SAN FRANCISCO, Nov. 6, 2015 /PRNewswire/ --
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION
SCOTT BRUCE, Individually and on Behalf of All Others Similarly Situated,
SUNTECH POWER HOLDINGS CO., LTD. and ZHENGRONG SHI,
Case No. 3:12-cv-04061-RS
Judge: Hon. Richard Seeborg
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT
OF CLASS ACTION AND FINAL APPROVAL HEARING
TO: ALL PERSONS OR ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED SUNTECH POWER HOLDINGS CO., LTD. ("SUNTECH") AMERICAN DEPOSITARY SHARES OR SUNTECH 3.00% CONVERTIBLE SENIOR NOTES BETWEEN AUGUST 18, 2010 AND JULY 30, 2012, INCLUSIVE (THE "CLASS PERIOD"), AND WERE DAMAGED THEREBY AS ALLEGED IN THE OPERATIVE COMPLAINT OR THE AMENDED COMPLAINT.
Excluded from the Class are Defendant Zhengrong Shi ("Defendant"), Suntech, all directors and officers of Suntech during the Class Period and members of their immediate families and their legal representatives, heirs, successors, or assigns and any trust, company, entity, or affiliate controlled or owned by any of the excluded persons and entities, or in which Defendant or Suntech has or had a controlling interest.
YOU ARE HEREBY NOTIFIED, pursuant to 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 class action (the "Action") is pending and that a settlement of the Action for $5 million in cash has been proposed. A hearing will be held on February 11, 2016, at 1:30 p.m., before the Honorable Richard Seeborg, United States District Judge, in Courtroom 3 of the San Francisco Courthouse, 17th Floor, 450 Golden Gate Avenue, San Francisco, California 94102 for the purpose of determining, among other things: (1) whether the Court should finally certify the Class and whether the Lead Plaintiffs and Co-Lead Counsel have adequately represented the Class; (2) whether the Settlement, on the terms and conditions provided for in the Stipulation, should be finally approved by the Court as fair, reasonable and adequate; (3) whether Judgment should be entered, dismissing the Action on the merits and with prejudice, and whether the release of the Released Persons as set forth in the Stipulation should be ordered; (4) whether the Court should permanently enjoin and bar the assertion of any Released Claims; (5) whether the Fee and Expense Application by Co-Lead Counsel for an award of attorneys' fees and expenses should be approved; (6) whether the Plan of Allocation should be approved; (7) whether any Class Member's timely objection to the Settlement, the Fee and Expense Application, and/or the Plan of Allocation should be sustained; and (8) any other such matters as the Court may deem necessary or appropriate.
If you purchased or otherwise acquired Suntech American Depositary Shares or Suntech 3.00% Convertible Senior Notes between August 18, 2010 and July 30, 2012, inclusive, your rights may be affected by this Action and the Settlement thereof. If you have not received the detailed Notice Of Proposed Settlement Of Class Action, Motion For Attorneys' Fees And Expenses And Final Approval Hearing (the "Notice") and Proof of Claim and Release Form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: Bruce v. Suntech Power Holdings Co., Ltd., c/o Claims Administrator, KCC Class Action Services P.O. Box 40007, College Station, Texas 77842-4007; by telephone at:866-431-3858; or by visiting the Settlement website www.SuntechSettlement.com.
If you are a member of the Class and wish to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim no later than April 5, 2016, establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you submit a written request for exclusion from the Class in accordance with the procedures set forth in the Notice by no later than January 21, 2016. Any objections to the Settlement, Plan of Allocation or application for attorney's fees and expenses must be filed and served in accordance with the procedures set forth in the Notice no later than January 21, 2016.
Inquiries, other than requests for the Notice, may be made to Co-Lead Counsel:
Daniel S. Sommers, Cohen Milstein Sellers & Toll PLLC, 1100 New York Avenue, N.W., East Tower, Suite 500, Washington, D.C. 20005, firstname.lastname@example.org, (202) 408-4600 and Joshua B. Silverman, Esq., Pomerantz LLP, 10 South LaSalle Street, Suite 3505, Chicago, IL 60603, email@example.com, (312) 377-1181.
INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE
CLERK'S OFFICE, DEFENDANT, OR DEFENDANT'S COUNSEL
DATED: October 8, 2015
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE NORTHERN
DISTRICT OF CALIFORNIA
SOURCE Cohen Milstein Sellers & Toll PLLC and Pomerantz LLP