Brower Piven Announces Summary Notice of Proposed Settlement of Class Action Against INYX, Inc.

NEW YORK, March 5, 2012 /PRNewswire/ -- The following statement is being issued by Brower Piven regarding the INYX, Inc. Class Action Settlement.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

Civil Action No. 08-cv-06857-PKC
THE PENNSYLVANIA AVENUE FUNDS, Individually And On Behalf of All Others Similarly Situated,
Plaintiff,
vs.
INYX INC., JACK KACHKAR, STEVEN HANDLEY, RIMA GOLDSHMIDT, JAY M. GREEN and
BERKOVITS & COMPANY, LLP,
Defendants.

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

All Persons and Entities Who Purchased Inyx, Inc. Common Stock Between April 1, 2005 and July 2, 2007, Inclusive.

This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (the "Court"), dated February 9, 2012. The purpose of this Summary Notice is to inform you of the proposed settlement of the above-entitled class action (the "Action") against defendants Inyx, Inc., Jack Kachkar, Rima Goldshmidt, and Jay M. Green.

A Settlement Hearing will be held before the Hon. P. Kevin Castel, United States District Judge, at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street New York, NY 10007, at 11:30 a.m. on May, 4, 2012 in order: (1) to determine whether the Settlement consisting of no less than $600,000.00 (US) and no more than $1,100,000 (US) in cash should be approved as fair, reasonable, and adequate to the Class and the proposed Judgment entered; (2) to determine whether the proposed Plan of Allocation for the proceeds of the settlement is fair and reasonable, and should be approved by the Court; (3) to determine whether any applications for attorneys' fees not to exceed 35% of the settlement Fund and reimbursement of litigation expenses not to exceed $110,000.00 (US) to Class Counsel should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.

If you purchased the common stock of Inyx, Inc. between April 1, 2005 and July 2, 2007, inclusive, and are not otherwise excluded from the Class, you are a Class Member. Class Members will be bound by the final Judgment of the Court. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than June 8, 2012, establishing that you are entitled to recovery. If you are a Class Member and need a Proof of Claim, copies may be obtained by telephoning the Claims Administrator at (800) 231-1815 or by downloading the form on the Internet at www.gcginc.com.

If you do not wish to be included in the Class and you do not wish to participate in the proposed Settlement, you may request to be excluded in the manner set forth in the full Notice of Proposed Settlement of Class Action ("Notice"), no later than April 9, 2012. If you are a Class Member, and you do not request exclusion from the Class, you may make written objection(s) to the Settlement, the Plan of Allocation or Class Counsel's request for an award of attorneys' fees and reimbursement of expenses by following the procedures set forth in the Notice. If you make a written objection, you also may appear at the Settlement Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than April 9, 2012.

This is only a summary notice. The full Notice of Proposed Settlement of Class Action may be accessed at: www.gcginc.com. You are urged to obtain a copy of the Notice, which includes, among other things, a description of: (1) the litigation in this Action prior to the Settlement; (2) the full terms of the proposed Settlement; (3) the Plan of Allocation for the proceeds of the Settlement; (4) the rights of Class Members, including the mandatory procedures to exclude oneself from the Class or appear at the Settlement Hearing and/or object to the Settlement, the Plan of Allocation and/or Class Counsel's application for attorneys' fees and reimbursement of expenses; and (5) the scope of the release of claims against Defendants.

PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.

Source: Brower Piven

SOURCE Brower Piven