Rigrodsky & Long, P.A. Announces a Summary Notice of Class Action and Proposed Settlement for all Persons who Purchased or Otherwise Acquired American Depository Shares (ADSs) of Focus Media Holding Limited
NEW YORK, June 9, 2014 /PRNewswire/ --
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
XUECHEN YANG, Individually And On
Behalf Of All Others Similarly Situated,
FOCUS MEDIA HOLDING LIMITED,
JASON NANCHUN JIANG, CHARLES
GUOWEI CAO, KIT LEONG LOW, DANIEL
MINGDONG WU, ALEX DEYI YANG,
NEIL NANPENG SHEN, FUMIN ZHUO,
DAQING QI, DAVID ZHANG, AND YING
Case No.: 1:11-cv-09051-CM
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED AMERICAN DEPOSITORY SHARES ("ADSs") OF FOCUS MEDIA HOLDING LIMITED ("FOCUS MEDIA" OR "THE COMPANY") BETWEEN NOVEMBER 20, 2007 THROUGH NOVEMBER 21, 2011, INCLUSIVE (COLLECTIVELY, THE "SETTLEMENT CLASS").
If you meet the above Class definition, you could get a payment from a class action settlement.
A federal court authorized this Notice. This is not a solicitation from a lawyer.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on September 4, 2014, at 9:30 a.m., before The Honorable Colleen McMahon, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York (the "Court"), for the purpose of determining (1) whether the proposed settlement of claims in the above-captioned Action for consideration, including the sum of $3,700,000.00 (three million seven hundred thousand dollars) in cash, should be approved by the Court as fair, reasonable and adequate; (2) whether this Action should be dismissed with prejudice as to the Defendants pursuant to the terms and conditions set forth in the Stipulation dated as of May 13, 2014; (3) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and expenses incurred in connection with this Action and reimbursement of the Lead Plaintiff's reasonable costs and expenses (including lost wages) directly related to their representation of the Settlement Class should be approved.
If you purchased or otherwise acquired Focus Media ADSs between November 20, 2007 and November 21, 2011, inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in the ADSs.
If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form that is received no later than August 1, 2014, establishing that you are entitled to recovery.
If you desire to be excluded from the Settlement Class, you must submit a request for exclusion to Focus Media Holding Limited Securities Action, Exclusions, 3410 West Hopkins Street, PO Box 170500, Milwaukee, WI 53217-8091, so that it is received by July 17, 2014. Any objection to any aspect of the Settlement must be filed with the Court, Plaintiffs' Counsel Designee and the Company's Counsel Designee, no later than July 17, 2014.
If you wish to receive a detailed Notice concerning the terms of the Settlement or the Proof of Claim and Release form, you may obtain copies by writing to Focus Media Holding Limited Securities, Claims Administrator, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI 53217-8091, or by visiting www.FocusMediaSettlement.com.
DO NOT TELEPHONE THE COURT, THE CLERK'S OFFICE OR ANY OF THE DEFENDANTS OR COUNSEL FOR THE DEFENDANTS REGARDING THIS NOTICE.
DATED: MAY 19, 2014
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
Contact: Timothy J. MacFall
SOURCE Rigrodsky & Long, P.A.