Kirby McInerney LLP Announces Proposed Settlement in Esposito v. American Renal Assocs. Holdings, Inc. et al.
NEW YORK, March 19, 2018 /PRNewswire/ -- The following statement is being issued by Kirby McInerney LLP regarding Esposito v. American Renal Associates Holdings Inc., et al.
UNITED STATES DISTRICT COURT
DISTRICT OF MASSACHUSETTS
ESPOSITO v. AMERICAN RENAL ASSOCS. HOLDINGS, INC. ET AL.
Case No. 16 Civ. 11797 (ADB)
CLASS ACTION
SUMMARY NOTICE
TO: ALL PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED AMERICAN RENAL ASSOCIATES HOLDINGS, INC. ("ARAH") SECURITIES (NYSE-ARA) DURING THE PERIOD FROM APRIL 20, 2016 THROUGH AUGUST 18, 2016, INCLUSIVE, INCLUDING ALL PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED ARAH SECURITIES PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT FILED IN CONNECTION WITH ARAH'S APRIL 20, 2016 OFFERING, YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Massachusetts (the "District Court") and Rule 23 of the Federal Rules of Civil Procedure, that a hearing will be held at 2:00 p.m. on June 14, 2018 before the Honorable Allison D. Burroughs, United States District Court Judge, in Courtroom 17, 5th Floor, at the John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Boston, Massachusetts 02210 for the purpose of determining: (1) whether the proposed settlement of the Action for the principal amount of $4,000,000, plus accrued interest, should be approved by the District Court as fair, reasonable, and adequate; (2) whether the Order and Final Judgment should be entered by the District Court dismissing the Action with prejudice; (3) whether the proposed Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; and (4) whether the Fee and Expense Application should be approved. In connection with the Fee and Expense Application, Lead Plaintiffs' Counsel will request attorneys' fees of 33% of the Settlement Fund, plus expenses (exclusive of administration costs) not to exceed $50,000, and Lead Plaintiffs may ask the Court for up to $10,000 as an incentive award for their respective contributions to this lawsuit.
If you purchased or otherwise acquired ARAH securities during the period from April 20, 2016 through August 18, 2016, inclusive, including securities purchased or otherwise acquired pursuant or traceable to ARAH's Form S-1/A, as amended, and the Form 424B Prospectus (together, the "Registration Statement") filed in connection with ARAH's April 20, 2016 offering, your rights may be affected by the settlement of the Action. If you have not received a detailed Notice of Settlement of Class Action and Settlement Fairness Hearing, and Motion For an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Full Notice") and a copy of the Proof of Claim and Release ("Claim Form"), you may obtain copies by: writing to Esposito v. American Renal Assocs. Holdings, Inc. et al., Claims Administrator, c/o GCG, P.O. Box 10538, Dublin, Ohio 43017-4538; or emailing [email protected]; or calling (888) 684-5083; or on the internet at www.ARAsecuritiessettlement.com; or from Lead Plaintiffs' Counsel's website at www.kmllp.com. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Claim Form, postmarked on or before July 6, 2018, in the manner and form explained in the detailed Full Notice referred to above, establishing that you are entitled to recovery.
If you wish to be excluded from the Settlement Class, you must submit a request for exclusion postmarked by no later than May 24, 2018, in the manner and form explained in the detailed Full Notice referred to above. All members of the Settlement Class who have not timely and validly requested exclusion from the Settlement Class will be bound by any judgments or orders entered by the Court in the Action pursuant to the Stipulation of Settlement dated as of January 30, 2018. If you properly and timely 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 any aspect of the proposed settlement, the proposed Plan of Allocation, Lead Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of expenses, or Lead Plaintiffs' request for an incentive award must be filed with the Court and delivered to designated representative Lead Plaintiffs' Counsel and counsel for Defendants such that they are received no later than May 24, 2018, in accordance with the instructions set forth in the Full Notice.
PLEASE DO NOT CONTACT THE DISTRICT COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact Lead Plaintiffs' Counsel:
Ira Press, Esq.
KIRBY McINERNEY LLP
825 Third Avenue, 16th Floor
New York, NY 10022
Tel: (212) 371-6600
DATED: February 8, 2018
BY ORDER OF THE DISTRICT COURT,
UNITED STATES DISTRICT COURT FOR
THE DISTRICT OF MASSACHUSETTS
SOURCE Kirby McInerney LLP
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