Scott + Scott LLP Announces Proposed Settlement of Class Action on Behalf of Purchasers of Nighthawk Radiology Holdings, Inc. Common Stock
SAN DIEGO, Nov. 20, 2012 /PRNewswire/ -- The following statement is being issued by Scott + Scott LLP regarding the Nighthawk Radiology Holdings, Inc. Securities Litigation.
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF IDAHO
In re NIGHTHAWK RADIOLOGY HOLDINGS, INC. SECURITIES LITIGATION, This Document Relates To: ALL ACTIONS, Master File No. 2:09-cv-00659-EJL-CWD, Judge: Hon. Edward J. Lodge, SUMMARY NOTICE
TO: ALL PERSONS AND ENTITIES WHO PURCHASED SHARES OF NIGHTHAWK RADIOLOGY HOLDINGS, INC. COMMON STOCK BETWEEN MAY 2, 2007 AND MAY 7, 2008, INCLUSIVE (THE "CLASS PERIOD")
YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the District of Idaho, a hearing will be held on March 13, 2013 at 9:30 a.m., before the Honorable Edward J. Lodge, at the United States District Court for the District of Idaho, 550 W. Fort Street, Boise, Idaho 83724, for the purpose of determining: (1) whether the proposed settlement of the above-captioned action ("Action") for the sum of $650,000 in cash ("Settlement Fund"), should be approved by the Court as fair, reasonable, and adequate; (2) whether, thereafter, this Action should be dismissed with prejudice against the Defendants as set forth in the Settlement Agreement dated May 25, 2012; (3) whether the Plan of Distribution of settlement proceeds is fair, reasonable, and adequate and should, therefore, be approved; (4) the reasonableness of the application of Plaintiff's Counsel for the reimbursement of costs and expenses incurred in connection with this Action, together with interest thereon; (5) whether Plaintiff should be reimbursed for its reasonable costs and expenses (including lost wages) directly related to its representation of the Class in this Action; and (6) whether the Court should grant certification to the putative class.
This litigation is a securities fraud class action brought on behalf of those persons who purchased the common stock of Nighthawk Radiology Holdings, Inc. ("Nighthawk") during the Class Period ("Class Members"), against Nighthawk and four of its current and/or former key executives and directors, for allegedly issuing materially false and misleading public statements about: (1) the claimed benefits of Nighthawk's corporate acquisitions; (2) Nighthawk's customer retention rates; (3) Nighthawk's staffing levels; and (4) Nighthawk's revenue and earnings guidance. Plaintiff alleges that these purportedly false and misleading statements inflated the price of Nighthawk's stock, resulting in damage to Class Members when the truth was revealed. Defendants deny all of Plaintiff's allegations.
If you purchased Nighthawk common stock during the Class Period, your rights may be affected by this Action and the settlement thereof. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to Nighthawk Securities Litigation, c/o GCG, P.O. Box 9905, Dublin, Ohio 43017-5805, or by downloading this information at www.NighthawkSecuritiesLitigation.com. If you are a Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than February 28, 2013, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, to the above address, postmarked by February 20, 2013.
Any objection to any aspect of the settlement must be filed with the Clerk of the Court no later than February 27, 2013, and received by the following no later than February 20, 2013:
Walter W. Noss, Esq., SCOTT+SCOTT LLP, 707 Broadway, Suite 1000, San Diego, CA 92101, Lead Counsel for Plaintiff
Gregory L. Watts, Esq., WILSON SONSINI GOODRICH & ROSATI, 701 Fifth Avenue, Suite 5100, Seattle, WA 98104-7036, Lead Counsel for Defendants
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: October 31, 2012
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF IDAHO
SOURCE Scott+Scott LLP
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