Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Hot Topic, Inc. Securities Litigation

Jul 22, 2015, 12:08 ET from Robbins Geller Rudman & Dowd LLP

LOS ANGELES, July 22, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Hot Topic, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION

In re HOT TOPIC, INC. SECURITIES LITIGATION

 

 

This Document Relates To:

ALL ACTIONS.

 

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Lead Case No. 2:13-cv-02939-SJO(JCx)

 

CLASS ACTION

 

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT

IF YOU HELD HOT TOPIC, INC. ("HOT TOPIC") COMMON STOCK ON THE RECORD DATE, MAY 3, 2013, AND WERE DAMAGED THEREBY (THE "CLASS"), YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.  CERTAIN PERSONS ARE EXCLUDED FROM THE DEFINITION OF THE CLASS AS SET FORTH IN THE STIPULATION OF SETTLEMENT.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the United States District Court for the Central District of California, that the above-captioned litigation (the "Litigation") has been certified as a class action and that a Settlement has been proposed for $14,900,000 in cash.  A hearing will be held on October 26, 2015, at 10:00 a.m., before the Honorable S. James Otero at the United States Courthouse, 312 North Spring Street, Los Angeles, CA  90012, for the purpose of determining whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; and (2) the application of Lead Plaintiff's counsel for the payment of attorneys' fees and expenses, including Lead Plaintiff's expenses incurred in connection with the Litigation, should be approved.

If you are a Class Member described above, your rights may be affected by the Settlement of the Litigation and you may be entitled to share in the Settlement Fund.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release, you may obtain a copy of these documents by contacting the Claims Administrator: Hot Topic, Inc. Securities Litigation, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, 1-877-203-8900.  You may also obtain copies of the Stipulation of Settlement, Notice and Proof of Claim and Release at www.hottopicsecuritiessettlement.com.

If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than October 12, 2015.  If you are a Class Member and do not submit a valid Proof of Claim and Release, you will not be eligible to share in the distribution of the Net Settlement Fund but you will still be bound by any judgment entered by the Court in this Litigation (including the releases provided for therein).

To exclude yourself from the Class, you must submit a written request for exclusion postmarked by September 7, 2015, and in accordance with the instructions set forth in the Notice.  If you are a Class Member and do not exclude yourself from the Class, you will be bound by any judgment entered by the Court in this Litigation (including the releases provided for therein), whether or not you submit a Proof of Claim and Release.  If you submit a written request for exclusion, you will have no right to recover money pursuant to the Settlement.

Any objection to the proposed Settlement or the request for attorneys' fees and expenses must be filed with the Court and delivered such that it is received by each of the following no later than September 7, 2015:

Court

Lead Counsel

Defense Counsel

Clerk of the Court

U.S. District Court for

   the Central District

   of California,

   Western Division

United States Courthouse

312 North Spring Street

Los Angeles, CA 90012

Danielle S. Myers

Robbins Geller Rudman

   & Dowd LLP

655 West Broadway

Suite 1900

San Diego, CA  92101

Meryl L. Young

Gibson, Dunn

   & Crutcher LLP

3161 Michelson Drive

Irvine, CA  92612

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.

DATED: June 30, 2015

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

CENTRAL DISTRICT OF CALIFORNIA

WESTERN DIVISION

 

 

SOURCE Robbins Geller Rudman & Dowd LLP