Robbins Geller Rudman & Dowd LLP announces proposed settlement of Smithtown Bancorp, Inc. Shareholder Litigation
BROOKLYN, N.Y., July 17, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Smithtown Bancorp, Inc. Shareholder Litigation:
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
WATERFORD TOWNSHIP POLICE & FIRE
Plaintiff, vs. SMITHTOWN BANCORP, INC., et al.,
Defendants. |
) ) ) ) ) ) ) ) ) ) |
Civil Action No. 1:10-cv-00864-SLT-RER CLASS ACTION
SUMMARY NOTICE |
TO: ALL PERSONS WHO PURCHASED SMITHTOWN BANCORP, INC. ("SBI") COMMON STOCK DURING THE PERIOD FROM MARCH 13, 2008, THROUGH AND INCLUDING FEBRUARY 1, 2010
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of New York, that a hearing will be held on September 28, 2015, at 10:00 a.m., before the Honorable Ramon E. Reyes, Jr., United States Magistrate Judge, at the United States District Court for the Eastern District of New York, United States Courthouse, 225 Cadman Plaza East, Courtroom 2E North, Brooklyn, New York 11201, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Action for the amount of $1,950,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice ("Judgment") should be entered by the Court dismissing the Action with prejudice and releasing the Released Claims; (3) whether the Plan of Distribution for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees, costs, and expenses should be approved.
IF YOU PURCHASED SBI COMMON STOCK DURING THE TIME PERIOD FROM MARCH 13, 2008, THROUGH AND INCLUDING FEBRUARY 1, 2010 ("CLASS PERIOD"), YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OF SBI COMMON STOCK DURING THE CLASS PERIOD. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Smithtown Bancorp Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 990, Corte Madera, CA 94976-0990 or on the Internet at www.smithtownbancorpsecuritieslitigation.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 October 5, 2015 establishing that you are entitled to recovery.
If you purchased SBI common stock during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than September 8, 2015 in the manner and form explained in the detailed Notice referred to above. All members of the Class who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Action pursuant to the Stipulation and Agreement of Settlement.
Any objection to the Settlement, the Plan of Distribution, or Lead Counsel's request for attorneys' fees, costs, and expenses, must be received by each of the following recipients no later than September 8, 2015:
CLERK OF THE COURT UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK United States Courthouse 225 Cadman Plaza East Brooklyn, NY 11201 |
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Lead Counsel: ROBBINS GELLER RUDMAN & DOWD LLP ELLEN GUSIKOFF STEWART 655 West Broadway, Suite 1900 San Diego, CA 92101 ROBBINS GELLER RUDMAN & DOWD LLP SAMUEL H. RUDMAN EVAN J. KAUFMAN 58 South Service Road, Suite 200 Melville, NY 11747 |
Counsel for Defendants: KATTEN MUCHIN ROSENMAN LLP BRUCE G. VANYO WILLIAM M. REGAN 575 Madison Avenue 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: June 16, 2015 |
BY ORDER OF THE COURT UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK |
SOURCE Robbins Gellar Rudman & Dowd LLP
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