Scott + Scott Announces Proposed Settlement of Class Action on Behalf of Purchasers of CardioNet, Inc. Common Stock

SAN DIEGO, March 6, 2012 /PRNewswire/ -- The following statement is being issued by SCOTT+SCOTT LLP regarding the CardioNet Securities Litigation Settlement

SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN DIEGO

WEST PALM BEACH POLICE PENSION FUND, Individually and on Behalf of All Others Similarly Situated, Plaintiff, vs. CARDIONET, INC., ARIE COHEN, JAMES M. SWEENEY, MARTIN P. GALVAN, FRED MIDDLETON, WOODROW MYERS JR., M.D., ERIC N. PRYSTOWSKY, M.D., HARRY T. REIN, ROBERT J. RUBIN, M.D., RANDY H. THURMAN, BARCLAYS CAPITAL, INC., CITIGROUP GLOBAL MARKETS INC., LEERINK SWANN LLC, THOMAS WEISEL PARTNERS LLC, BANC OF AMERICA SECURITIES LLC and COWEN AND COMPANY, Defendants., Case No. 37-2010-00086836-CU-SL-CTL

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:  ALL PERSONS WHO PURCHASED OR ACQUIRED CARDIONET, INC. ("CARDIONET" OR THE "COMPANY") COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENTS AND PROSPECTUSES, AS AMENDED, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") IN CONNECTION WITH CARDIONET'S MARCH 25, 2008 INITIAL PUBLIC OFFERING ("IPO") AND/OR ITS AUGUST 6, 2008 SECONDARY STOCK OFFERING ("SECONDARY OFFERING")

THIS NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on June 22, 2012 at 8:30 a.m., before the Honorable Joan M. Lewis at the Superior Court of California, County of San Diego, Department 65, Hall of Justice, Fourth Floor, 330 W. Broadway, San Diego, CA 92101, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action ("Action") for $7,250,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Final Approval Order and Judgment of Dismissal with Prejudice as provided under the Stipulation and Agreement of Settlement ("Stipulation") should be entered, dismissing the Amended Complaint filed in the Action on the merits and with prejudice; (3) the release by the Class of the Settled Claims, as set forth in the Stipulation, should be provided to the Released Parties; (4) this Action satisfies the applicable prerequisites for class action treatment under California Code of Civil Procedure §382; (5) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Settlement of Class Action ("Notice"), which is discussed below); (6) to reimburse Plaintiff the costs and expenses (including lost wages) it incurred in prosecuting this action on behalf of the Class out of the Settlement Fund; and (7) the Plan of Allocation should be approved by the Court.

IF YOU PURCHASED OR ACQUIRED CARDIONET COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENTS AND PROSPECTUSES, AS AMENDED, FILED WITH THE SEC IN CONNECTION WITH CARDIONET'S MARCH 25, 2008 IPO AND/OR ITS AUGUST 6, 2008 SECONDARY OFFERING, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION. 

To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim on or before April 27, 2012.  Your failure to submit your Proof of Claim by April 27, 2012 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action.  If you are a member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Final Order, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which among other things contains definitions for the defined terms used in this Summary Notice), online at www.CardioNetSecuritiesSettlement.com, or by writing to:

CardioNet Securities Litigation Settlement c/o GCG, P.O. Box 9833, Dublin, OH 43017-5733, Phone:  (888) 313-1923

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Plaintiff's Counsel:

SCOTT+SCOTT LLP, Mary K. Blasy, Esq., 707 Broadway, Suite 1000, San Diego, CA 92101, Phone: (619) 233-4565, Fax: (619) 233-0508

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION BY MAY 23, 2012, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.  ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.

Dated:  JANUARY 13, 2012
HON. JOAN M. LEWIS, SUPERIOR COURT JUDGE FOR THE STATE OF CALIFORNIA, COUNTY OF SAN DIEGO

SOURCE SCOTT+SCOTT LLP