NEW YORK, Aug. 27, 2014 /PRNewswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP regarding the In re Longtop Financial Technologies Limited Securities Litigation (NYSE:LFT):
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
IN RE LONGTOP FINANCIAL TECHNOLOGIES LIMITED SECURITIES LITIGATION
No. 11 Civ. 3658 (SAS)
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
To: All persons and entities who purchased or otherwise acquired Longtop Financial Technologies Limited American Depository Shares ("ADSs") during the period from February 21, 2008 through May 17, 2011, inclusive, and were damaged thereby (the "Class").
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 Southern District of New York, that the above-captioned litigation (the "Action") has been certified as a class action.
IF YOU ARE A CLASS MEMBER, YOUR RIGHTS WILL BE AFFECTED BY THIS ACTION. A full printed Notice of Pendency of Class Action ("Notice") is currently being mailed to nominees and known Class members. If you have not yet received the full printed Notice, you may obtain a copy by contacting the Notice Administrator at: Longtop Financial Technologies Limited Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, PA 19063, (866) 274-4004, [email protected]. You may also obtain a copy of the Notice from the website www.strategicclaims.net.
Inquiries, other than requests for the Notice, may be made to Class Counsel: Gregory M. Castaldo and Kimberly A. Justice of Kessler Topaz Meltzer & Check, LLP, 280 King of Prussia Road, Radnor, PA 19087, (610) 667-7706, [email protected].
If you are a Class member, you have the right to decide whether to remain a member of the Class. If you choose to remain a member of the Class, you do not need to do anything at this time other than to retain your documentation reflecting your transactions in Longtop ADSs. You will automatically be included in the Class. If you are a Class member and do not exclude yourself from the Class, you will be bound by the proceedings in this Action, including all past, present and future orders and judgments of the Court, whether favorable or unfavorable.
If you ask to be excluded from the Class, you will not be bound by any order or judgment of the Court in this Action, and you will not be eligible to receive a share of any money which might be recovered for the benefit of the Class. To exclude yourself from the Class, you must submit a written request for exclusion postmarked no later than October 3, 2014 in accordance with the instructions set forth in the full printed Notice. Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court's discretion as to whether a second opportunity to request exclusion from the Class will be allowed if there is a settlement or judgment in the Action.
The trial of this Action has been scheduled by the Court to begin on November 17, 2014. To conform the case to the best evidence obtained in discovery, at trial Lead Plaintiffs will pursue claims based on Defendant Derek Palaschuk's alleged misrepresentations during the period February 10, 2010 through May 17, 2011. Only shareholders who purchased Longtop ADSs during this time period will be entitled to share in any recovery Lead Plaintiffs achieve against Defendant Palaschuk at trial.
Further information may be obtained by directing your inquiry in writing to the Notice Administrator.
Dated: July 29, 2014
BY ORDER OF THE COURT:
United States District Court
For the Southern District of New York
SOURCE Kessler Topaz Meltzer & Check, LLP