Robbins Geller Rudman & Dowd LLP and Glancy Prongay & Murray LLP Announce Proposed Settlement of Class Action in the In re Doral Financial Corporation Securities Litigation

SAN DIEGO, May 5, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Glancy Prongay & Murray LLP regarding the In re Doral Financial Corporation Securities Litigation.

UNITED STATES DISTRICT COURT
DISTRICT OF PUERTO RICO

IN RE DORAL FINANCIAL CORPORATION SECURITIES LITIGATION, CIVIL ACTION NO. 3:14-CV-01393-GAG, CLASS ACTION, SUMMARY NOTICE

This Document Relates To: ALL ACTIONS.

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF DORAL FINANCIAL CORPORATION ("DORAL") DURING THE PERIOD FROM APRIL 2, 2012 THROUGH AND INCLUDING MAY 1, 2014, AND WERE ALLEGEDLY DAMAGED THEREBY

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Puerto Rico, that a hearing will be held on August 8, 2016, at 9:00 a.m., before the Honorable Gustavo A. Gelpi, United States District Judge, at the United States District Court for the District of Puerto Rico, José V. Toledo U.S. Courthouse, 300 Recinto Sur Street, San Juan, Puerto Rico, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the principal amount of $7 million, plus interest, should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Litigation with prejudice; (3) whether the Plan of Allocation of Settlement proceeds is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and expenses and Co-Lead Plaintiffs' expenses in connection with this Litigation should be approved.

IF YOU PURCHASED OR OTHERWISE ACQUIRED ANY DORAL COMMON STOCK DURING THE PERIOD FROM APRIL 2, 2012 THROUGH AND INCLUDING MAY 1, 2014, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.  If you have not received a detailed Notice of Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Doral Securities Litigation, Claims Administrator, c/o GCG, P.O. Box 10284, Dublin, OH 43017-5784, or on the internet at www.DoralSecuritiesLitigation.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail or online no later than August 29, 2016, establishing that you are entitled to recovery. You will be bound by any judgment rendered in the Litigation unless you request to be excluded, in writing, to the above address, postmarked by July 5, 2016.

Any objection to the Settlement, the Plan of Allocation, or the fee and expense application must be received, not simply postmarked, by each of the following recipients no later than July 5, 2016:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF PUERTO RICO
Federico Degetau Federal Building
150 Carlos Chardón Street, Room 150
San Juan, PR 00918-1767

Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
ELLEN GUSIKOFF STEWART
655 West Broadway, Suite 1900
San Diego, CA 92101

GLANCY PRONGAY & MURRAY LLP
KARA M. WOLKE
1925 Century Park East, Suite 2100
Los Angeles, CA 90067

Counsel for Settling Defendants:

WILLIAMS & CONNOLLY LLP
DAVID D. AUFHAUSER
725 Twelfth Street, N.W.
Washington, D.C. 20005

PAUL HASTINGS LLP
KEVIN C. LOGUE
75 East 55th Street
New York, NY 10022

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Counsel at the addresses listed above.

DATED: April 21, 2016                          

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF PUERTO RICO

SOURCE Robbins Geller Rudman & Dowd LLP and Glancy Prongay & Murray LLP