PHILADELPHIA, April 15, 2011 /PRNewswire/ -- Berger & Montague, P.C. and Izard Nobel LLP, Co-Lead Counsel in the Nuvelo (former ticker symbol: NUVO;Nasdaq: ABIO) securities class-action suit, announced the following:
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA, SAN FRANCISCO DIVISION
In re NUVELO, INC. SECURITIES LITIGATION, Master File No. 07-CV-04056-CRB
SUMMARY NOTICE OF PROPOSED $8,916,666 CLASS ACTION SETTLEMENT AND MOTION FOR ATTORNEYS' FEES & EXPENSES
TO: ALL PERSONS WHO PURCHASED PUBLICLY-TRADED NUVELO COMMON STOCK (former ticker symbol: NUVO;Nasdaq: ABIO) OR CALL OPTIONS BETWEEN JANUARY 5, 2006 AND DECEMBER 8, 2006, INCLUSIVE, AND WHO SUFFERED LOSSES ON THOSE PURCHASES.
PLEASE READ THIS NOTICE CAREFULLY
YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Northern District of California, a hearing will be held on June 10, 2011, at 10:00 a.m., at the United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, California, in Courtroom 8, for the purpose of determining: (1) whether the proposed settlement of the Litigation for the sum of $8,916,666.70 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, thereafter, this Litigation should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement dated as of February 25, 2011; (3) whether the Plan of Allocation of settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (4) the reasonableness of the motion by counsel for Lead Plaintiffs for the payment of attorneys' fees and expenses incurred in connection with this Litigation, together with interest thereon and the awards to Lead Plaintiffs for representing the Settlement Class.
If you purchased Nuvelo's publicly-traded stock or call options between January 5, 2006 and December 8, 2006, inclusive, your rights may be affected by the settlement of this Litigation. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and a Proof of Claim and Release form, you may obtain copies by writing to Nuvelo Securities Litigation, Claims Administrator, Heffler, Radetich & Saitta LLP, P. O. Box 220, Philadelphia, PA 19105-0220, or by downloading this information at www.nuvelo.hrsclaims.com. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than July 22, 2011, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Litigation unless you request to be excluded, in writing, to the above address, postmarked by May 11, 2011.
Any objection to any aspect of the settlement must be filed with the Clerk of the Court and received by the following no later than May 27, 2011:
Clerk of the Court
United States District Court
For the Northern District of California
450 Golden Gate Avenue
San Francisco, CA 94102
IZARD NOBEL LLP
Jeffrey S. Nobel
29 South Main Street, Suite 215
West Hartford, CT 06107
BERGER & MONTAGUE, P.C.
Phyllis M. Parker
1622 Locust Street
Philadelphia, PA 19103
Jessica Valenzuela Santamaria
Five Palo Alto Square
3000 El Camino Real
Palo Alto, CA 94306-2155
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: APRIL 15, 2011
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SOURCE Berger & Montague, P.C.