NEW YORK, March 21, 2016 /PRNewswire/ -- The following statement is being issued by Pomerantz LLP regarding the Polycom, Inc. Settlement.
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
To: All persons who purchased or otherwise acquired Polycom, Inc. securities (symbol: PLCM) between January 20, 2011 and July 23, 2013 (both dates inclusive) on the U.S. Exchanges or by other means involving transactions in the United States. Excluded from the Class are Defendants, all current and former directors and officers of Polycom during the Settlement Class Period, and any family member, trust, company, entity or affiliate controlled or owned by any of the excluded persons or entities referenced above.
A hearing will be held on August 16, 2016 at 2:00 p.m. before the Honorable Yvonne Gonzalez Rogers at the United States District Court for the Northern District of California, Oakland Courthouse, 1301 Clay Street, Courtroom 1, Oakland, CA 94612, to determine (1) whether the proposed Settlement against the Defendants for $8,000,000 should be approved; (2) whether the Plan of Allocation should be approved; (3) whether Lead Counsel should be awarded $2,000,000 in attorneys' fees (25% of the $8,000,000 settlement amount) and reimbursed for up to $95,000 of litigation expenses; (4) whether Lead Plaintiff should be awarded up to $13,500 for his contributions to this lawsuit; and (5) whether the Action should be dismissed with prejudice against the Settling Defendants under the terms set forth in the Stipulation.
If you have not received the detailed Notice of Proposed Class-Action Settlement (the "Notice") and Proof of Claim and Release Form, you may obtain them free of charge at www.gardencitygroup.com/cases-info/polycomsettlement or by contacting the Settlement Administrator by telephone at 855-907-3170, or by mail at Polycom, Inc. Settlement, c/o Garden City Group, LLC, P.O. Box 10281, Dublin, OH 43017-5781.
If you purchased or otherwise acquired Polycom, Inc. securities between January 20, 2011 and July 23, 2013 (both dates inclusive) on the U.S. exchanges or by other means involving transactions in the United States, your rights may be affected by this Settlement. As further described in the Notice, you will be bound by any Judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you request exclusion from the Class, in the manner set forth in the Notice, no later than July 19, 2016.
If you are a member of the Class and wish to share in the Settlement proceeds, you must submit a Proof of Claim no later than August 23, 2016 establishing that you are entitled to recovery. Any objections to the Settlement, Plan of Allocation, or application for attorneys' fees and expenses must be filed and served, in the manner set forth in the Notice, no later than July 19, 2016.
Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Class:
Jeremy A. Lieberman
600 Third Avenue
New York, NY 10016
DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE
DATED: MARCH 21, 2016
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
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SOURCE Pomerantz LLP