Kaplan Fox & Kilsheimer LLP and Rigrodsky & Long, P.A. Announces Notice of Settlement of In re: Nevsun Resources Ltd.

NEW YORK, Nov. 5, 2014 /PRNewswire/ -- The following statement is being issued by Kaplan Fox & Kilsheimer LLP and Rigrodsky & Long, P.A. regarding the Notice of Settlement of In re: Nevsun Resources Ltd.

UNITED STATES DISTRICT COURT                                                                     
SOUTHERN DISTRICT OF NEW YORK

IN RE: NEVSUN RESOURCES LTD., Civil Action No. 12 Civ. 1845 (PGG)

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, (II) SETTLEMENT FAIRNESS HEARING, (III) MOTION ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES, AND (IV) MOTION FOR LEAD PLAINTIFF'S AWARD OF REASONABLE COSTS AND EXPENSES

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED COMMON STOCK IN NEVSUN RESOURCES LTD. FROM MARCH 28, 2011 THROUGH FEBRUARY 6, 2012, INCLUSIVE, ON THE NEW YORK STOCK EXCHANGE OR ANY OTHER U.S. TRADING PLATFORM, AND THAT CLAIM TO HAVE SUFFERED LOSSES AS A RESULT OF SUCH PURCHASE OR ACQUISITION.

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

YOU ARE HEREBY NOTIFIED that pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, (i) that the above-captioned litigation (the "Action") has been certified as a class action on behalf of all persons and entities who purchased common stock in Nevsun Resources Ltd. ("Nevsun") on the New York Stock Exchange or any other U.S. trading platform from March 28, 2011 through February 6, 2012, inclusive (the "Class"), except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation of Settlement in the Action; and (ii) that Lead Plaintiff in the Action has reached a proposed settlement with the Defendants for $5,995,000.00 in cash, plus interest thereon if the Settlement is approved by the Court (the "Settlement").

A hearing will be held on January 22, 2015, at 10:00 a.m., before the Honorable Paul G. Gardephe, at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007, for the purpose of determining: (1) whether the Court should grant final certification of the Class solely for the purposes of the Settlement; (2) whether the proposed settlement of the Action for the sum of $5,995,000.00 in cash should be approved by the Court as fair, reasonable and adequate; (3) whether, thereafter, this Action should be dismissed with prejudice against the Defendants and the Released Parties, as set forth in the Stipulation of Settlement dated as of May 1, 2014; (4) whether the proposed Plan of Allocation of settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (5) whether the application of Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with this Action, together with interest thereon and the reimbursement of lost wages and expenses to Lead Plaintiff for representing the Class should be approved.

If you purchased or otherwise acquired Nevsun common stock from March 28, 2011 through February 6, 2012, inclusive, on the New York Stock Exchange or any other U.S. trading platform, and claim to have suffered losses as a result of such purchase or acquisition, your rights may be affected by this Action and the settlement thereof. If you have not received a detailed Notice of (I) Pendency of Class Action and Proposed Settlements, (II) Settlement Hearing, (III) Motion for Attorneys' Fees, and Reimbursement of Litigation Expenses, and (IV) Motion for Lead Plaintiff's Award of Reasonable Costs and Expenses, and the Proof of Claim Form, you may obtain copies by writing to Nevsun Resources Ltd. Securities Litigation, c/o GCG, P.O. Box 10073, Dublin, OH 43017-6673, or by downloading this information at www.nevsunresourcessettlement.com.

If you are a Class Member, in order to be eligible to receive a distribution of the Net Settlement Fund, you must submit a Claim Form postmarked no later than January 22, 2015, establishing that you are entitled to a recovery. If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court in the Action.

If you are a Class Member and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than December 25, 2014, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Class, you will not be bound by any judgment or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objection to any aspect of the proposed Settlement, the proposed Plan of Allocation, any award of attorneys' fees and expenses to Lead Counsel, or any award to Lead Plaintiff for his representation of the Class must be filed with the Clerk of the Court no later than January 2, 2015, and received by the following no later than January 2, 2015:

KAPLAN FOX & KILSHEIMER LLP
JEFFREY P. CAMPISI
850 Third Avenue, 14th Floor
New York, New York 10022
Tel: (212) 687-1980
Fax: (212) 687-7714

RIGRODSKY & LONG, P.A.
TIMOTHY J. MACFALL
825 East Gate Boulevard; Suite 200
Garden City, New York 11530
Tel: (516) 683-3516
Fax: (302) 654-7530

Counsel for Lead Plaintiff

GIBSON, DUNN & CRUTCHER LLP
JONATHAN C. DICKEY
LEE DUNST
GABRIELLE LEVIN
200 Park Avenue, 48th Floor
New York, NY 10166-0193
Telephone: 212.351.4000
Facsimile: 212.351.4035

Counsel for Defendants

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

DATED: October 6, 2014  

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK

SOURCE Kaplan Fox & Kilsheimer LLP and Rigrodsky & Long, P.A.