Kessler Topaz Meltzer & Check, LLP and Labaton Sucharow LLP Announce Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses in In re NII Holdings, Inc. Securities Litigation, Civ No. 14-cv-00227 (E.D. Va.)

ALEXANDRIA, Va., June 13, 2016 /PRNewswire/ --

PLEASE READ THIS NOTICE CAREFULLY.  IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT OF THE LAWSUIT.

YOU ARE HEREBY NOTIFIED, in accordance with Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of Virginia, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the class set forth above (the "Class").  YOU ARE ALSO NOTIFIED that the Court-appointed Class Representatives Danica Pension, Livsforsikringsaktieselskab, Industriens Pensionsforsikring A/S, Pension Trust Fund for Operating Engineers Pension Plan, IBEW Local No. 58 / SMC NECA Funds, and Jacksonville Police & Fire Pension Fund (collectively, "Class Representatives"), on behalf of themselves and the Class, and Defendants Steven P. Dussek, Steven M. Shindler, and Gokul Hemmady (the "Defendants") have reached a proposed settlement of the Action in the amount of $41,500,000 in cash (the "Settlement Amount") that, if approved by the Court, will resolve all claims in the Action (the "Settlement").

A hearing will be held before the Honorable Leonie M. Brinkema of the United States District Court for the Eastern District of Virginia in the Albert V. Bryan U.S. Courthouse, 401 Courthouse Square, Alexandria, VA 22314 at 10:00 a.m. on September 16, 2016 (the "Settlement Hearing") to, among other things, determine whether the Court should: (a) approve the proposed Settlement as fair, reasonable, and adequate; (b) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated as of April 18, 2016; (c) approve the proposed Plan of Allocation for distribution of the Settlement Amount, and any interest earned thereon, less Court-awarded attorneys' fees and expenses, Notice and Administration Expenses, Taxes, and any other costs, fees, or expenses approved by the Court (the "Net Settlement Fund"); and (d) approve Class Counsel's application for an award of attorneys' fees and payment of expenses.  The Court may change the date of the Settlement Hearing without providing another notice.  You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT.  If you have not yet received the full Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the "Notice") and a Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator or visiting the website dedicated to this Action:

In re NII Holdings, Inc. Securities Litigation
Claims Administrator
c/o A.B. Data, Ltd.
P.O. Box 173009
Milwaukee, WI  53217
(866) 905-8128
www.niisecuritieslitigation.com

Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Class Counsel:

If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or received on or before September 28, 2016.  If you are a Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a Class Member and wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions in the Notice such that it is received on or before August 26, 2016.  If you properly exclude yourself from the Class, 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 distribution of the Net Settlement Fund. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel's application for attorneys' fees and payment of expenses must be filed with the Court and mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are filed and received on or before August 26, 2016. 

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator.

SOURCE Kessler Topaz Meltzer & Check, LLP and Labaton Sucharow LLP