Proposed Settlement Reached In Class Action Involving Matrixx Initiatives, Inc. Common Stock

PHOENIX, May 17, 2013 /PRNewswire-USNewswire/ -- The following is being released by the law firms of Saxena White P.A. and Faruqi & Faruqi LLP.

TO: ALL PERSONS WHO PURCHASED MATRIXX INITIATIVES, INC. ("MATRIXX") COMMON STOCK DURING THE PERIOD BETWEEN DECEMBER 22, 2007 AND JUNE 15, 2009, INCLUSIVE

This Summary Notice is in regard to the class action lawsuit known as Shapiro v. Matrixx Initiatives, Inc., No. CV-09-1479-PHX-ROS.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Arizona, that a hearing will be held on September 5, 2013, at 10:00 a.m., before the Honorable Roslyn O. Silver at the Sandra Day O'Connor United States Courthouse, 401 West Washington Street, Phoenix, Arizona, for the purpose of determining whether: (1) the proposed settlement ("Settlement") of the claims in the Litigation for the sum of $4,500,000 in cash, as set forth in the January 30, 2013 Stipulation of Settlement ("Stipulation"), should be approved by the Court as fair, reasonable, and adequate; (2) the Litigation should be dismissed with prejudice as set forth in the Stipulation; (3) the Plan of Allocation proposed in the Notice of Proposed Settlement of Class Action is fair, reasonable, and adequate and therefore should be approved; and (4) the application of Lead Plaintiff's Counsel for the payment of attorneys' fees and expenses and the payment of Lead Plaintiff's expenses incurred in connection with the Litigation should be approved.

If you purchased or otherwise acquired Matrixx common stock during the period between December 22, 2007 and June 15, 2009, inclusive, your rights may be affected by the settlement of this Litigation.  If you have not received a detailed Notice of Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Matrixx Securities Litigation, Claims Administrator, c/o Rust Consulting, Inc., P.O. Box 2840, Faribault, MN 55021-8644, or downloading them at www.MatrixxSecuritiesLitigation.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 form postmarked no later than August 15, 2013, establishing that you are entitled to recovery.

All members of the Class who did not timely and validly request exclusion from the Class by November 10, 2012 will be bound by any judgment entered in the Litigation pursuant to the Stipulation.

Any objection to the Settlement, the Plan of Allocation, or the application for an award of attorneys' fees and expenses must be mailed or delivered such that it is received by each of the following no later than August 22, 2013:

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 Plaintiff's Counsel at (561) 394-3399 or at the address listed above.

DATED:  May 1, 2013

BY ORDER OF THE COURT
UNITED STATES DISTRICT court
DISTRICT OF ARIZONA

SOURCE Saxena White P.A. and Faruqi & Faruqi LLP