Abraham, Fruchter & Twersky, LLP Announces a Proposed Class Action Settlement in Ali Vandevar, et al. v. American Renal Associates Holdings, et al., Case No: 2-19-cv-09074-ES-MAH (D,N.J.).
Summary Notice of Pendency and Proposed Class Action Settlement
NEW YORK, Oct. 2, 2020 /PRNewswire/ -- To all persons and entities who purchased or acquired American Renal Associates Holdings, Inc. common stock between August 10, 2016 and March 27, 2019, inclusive.
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing is scheduled to be held on January 12, 2021, at 11:00 a.m. before the Honorable Michael A. Hammer, United States Magistrate Judge of the District of New Jersey, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Courtroom 5A, Newark, NJ 07101 for the purpose of determining: (1) whether the proposed Settlement1 of the claims in the above-referenced Action for consideration including the sum of $5,775,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Net Settlement Fund (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; (3) whether the application of Plaintiffs' Counsel for an award of attorneys' fees not to exceed 30 percent plus interest of the Settlement Amount, reimbursement of expenses of not more than $100,000, and an Award to Plaintiff of not more than $7,500.00, should be approved; and (4) whether this Action should be fully and finally dismissed with prejudice as set forth in the Stipulation.
Please Note: The date and time of the Settlement Hearing may change and/or may be held by teleconference or videoconference, without further written notice to the Class. You should monitor the Court's docket and the website maintained by the Claims Administrator, www.AmericanRenalSecuritiesLitigation.com, before making plans to participate in the Settlement Hearing. You may also confirm the date, time, and method of the Settlement Hearing by contacting Class Counsel by phone at 212-279-5050 or by email at [email protected].
If you purchased or otherwise acquired American Renal Associates Holdings, Inc. ("ARA") common stock between August 10, 2016 and March 27, 2019, inclusive, your rights may be affected by this Settlement, including the full and final release and extinguishment of claims you may possess relating to your purchase, sale and ownership interest in ARA common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim form, you may obtain copies by writing to American Renal Assoc. Securities Litigation, ATTN: NOTICE REQUEST, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103, emailing to [email protected] or calling (844) 559-0203, or by going to the website, www.AmericanRenalSecuritiesLitigation.com. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim form postmarked no later than January 4, 2021, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than December 8, 2020, in the manner and form explained in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. All members of the Settlement Class who have not validly requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.
Any objection to the Settlement, Plan of Allocation, or Plaintiffs' Counsel's request for an award of attorneys' fees and reimbursement of expenses and an Award to Plaintiff must be in the manner and form explained in the detailed Notice and received no later than December 22, 2020, by each of the following:
Clerk of the Court
United States District Court
District of New Jersey
50 Walnut Street
Newark, NJ 07101
CLASS COUNSEL:
Mitchell M.Z. Twersky
Abraham, Fruchter & Twersky, LLP
One Penn Plaza, Suite 2805
New York, NY 10119
COUNSEL FOR DEFENDANTS:
Jason C. Hegt
LATHAM & WATKINS LLP
885 Third Avenue
New York, New York 10022
If you have any questions about the Settlement, you may contact the Claims Administrator or Plaintiffs' Counsel at the addresses listed above or go to the website at www.AmericanRenalSecuritiesLitigation.com.
To learn more about Plaintiffs' Counsel, go to its website at www.aftlaw.com.
PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.
By Order of the United States District Court for the District of New Jersey
Media Contact:
Angeion Group
Douglas S. Clauson
Director, Communications
(215)–563-4116
1 All capitalized terms not otherwise defined herein have the same meaning as in the Stipulation and Agreement of Settlement filed with the Court on June 25, 2020 (ECF No. 50-3) (the "Stipulation").
SOURCE Abraham, Fruchter & Twersky, LLP
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