Plaintiffs' Lead Counsel Announces Settlement In Re Fuqi International, Inc. Securities Litigation

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Jan 06, 2015, 08:00 ET

PHILADELPHIA, Jan. 6, 2015 /PRNewswire/ -- Plaintiffs' Lead Counsel, Abraham, Fruchter & Twersky, LLP, today announced that a settlement has been reached, subject to Court approval, in a class action lawsuit against Fuqi International, Inc. ("Fuqi") in the United States District Court, Southern District of New York, 10 Civ. 2515 (DAB).

This announcement of the proposed Settlement is being given to all persons or entities who purchased or acquired Fuqi International, Inc. common stock between May 15, 2009 and March 27, 2011, inclusive, and/or who purchased or acquired Fuqi International, Inc. common stock pursuant to or traceable to the secondary offering on or about July 22, 2009.

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, a hearing will be held on February 19, 2015, at 3:00 p.m., before The Honorable Deborah A. Batts, at the Daniel P. Moynihan U.S. Courthouse, 500 Pearl Street, Courtroom 24B, New York, New York, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned litigation (the "Action") for the principal sum of $7,500,000 in cash, plus accrued interest, 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 pursuant to the terms and conditions set forth in the Stipulation of Settlement dated as of September 8, 2014 (the "Settlement Agreement"); (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 should be approved and reimbursement awards to Lead Plaintiffs should be approved.

If you purchased or acquired Fuqi International, Inc. ("Fuqi") common stock between May 15, 2009 and March 27, 2011, inclusive, and/or purchased or acquired Fuqi common stock pursuant to or traceable to the Secondary Offering on or about July 22, 2009, and were damaged thereby, 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 In re Fuqi International, Inc. Securities Litigation, Claims Administrator, c/o Angeion Group, 1801 Market Street, Suite 660, Philadelphia, PA 19103, or you can download a copy at www.fuqiclasssettlement.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 April 21, 2015, establishing that you are entitled to a recovery.

If you desire to be excluded from the Class, you must submit a request for exclusion postmarked by January 29, 2015, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Settlement Agreement.

Any objection to the Settlement must be mailed or delivered, in the manner and form explained in the detailed Notice referred to above, such that it is received by each of the following no later than January 29, 2015.

CLERK OF THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
Daniel P. Moynihan U.S. Courthouse
500 Pearl Street
New York, NY 10007

LEAD COUNSEL FOR PLAINTIFFS:
Mitchell M.Z. Twersky
Lawrence D. Levit
ABRAHAM, FRUCHTER & TWERSKY, LLP
One Penn Plaza, Suite 2805
New York, NY 10119

DEFENDANTS' COUNSEL DESIGNEE:
Robert W. Brownlie
DLA Piper LLP (US)
401 B Street, Suite 1700
San Diego, CA 92101-4297

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 above or go to the following website: www.fuqiclasssettlement.com.

Contact:
Fuqi International, Inc. Securities Litigation Settlement:
c/o Angeion Group
1801 Market Street, Suite 660
Philadelphia, PA 19103
877-351-0335
www.fuqiclasssettlement.com

SOURCE Angeion Group