Friedlander & Gorris P.A. Announces Proposed Class Action Settlement Involving Owners of Common Stock of Sterling Chemicals, Inc.
WILMINGTON, Del., Sept. 26, 2016 /PRNewswire/ --
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
| VIRTUS CAPITAL L.P.,
Petitioner, v.
STERLING CHEMICALS, INC.,
Respondent. |
) ) ) ) ) ) ) ) |
C.A. No. 6951-VCL |
|
VIRTUS CAPITAL L.P., individually and on
Plaintiff, v.
EASTMAN CHEMICAL COMPANY, JOHN L. TEEGER, JOHN V. GENOVA, RICHARD K. CRUMP, JOHN W. GILDEA, PHILIP M. SIVIN, KARL W. SCHWARZFELD, DANIEL M. FISHBANE, WALTER TREYBIG, MARTIN D. SASS, M.D. SASS INVESTORS SERVICES, INC., RESURGENCE ASSET MANAGEMENT, L.L.C., RE/ENTERPRISE ASSET MANAGEMENT L.L.C., RESURGENCE ASSET MANAGEMENT INTERNATIONAL, L.L.C., CORPORATE RESURGENCE PARTNERS, L.L.C., CORPORATE RESURGENCE PARTNERS II, L.L.C., M.D. SASS CORPORATE RESURGENCE PARTNERS III, L.P., RESURGENCE ASSET MANAGEMENT, L.L.C. EMPLOYEE RETIREMENT PLAN, CORPORATE RESURGENCE, LTD., TRUST "0" FOR A PORTION OF THE ASSETS OF THE KODAK RETIREMENT INCOME PLAN, KODAK PENSION PLAN, M.D. SASS ASSOCIATES, INC. EMPLOYEE PROFIT SHARING PLAN, M.D. SASS RE/ENTERPRISE PORTFOLIO COMPANY, L.P., M.D. SASS RE/ENTERPRISE II, L.P., RESURGENCE PARALLEL FUND, L.L.C., RESURGENCE PARALLEL FUND II, L.L.C., RESURGENCE PARALLEL FUND III, L.L.C., EASTMAN TC, INC., AND MOELIS & COMPANY LLC,
Defendants. |
) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) |
C.A. No. 9808-VCL
|
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ANY AND ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF COMMON STOCK OF STERLING CHEMICALS, INC. ("STERLING") WHO HELD COMMON STOCK AT ANY TIME FROM JUNE 22, 2011 THROUGH AND INCLUDING AUGUST 9, 2011, INCLUDING THEIR LEGAL REPRESENTATIVES, HEIRS, SUCCESSORS IN INTEREST, TRANSFEREES AND ASSIGNEES OF ALL SUCH FOREGOING HOLDERS, BUT EXCLUDING THE DEFENDANTS AND THEIR ASSOCIATES, AFFILIATES, LEGAL REPRESENTATIVES, HEIRS, SUCCESSORS IN INTEREST, TRANSFEREES AND ASSIGNEES.
PLEASE READ ALL OF THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of Chancery of the State of Delaware (the "Court"), dated September 7, 2016, that Sterling, Eastman Chemical Company , John L. Teeger, John V. Genova, Richard K. Crump, John W. Gildea, Philip M. Sivin, Karl W. Schwarzfeld, Daniel M. Fishbane, Walter Treybig, Martin D. Sass, M.D. Sass Investors Services, Inc., Resurgence Asset Management, L.L.C., Re/Enterprise Asset Management L.L.C., M.D. Sass Associates, Inc. Employee Profit Sharing Plan, Eastman TC, Inc., Moelis & Company LLC, Plaintiff and Plaintiff's Principal (collectively, the "Parties") have entered into a proposed settlement of the above-captioned lawsuits (the "Actions"), challenging the acquisition of Sterling by Eastman Chemical Company (the "Settlement"). The complete terms of the Settlement are set forth in the Stipulation and Agreement of Compromise, Settlement and Release dated as of September 2, 2016 (the "Stipulation"). The Stipulation can be obtained at www.sterlingchemicalssettlement.com. A settlement hearing is scheduled to be held on December 9, 2016 at 10:00 a.m., in the Court of Chancery, 500 North King Street, Wilmington, DE 19801 (the "Settlement Hearing") to determine whether the Court should approve the Settlement as fair, reasonable and adequate, whether Plaintiff and the law firm of Friedlander & Gorris P.A. ("Class Counsel") have adequately represented the interests of the Settlement Class in the Actions, and to consider other matters, including a request by Plaintiff for a Fee Reimbursement Award, including fees and expenses incurred in connection with bringing and pursuing the Actions, presenting the Settlement to the Court, and defending Resurgence Asset Management, LLC, et al., v. Steven L. Gidumal, Case No. 2015-CA-1278-0, in the Circuit of the Ninth Judicial Circuit in and for Orange County, Florida (the "Florida Action") which Plaintiff contends are recoverable in these Actions, and for a Special Award for services over and above the customary responsibilities of a class representative.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT. If you have not received the full printed Notice of Proposed Settlement of Class Action (the "Notice"), you may obtain a copy of the Stipulation, Notice and/or the Proof of Claim by contacting the Settlement Administrator or Class Counsel:
Sterling Chemicals Settlement
Settlement Administrator
PO Box 3230
Portland, OR 97208-3230
(888) 643-2170
www.sterlingchemicalssettlement.com
Joel Friedlander, Esq.
Jeffrey M. Gorris, Esq.
Friedlander & Gorris P.A.
1201 N. Market Street, Suite 2200
Wilmington, DE 19801
(302) 573-3500
If you are a Class Member you will be bound by any judgment entered in the Actions. Any objections to the Settlement and/or application for a Fee Reimbursement Award and Special Award must be filed with the Court and delivered to all counsel listed in the Notice such that they are received no later than November 17, 2016, in accordance with the instructions set forth in the Notice. Class Members who do not object need not appear at the Settlement Hearing or take any other action to indicate their approval.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the litigation or the Settlement, you may contact Class Counsel:
Joel Friedlander, Esq.
Jeffrey M. Gorris, Esq.
Friedlander & Gorris P.A.
1201 N. Market Street, Suite 2200
Wilmington, DE 19801
(302) 573-3500
Dated: September 7, 2016
BY ORDER OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE
URL: www.sterlingchemicalssettlement.com
SOURCE Friedlander & Gorris P.A.
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