Labaton Sucharow LLP and Spector Roseman & Kodroff, P.C. Announce Proposed Class Action Settlement in the LSI Securities Litigation
NEW YORK, July 16, 2018 /PRNewswire/ -- The following statement is being issued by Labaton Sucharow LLP and Spector Roseman & Kodroff, P.C. regarding the class action Howard, et al. v. Liquidity Services, Inc., et al., Civil Action No. 14-1183-BAH (D.D.C.).
TO: ALL PERSONS AND ENTITIES THAT, DURING THE PERIOD FROM FEBRUARY 1, 2012, THROUGH MAY 7, 2014, INCLUSIVE, PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY TRADED COMMON STOCK OF LIQUIDITY SERVICES, INC.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Columbia, that Class Representatives Caisse de dépôt et placement du Québec and the City of Newport News Employees' Retirement Fund (collectively, the "Class Representatives"), on behalf of themselves and the certified Class, and Liquidity Services, Inc. ("LSI"), William P. Angrick III, and James M. Rallo (collectively, "Defendants"), have reached a settlement of the above-captioned action (the "Action") in the amount of $17,000,000 (the "Settlement Amount"), which, if approved by the Court, will resolve all claims in the Action.1
A hearing will be held before the Honorable Chief Judge Beryl A. Howell, United States District Judge of the United States District Court for the District of Columbia in Courtroom 22A, 333 Constitution Avenue N.W. Washington, D.C. 20001 at 9:30 a.m. on October 5, 2018 to, among other things, determine whether: (1) the Settlement should be approved by the Court as fair, reasonable, and adequate to the Class; (2) the Plan of Allocation for distribution of the Settlement Amount, and any interest thereon, less Court-awarded attorneys' fees, Notice and Administration Expenses, Taxes, and any other costs, fees, or expenses approved by the Court (the "Net Settlement Fund"), should be approved as fair, reasonable, and adequate; and (3) the Court should approve the application of Class Counsel for an award of attorneys' fees of no more than 25% of the Settlement Fund and payment of litigation expenses of no more than $980,000 from the Settlement Fund, including a payment to Class Representatives of no more than $100,000, collectively, pursuant to the Private Securities Litigation Reform Act of 1995 to reimburse them for their expenses and/or the time that they spent representing the Class. The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing in order to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT, INCLUDING THE RELEASES PROVIDED FOR THEREIN, AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full Notice of Proposed Class Action Settlement and Motion for Attorneys' Fees and Expenses (the "Settlement Notice") and a Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator or visiting its website:
LSI Securities Litigation
c/o GCG
P.O. Box 10520
Dublin, Ohio 43017-5589
Tel: (888) 684-4985
[email protected]
www.LiquidityServicesSecuritiesLitigation.com
Inquiries may also be made to Class Counsel:
LABATON SUCHAROW LLP
Jonathan Gardner, Esq.
140 Broadway
New York, NY 10005
Tel: (888) 219-6877
www.labaton.com
[email protected]
SPECTOR ROSEMAN & KODROFF, P.C.
Andrew D. Abramowitz, Esq.
1818 Market Street, Suite 2500
Philadelphia, PA 19103
Tel: (888) 844-5862
http://srkattorneys.com
If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or electronically submitted no later than November 3, 2018. If you are a Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you previously submitted a request for exclusion from the Class in connection with the prior Notice of Pendency of Class Action, but you want to opt back into the Class now for the purpose of being eligible to receive a payment from the Net Settlement Fund, you may do so. In order to opt back into the Class, you must submit a request in writing such that it is received no later than September 14, 2018, in accordance with the instructions set forth in the Settlement Notice.
Any objections to the Settlement, Plan of Allocation, and/or application for attorneys' fees and payment of expenses must be filed with the Court and mailed to counsel for the Parties in accordance with the instructions set forth in the Settlement Notice, such that they are received no later than September 14, 2018.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.
Dated: July 16, 2018
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA
1 All capitalized terms not defined in this notice have the meanings provided in the Stipulation and Agreement of Settlement, dated as of June 19, 2018 (the "Stipulation"), which can be viewed at www.LiquidityServicesSecuritiesLitigation.com.
SOURCE Labaton Sucharow LLP and Spector Roseman & Kodroff, P.C.
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