Abraham, Fruchter & Twersky, LLP Announces a Proposed Class Action Settlement in In re Finisar Corporation Securities Litigation, Case No. 5:11-CV-01252-EJD (N.D. Cal.)
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
SAN DIEGO, Nov. 9, 2020 /PRNewswire/ -- To all persons and entities who purchased or acquired the publicly traded common stock of Finisar Corporation during the period from December 2, 2010 through March 8, 2011, inclusive.
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, in accordance with Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that the above-captioned securities litigation (the "Action") has been certified as a class action for settlement purposes on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as stated in the full printed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").
YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action have reached a proposed settlement of the Action for $6,800,000 in cash (the "Settlement"), which, if approved, will resolve all claims in the Action.
A hearing will be held on February 11, 2021, at 9:00 a.m., before the Honorable Edward J. Davila of the United States District Court for the Northern District of California, in Courtroom 4, 5th Floor, Robert F. Peckham Federal Building & United States Courthouse, 280 South 1st Street, San Jose, CA 95113, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement filed on July 14, 2020 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses should be approved.
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and the Proof of Claim and Release Form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at: (833) 935-2722 or by email at [email protected]. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, at www.FinisarSecuritiesLitigation.com.
If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than February 26, 2021. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than January 7, 2021, in accordance with the instructions 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.
Any objection to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses must be mailed to or filed with the Court such that it is received no later than January 21, 2021, in accordance with the instructions in the Notice.
Please do not contact the Court, the Clerk's office, Defendants, or Defendants' counsel regarding this notice. All questions about this notice, the proposed Settlement, your eligibility to participate in the Settlement, or the claims process, should be directed to the Claims Administrator or Lead Counsel.
Requests for the Notice and Claim Form should be made to:
Finisar Securities Litigation
c/o Claims Admin
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
(833) 935-2722
[email protected]
www.FinisarSecuritiesLitigation.com
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
Ian D. Berg, Esq.
Takeo A. Kellar, Esq.
Abraham, Fruchter & Twersky, LLP
11622 El Camino Real, Suite 100
San Diego, CA 92130
Tel: (858) 764-2580
[email protected]
[email protected]
To learn more about Lead Counsel, go to its website at www.aftlaw.com.
By Order of the United States District Court for the Northern District of California
Media Contact:
Angeion Group
Douglas S. Clauson
Director, Communications
(215) 563-4116
SOURCE Abraham, Fruchter & Twersky, LLP
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