Scott+Scott LLP Announces the Proposed Settlement of the Motorola Securities Litigation
COLCHESTER, Conn., Aug. 5, 2011 /PRNewswire/ -- The following statement is being issued by Scott+Scott LLP regarding the Motorola Securities Litigation.
UNITED STATES DISTRICT COURT, NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION
ST. LUCIE COUNTY FIRE DISTRICT, FIREFIGHTERS' PENSION TRUST FUND, TOWN OF NORTH BRANFORD PENSION COMMITTEE, on Behalf of Themselves and All Others Similarly Situated, Plaintiffs, vs. MOTOROLA, INC., EDWARD J. ZANDER, THOMAS MEREDITH and GREGORY Q. BROWN, Defendants. No. 1:10-cv-00427, Honorable Virginia M. Kendall, SUMMARY NOTICE
TO: ALL PERSONS WHO purchased SHARES OF MOTOROLA COMMON STOCK DURING THE TIME PERIOD OF OCTOBER 25, 2007 THROUGH JANUARY 22, 2008, INCLUSIVE (THE "CLASS PERIOD")
YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Northern District of Illinois, a hearing will be held on November 2, 2011, at 9:00 a.m., before the Honorable Virginia M. Kendall, at the United States District Court for the Northern District of Illinois, Eastern Division, 219 South Dearborn Street, Chicago, Illinois 60604, for the purpose of determining: (1) whether the proposed settlement of the Action for the sum of $3,150,000 in cash, and the payment of up to $200,000 towards the cost of administrating the Settlement, 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 June 17, 2011; (3) whether the Plan of Distribution of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; (4) the reasonableness of the application of Plaintiffs' Counsel for the payment of attorneys' fees and expenses incurred in connection with this Action, together with interest thereon; and (5) whether Plaintiffs should be reimbursed for their reasonable costs and expenses (including lost wages) directly related to its representation of the Class in this Action.
This litigation is a securities fraud class action brought on behalf of those persons who purchased the common stock of Motorola during the Class Period ("Class Members"), against Motorola and three of its current and/or former key executives and directors for allegedly issuing false and misleading public statements about the Company's business fundamentals and prospects. Plaintiffs allege that these purportedly false and misleading statements materially inflated the price of Motorola's stock, resulting in damages to Class Members when the truth was revealed. Defendants deny all of Plaintiffs' allegations.
If you purchased Motorola 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 Motorola Securities Litigation, c/o GCG, Inc., P.O. Box 9793, Dublin, Ohio, 43017-5693, or by downloading this information at www.motorolasecuritieslitigation.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 postmarked no later than November 25, 2011, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Action unless you send a request to be excluded, in writing, to the above address, postmarked by October 3, 2011.
Any objection to any aspect of the settlement must be filed with the Clerk of the Court no later than October 3, 2011, and received by the following no later than October 3, 2011: Lead Counsel for Plaintiffs, Beth Kaswan, Geoffrey Johnson, Scott+Scott LLP, 500 Fifth Avenue, 40th Floor, New York, NY 10110; Counsel for Defendants, Robert J. Kopecky, KIRKLAND & ELLIS LLP, 300 North LaSalle, Chicago, Illinois 60654
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: JULY 28, 2011 BY ORDER OF THE COURT, UNITED STATES DISTRICT COURT, NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION
SOURCE Scott+Scott LLP
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