Glancy Prongay & Murray LLP Announces Class Action Settlement Involving Purchasers of Power Solutions Common Stock

CHICAGO, Feb. 25, 2019 /PRNewswire/ --

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING;
AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:  All persons and entities who, during the period between February 27, 2014 and February 2, 2017, inclusive, purchased or otherwise acquired Power Solutions International, Inc. ("PSI") common stock and were damaged thereby (the "Settlement Class"):

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

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 Illinois, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Internet Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Internet Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiff and named Plaintiff in the Action have reached a proposed settlement of the Action for $8,500,000 in cash (the "Settlement"), which, if approved, will resolve all claims in the Action.  Defendants deny all allegations of wrongdoing, damages, and liability.

A hearing will be held on May 13, 2019 at 09:00 a.m., before the Honorable Virginia M. Kendall at the United States District Court for the Northern District of Illinois, United States Courthouse, Courtroom 2319, 219 South Dearborn Street, Chicago, IL 60604, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and whether the Releases specified and described in the Stipulation and Agreement of Settlement dated January 22, 2019 (and in the Internet Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  The detailed Internet Notice and Proof of Claim and Release Form ("Claim Form") can be downloaded from the website maintained by the Claims Administrator, www.PowerSolutionsSecuritiesLitigation.com.  You may also obtain copies of the Internet Notice and Claim Form by contacting the Claims Administrator at Power Solutions Securities Litigation, c/o Claims Administrator, P.O. Box 3747, Portland, OR 97208-3747, 1-888-457-6703. 

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 13, 2019.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than April 22, 2019, in accordance with the instructions set forth in the Internet Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than April 22, 2019, in accordance with the instructions set forth in the detailed Internet Notice.

Please do not contact the Court, the Clerk's office, PSI, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the detailed Internet Notice and Claim Form should be made to:

In re Power Solutions Securities Litigation   
c/o Claims Administrator
P.O. Box 3747
Portland, OR 97208-3747
888-457-6703
www.PowerSolutionsSecuritiesLitigation.com

Inquiries, other than requests for the detailed Internet Notice and Claim Form, should be made to Lead Counsel:

GLANCY PRONGAY & MURRAY LLP
Jason Krajcer, Esq.
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(888) 773-9224
[email protected]

                                                                                                                           By Order of the Court

SOURCE United States District Court for the Northern District of Illinois

Related Links

http://www.PowerSolutionsSecuritiesLitigation.com