OKLAHOMA CITY, Okla., Nov. 23, 2015 /PRNewswire/ -- The following statement is being issued by Federman & Sherwood regarding the Delta Petroleum Corporation Securities Litigation.
IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO
Judge Christine M. Arguello
Civil Action No. 12-cv-01038-CMA-CBS (Consolidated for all purposes with Civil Action No. 12-cv-01521-CMA-CBS)
PATIPAN NAKKHUMPUN, Individually and on behalf of all others similarly situated,
DANIEL J. TAYLOR, JOHN R. WALLACE, CARL E. LAKEY, and KEVIN K. NANKE,
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF ACTION AND SETTLEMENT HEARING THEREON
TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF DELTA PETROLEUM CORPORATION ("DELTA") DURING THE PERIOD FROM MARCH 11, 2010 THROUGH NOVEMBER 9, 2011, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Colorado, that Lead Plaintiff in the above-captioned litigation (the "Litigation") have reached a proposed settlement with Defendants for $3,200,000.00 in cash, plus interest earned (the "Settlement").
A hearing will be held on February 19, 2016, at 2:00 p.m., before the Honorable Christine M. Arguello, United States District Judge, in Courtroom A602 of the United States District Court, Alfred A. Arraj Courthouse, 901 19th Street, Denver, CO 80294, for the purpose of determining: (1) whether the Court should certify the Settlement Class for purposes of the Settlement pursuant to Federal Rule of Civil Procedure 23; (2) whether the proposed Settlement of $3,200,000.00 in cash, plus any return thereon, should be approved by the Court as fair, just, reasonable, and adequate; (3) whether the Litigation should be dismissed with prejudice as against Defendants and their Corresponding Released Parties as set forth in the Stipulation of Settlement dated as of September 18, 2015; (4) whether the Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; (5) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and reimbursement of costs and expenses incurred in connection with the Litigation should be approved; and (6) such other matters as the Court may deem appropriate.
If you purchased Delta's common stock during the period of March 11, 2010 through November 9, 2011, inclusive, your rights may be affected by the settlement of the Litigation. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing Thereon (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to Delta Petroleum Securities Litigation, c/o Heffler Claims Group, Claims Administrator, P.O. Box 59028, Philadelphia, PA 19102-9028, or by calling 1-855-887-3480. You may also obtain copies on the internet at www.DeltaPetroleumSettlement.com. Complete information concerning the Litigation may be obtained from the Court files on this matter.
If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must timely submit a Proof of Claim to the Claims Administrator's address provided above and postmarked no later than January 29, 2016. If you are a member of the Settlement Class and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, at the address above and postmarked no later than January 29, 2016, in the manner and form detailed in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgment or orders entered by the Court in the Litigation and you will not be eligible to share in the proceeds of the Settlement.
Any objection to the proposed Settlement, the Plan of Allocation, and/or Fee and Expense Application must be filed in the manner detailed in the Notice with the Clerk of the Court and delivered to Lead Counsel for Plaintiffs and Counsel for Defendants, such that it is received by each party no later than January 29, 2016, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
Any questions, should be directed to:
Delta Petroleum Securities Litigation
c/o Heffler Claims Group
P.O. Box 59028
Philadelphia, PA 19102-9028
Lead Counsel for Plaintiffs:
William B. Federman, Esq.
FEDERMAN & SHERWOOD
10205 N. Pennsylvania Avenue
Oklahoma City, OK 73120
DATED: November 23, 2015
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF COLORADO
SOURCE Federman & Sherwood