NEW YORK, June 11 /PRNewswire/ – Lead Counsel for Plaintiffs has announced, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court, Central District of California, that the action known as Ramsey v. MRV Communications, Inc., et al., Civil Action No.CV-08-04561 GAF (Rcx), has been certified as a class action for settlement purposes only and that a settlement for $10 million has been proposed by the parties. A hearing will be held before the Honorable Gary A. Feess in Room 740 of the Roybal Federal Building, the United States District Court for the Central District of California, 255 East Temple Street, Los Angeles, CA 90012, at 9:30 a.m. on November 15, 2010 to determine: whether the proposed settlement should be approved by the Court as fair, reasonable and adequate; whether the Settlement Class should be certified and a class representative and class counsel be appointed; whether the proposed Plan of Allocation for distribution of the Settlement proceeds should be approved; to consider the request of Lead Counsel for attorneys' fees and reimbursement of litigation expenses; and to consider Lead Plaintiff's application, if any, for his reasonable costs and expenses (including lost wages) relating to his representation of the Settlement Class. The Court may change the date of the hearing without providing another notice.
If you purchased the common stock of MRV Communications, Inc. ("MRV") during the period between March 31, 2003 and October 8, 2009, inclusive (the "Class Period"), and were damaged thereby (the "Settlement Class"), your rights will be affected and you may be entitled to share in the Net Settlement Fund. If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement ("Notice") and a Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by contacting the Claims Administrator at: MRV Communications, Securities Litigation, c/o Berdon Claims Administration LLC, P.O. Box 9014, Jericho, NY 11753-8914; toll-free phone: 800-766-3330; fax: 516-931-0810; website: www.berdonclaims.com.
Inquiries, other than requests for information about the status of a claim, may be made to Lead Counsel at: Labaton Sucharow LLP, Colin Holmes, Esq., 140 Broadway, New York, NY 10005; toll-free phone: 888-753-2796; website: www.labaton.com.
To participate in the proposed Settlement and be eligible to receive a recovery, you must submit a valid Proof of Claim postmarked no later than September 25, 2010. To exclude yourself from the Settlement Class, you must submit a request for exclusion postmarked no later than November 1, 2010 pursuant to the instructions in the Notice. If you are a Class Member and do not exclude yourself from the Settlement Class, you will be bound by the Final Order and Judgment of the Court. Any objections to the Settlement must be filed with the Court and served on counsel for the parties on or before November 1, 2010. If you are a Class Member and do not timely submit a valid Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Final Order and Judgment of the Court.
SOURCE Labaton Sucharow LLP