Class Action Settlement on Behalf of Shareholders of Fifth Street Finance Corp. is Announced by Labaton Sucharow LLP

NEW YORK, Dec. 7, 2016 /PRNewswire/ -- 

SUMMARY NOTICE OF:
(1) PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION;
(2) MOTION FOR ATTORNEYS' FEES AND EXPENSES; AND
(3) HEARING ON PROPOSED SETTLEMENT

YOU ARE HEREBY NOTIFIED that the above-captioned action has been certified as a class action for settlement purposes and that the Lead Plaintiff has reached a proposed settlement to resolve all claims in the case for $14,050,000 in cash (the "Settlement").

The Settlement is independent of a separate settlement of a class action brought on behalf of shareholders of Fifth Street Asset Management Inc. ("FSAM").  A separate notice has been issued for the FSAM Settlement.

The Class in the FSC class action consists of all persons and entities who purchased or otherwise acquired FSC common stock during the Class Period, with some exclusions described in the full notice of the proposed Settlement (the "Notice").  If you have not yet received the Notice, you may obtain it by contacting the Claims Administrator at FSC Securities Settlement, c/o A.B. Data, Ltd., P.O. Box 173025, Milwaukee, WI  53217; telephone:  866-217-4461; email:  [email protected].  You may also download the Notice and other documents from:  www.FSCSecuritiesSettlement.com.

A hearing will be held on February 16, 2017, at 9:30 a.m., before United States District Judge Lewis A. Kaplan, at the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 21B, New York, New York 10007, to determine whether the Court should (i) approve the proposed Settlement as fair, reasonable, and adequate, (ii) approve the proposed Plan of Allocation for distribution of the Settlement proceeds, and (iii) grant Lead Counsel's application for attorneys' fees and litigation expenses.  The Court may change the date of the Fairness Hearing without further notice to the Class.  If you intend to attend the hearing, you should confirm the date and time with Lead Counsel or by checking the Settlement website.

IF YOU ARE A CLASS MEMBER, YOUR RIGHTS WILL BE AFFECTED BY THIS SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT MONEY.

To participate in the Settlement, you must submit a Claim Form.  You may download the Claim Form from www.FSCSecuritiesSettlement.com, or you may ask the Claims Administrator to send you a Claim Form and add you to the mailing list.  You may also obtain, complete, and file a Claim Form online at www.FSCSecuritiesSettlement.com by March 27, 2017.  Completed Claim Forms must be postmarked or received by March 27, 2017, at the Claims Administrator's address (printed above).

If you purchased or otherwise acquired FSC common stock during the Class Period, you will be deemed a Class Member unless you ask to be excluded from the Class.  Any requests for exclusion must be received by January 26, 2017, at the Claims Administrator's address (printed above).  Each request for exclusion must (i) state the name, address, telephone number, and e-mail address (if available) of the person or entity requesting exclusion, (ii) state that such person or entity requests exclusion from the FSC Settlement, (iii) be signed by the person or entity requesting exclusion, and (iv) provide the date(s), price(s), and number(s) of shares of all purchases and sales of FSC common stock during the Class Period.  You will be bound by any judgment rendered in the class action unless you timely request exclusion from the Class as explained in the Notice, even if you have pending or later file another lawsuit, arbitration, or other proceeding relating to the claims covered by the Settlement.  If you submit a valid and timely request for exclusion, you cannot share in the settlement money, cannot object to the Settlement, and will not be bound by the Settlement or the Court's rulings.

The Notice also describes how to object to the proposed Settlement, the Plan of Allocation, the request for attorneys' fees and litigation expenses, and/or Lead Plaintiff's request for reimbursement of its expenses (including lost wages).  All objections must be received by the Court (at the address above) and by the lawyers listed below no later than January 26, 2017:

Inquiries, other than requests for copies of the Notice or for inclusion in the mailing list for future notices, may be directed to Lead Counsel for the Class.  Please do not contact the Court or Defendants.

SOURCE Labaton Sucharow LLP