Wolf Haldenstein Adler Freeman & Herz LLP Announce Proposed Settlement Hearing In re Direxion Shares ETF Trust Class Action Litigation
NEW YORK, March 8, 2013 /PRNewswire/ -- ALL PERSONS WHO ACQUIRED SHARES OF THE DIREXION FINANCIAL BEAR 3X SHARES (FAZ), DIREXION ENERGY BEAR 3X SHARES (ERY), DIREXION LARGE CAP BEAR 3X SHARES (BGZ), OR THE DIREXION SMALL CAP BEAR 3X SHARES (TZA) (EACH A "DIREXION FUND" AND COLLECTIVELY THE "DIREXION FUNDS") DURING THE PERIOD FROM NOVEMBER 3, 2008, THROUGH APRIL 9, 2009, INCLUSIVE COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.
YOU ARE HEREBY NOTIFIED that a proposed settlement has been reached in the action captioned In re Direxion Shares ETF Trust, No. 1-09-CV-8011 (KBF) (S.D.N.Y.) (the "Action"). A hearing will be held on May 10, 2013, at 2:00 p.m., before the Hon. Katherine B. Forrest at the Daniel Patrick Moynihan United States Courthouse, United States District Court for the Southern District of New York, Courtroom 15A, 500 Pearl Street, New York, NY 10007. The purpose of the hearing is for the Court to determine, among other things: (1) whether the proposed settlement of the claims asserted in the Action should be approved by the Court as fair, reasonable and adequate; (2) whether the Action should be dismissed with prejudice pursuant to the terms and conditions of the settlement; (3) whether the plan for distributing the proceeds of the settlement should be approved; (4) and whether the application of Class Counsel for the payment of attorneys' fees and reimbursement of expenses should be approved.
If you purchased Direxion Fund Shares from November 3, 2008 through April 9, 2009, inclusive, you must file a Proof of Claim in writing no later than May 17, 2013, to participate in the recovery. If you did not hold your shares for longer than two days, you are not entitled to share in the settlement proceeds.
If you believe you are a Class Member and wish to exclude yourself from the settlement, you must do so in writing no later than April 19, 2013. If the settlement is approved by the Court and its judgment becomes final, you will be bound by the settlement and the release of claims it includes unless you submit a request to be excluded.
If you believe you may be a Class Member and wish to object to any aspect of the settlement, the plan for allocating it, the request by Class Counsel for an award of attorneys' fees and expenses, or otherwise request to be heard, you must submit a written objection or request no later than April 19, 2013 in accordance with the procedures described on the claims administration website, www.DirexionFundSettlement.com.
This is only a summary of matters regarding the litigation and the settlement. A detailed Notice describing the litigation, the proposed settlement terms, and the rights of potential Class Members, including procedures for participating, seeking exclusion or objecting, has been mailed to Class Members whose contact information is already known. You may download the Notice from the claims administration website, www.DirexionFundSettlement.com, which also has copies of settlement documents and pleadings in the Action.
You may also obtain a copy of the more detailed Notice by contacting the Claims Administrator by mail, email, or telephone as follows: In re Direxion Shares ETF Trust Claims Administrator, P.O. Box 60176, Philadelphia, PA 19102-0176, (888) 969-0898. www.DirexionFundSettlement.com
If you have any questions about the settlement, you may also contact Class Counsel for Plaintiffs by mail, email or telephone as follows: Maja Lukic, Esquire, Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Avenue, New York, NY 10016, (212) 545-4600, email@example.com.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: March 8, 2013
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP