Notice of Proposed Settlement in TyCom Ltd. Securities Litigation

Jun 10, 2010, 09:00 ET from Wolf Popper LLP and Chitwood Harley Harnes LLP

TRENTON, N.J., June 10 /PRNewswire/ -- The following statement is being issued by Wolf Popper LLP and Chitwood Harley Harnes LLP regarding the TyCom Ltd. Securities Litigation.




UNITED STATES DISTRICT COURT

DISTRICT OF NEW JERSEY




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Hon. Garrett E. Brown, Jr.


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Chief U.S.D.J.

IN RE TYCOM LTD. SECURITIES

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Docket No. 03-CV-03540

LITIGATION

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(GEB) (DEA)


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TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED SHARES OF TYCOM LTD DURING THE PERIOD JULY 26, 2000 THROUGH DECEMBER 17, 2001.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on August 25, 2010, at 1:00 p.m., before The Honorable Garrett E. Brown, Jr., at the Clarkson S. Fisher Building & U.S. Courthouse, 402 East State Street, Courtroom 4E, Trenton, New Jersey, for the purpose of determining (1) whether the proposed settlement of the claims in the Action for the sum of $79,000,000 in cash should be approved by the Court as fair, reasonable and adequate to Members of the Class; (2) whether, thereafter, this Action should be dismissed with prejudice as to the Settling Defendants (who are all Defendants other than L. Dennis Kozlowski and Mark H. Swartz) pursuant to the terms and conditions set forth in the Settlement Agreement dated as of March 26, 2010; (3) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with this Action and reimbursement of Lead Plaintiff's reasonable costs and expenses (including lost wages) directly related to his representation of the Class should be approved.  

If you purchased or acquired TyCom common stock between July 26, 2000 and December 17, 2001, your rights may be affected by this Settlement.  If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to TyCom Ltd. Securities Litigation, Claims Administrator, c/o The Garden City Group, Inc., P.O. Box 9406, Dublin, OH 43017-4506 or you can download a copy at www.tycomsecuritieslitigation.com.  If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than October 1, 2010, establishing that you are entitled to recovery.

All purchasers of TyCom common stock were given notice of the pendency of this class action pursuant to Court Order dated May 19, 2009, and are Members of the Class certified in this Class Action, other than those purchasers who timely filed requests for exclusion from the Class by October 1, 2009.  All current Members of the Class will be bound by the terms of the Settlement and Release if and as they are approved at the above hearing.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Counsel at the address listed below:



Robert C. Finkel, Esq.          

Wolf Popper LLP

845 Third Avenue

New York, NY 10022

irrep@wolfpopper.com

1-877-370-7703

OR

Gregory E. Keller, Esq.

Chitwood Harley Harnes LLP

2300 Promenade II

1230 Peachtree Street, N.E.

Atlanta, GA  30309

gkeller@chitwoodlaw.com

1-888-873-3999





or go to the following website: www.tycomsecuritieslitigation.com.


DATED:  June 10, 2010

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY





SOURCE Wolf Popper LLP and Chitwood Harley Harnes LLP



RELATED LINKS

http://www.tycomsecuritieslitigation.com