Glancy Prongay & Murray LLP Announces a Proposed Class Action Settlement Involving All Persons who Purchased or Acquired Common Stock of Puda Coal, Inc. between December 8, 2010 and April 11, 2011

NEW YORK, Feb. 27, 2017 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

TO:     ALL PERSONS WHO PURCHASED OR ACQUIRED COMMON STOCK OF PUDA COAL, INC. ("PUDA") OR ENGAGED IN TRANSACTIONS IN PUDA PUT OPTIONS OR PUDA CALL OPTIONS DURING THE PERIOD DECEMBER 8, 2010 THROUGH AND INCLUDING APRIL 11, 2011

YOU ARE HEREBY NOTIFIED that the Lead Plaintiffs in the above-captioned class action (the "Action") have proposed a settlement with Defendant MSPC Certified Public Accountants and Advisors, P.C. sued as Moore Stephens, P.C.  ("MSPC" or "Defendant") that provides for MSPC to pay $125,000 for the benefit of the Settlement Class (the "MSPC Settlement"). 

The MSPC Settlement is in addition to (1) the $7.4 million settlement with Defendant Macquarie Capital (USA) Inc. (the "Macquarie Settlement"); (2) the $1.2 million settlement with Defendant Brean Murray, Carret & Co. (the "Brean Settlement"); (3) the settlement with Defendants Lawrence S. Wizel and C. Mark Tang (the "U.S. Directors") that provided for payment of $100,000 and assignment of certain claims for the benefit of the Settlement Class (the "U.S. Directors Settlement") (collectively the "Settlements"); and (4) monies made available to purchasers of Puda common stock in Puda's December 2010 Offering through the Securities and Exchange Commission Fair Fund process relating to Macquarie.

A hearing will be held on May 10, 2017 at 10:30 a.m., before the Honorable Denise Cote in the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY, 10007, to determine: (1) whether the MSPC Settlement should be approved as fair, reasonable and adequate; (2) whether the releases and liability protections specified and described in the Notice and the respective Stipulations should be granted, (3) whether the $125,000 obtained from this MSPC Settlement should be used to reimburse Plaintiffs' Counsel and to pay the costs of pursuing assigned claims against Puda's insurance company, PICC, for the benefit of the Settlement Class.; and (4) any other matters relevant to the Settlements the Court considers necessary or appropriate (the "Settlement Hearing").

IF YOU PURCHASED PUDA COMMON STOCK OR CALL OPTIONS ON PUDA COMMON STOCK OR SOLD PUT OPTIONS ON PUDA COMMON STOCK DURING THE SETTLEMENT CLASS PERIOD (DECEMBER 8, 2010 THROUGH AND INCLUDING APRIL 11, 2011) YOUR RIGHTS WILL BE AFFECTED BY THIS SETTLEMENT.  If you have not yet received the full printed Notice of Proposed Settlement, you may obtain a copy by contacting the Claims Administrator at:

Puda Coal Securities Litigation
P.O. Box 2838
Portland, OR 97208-2838

A copy of the Notice is also available at www.pudacoalfund.com.

If you previously filed a proof of claim with the Claims Administrator related to the Brean, Macquarie, and U.S. Directors Settlement, you may rely on your previously filed claim and need not file a separate Proof of Claim in the MSPC Settlement.    

 If Plaintiffs' Counsel is successful in recovering funds from PICC in China for the Settlement Class, such funds shall be distributed to Authorized Claimants in accordance with the existing Plan of Allocation. 

Any objection to the proposed Settlement or application for reimbursement of litigation expenses must be filed with the Court and delivered to counsel for the Plaintiffs no later than April 19, 2017, in the manner and form set forth in the Notice.  All objections must be prepared and served in accordance with the instructions set forth in the Notice.  All requests to be excluded from the MSPC Settlement must be filed by April 19, 2017.

Inquiries, other than requests for the Notice, may be made to Lead Counsel: Lionel Z. Glancy, Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, (T) (310) 201-9150, (F) (310) 432-1495, [email protected], www.glancylaw.com.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

URL: www.pudacoalfund.com.

SOURCE United States District Court, Southern District of New York

Related Links

https://www.pudacoalfund.com/