. This is only a partial Settlement with one of the Defendants in this Action. At this time, no funds are available to Class Members. If funds become available, you will be notified as to how the claim process will work.
If you do not wish to be included in the Settlement Class and you do not wish to participate in the proposed Settlement, you may request to be excluded, in the manner set forth in the full Notice of Proposed Partial Settlement of Class Action ("Notice"), no later than May 7, 2013. If you do wish to be included in the Settlement Class and do not timely and validly request exclusion from the Settlement Class, but you wish to object to the Settlement, the Plan of Allocation, and/or Plaintiffs' Counsel's application for an award of attorneys' fees and/or reimbursement of expenses, you may submit a written objection. You also may, but are not required to, appear at the Settlement Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than May 7, 2013. The procedures that MUST be followed for Settlement Class Members to request exclusion from the Settlement Class or to object to the Settlement, the Plan of Allocationand/or application for attorneys' fees and/or reimbursement of expenses are set forth in full in the Notice. You are urged to obtain a copy of the Notice, which includes, among other things, a description of: (1) the litigation in the Action prior to the Settlement; (2) the terms of the proposed partial Settlement; (3) the benefits of the partial Settlement to the Settlement Class; (4) the Plan of Allocation for the proceeds of the partial Settlement; (5) the rights of Settlement Class Members; (6) the release of claims against Defendant Freeman and his Related Parties; (7) the application for an award of attorneys' fees and expenses; and (8) additional details concerning the Settlement Hearing, excluding oneself from the Settlement Class and/or objecting to the partial Settlement, the Plan of Allocation, and/or the application for attorneys' fees and/or reimbursement of expenses.
PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.
For additional information, you may contact the Claims Administrator at the following address:
Sonar Capital Management Securities Class Action
PO Box 9349
Dublin, OH 43017-4249
This is only a summary notice. The full notice may be accessed at: www.gcginc.com.
Dated: April 22, 2013.
Jed S. Rakoff
UNITED STATES DISTRICT JUDGE
SOURCE Brower Piven, A Professional Corporation, and Shapiro Haber & Urmy LLP