Robbins Geller Rudman & Dowd LLP announces proposed settlement of Smithtown Bancorp, Inc. Shareholder Litigation

Jul 17, 2015, 12:51 ET from Robbins Gellar Rudman & Dowd LLP

BROOKLYN, N.Y., July 17, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Smithtown Bancorp, Inc. Shareholder Litigation:

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

WATERFORD TOWNSHIP POLICE & FIRE
RETIREMENT SYSTEM, Individually and On
Behalf Of All Others Similarly Situated,


 

Plaintiff,

vs.

SMITHTOWN BANCORP, INC., et al.,

 

Defendants.

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Civil Action No. 1:10-cv-00864-SLT-RER

CLASS ACTION

 

SUMMARY NOTICE

TO:     ALL PERSONS WHO PURCHASED SMITHTOWN BANCORP, INC. ("SBI") COMMON STOCK DURING THE PERIOD FROM MARCH 13, 2008, THROUGH AND INCLUDING FEBRUARY 1, 2010

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of New York, that a hearing will be held on September 28, 2015, at 10:00 a.m., before the Honorable Ramon E. Reyes, Jr., United States Magistrate Judge, at the United States District Court for the Eastern District of New York, United States Courthouse, 225 Cadman Plaza East, Courtroom 2E North, Brooklyn, New York 11201, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Action for the amount of $1,950,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice ("Judgment") should be entered by the Court dismissing the Action with prejudice and releasing the Released Claims; (3) whether the Plan of Distribution for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees, costs, and expenses should be approved.

IF YOU PURCHASED SBI COMMON STOCK DURING THE TIME PERIOD FROM MARCH 13, 2008, THROUGH AND INCLUDING FEBRUARY 1, 2010 ("CLASS PERIOD"), YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OF SBI COMMON STOCK DURING THE CLASS PERIOD.  If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Smithtown Bancorp Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 990, Corte Madera, CA 94976-0990 or on the Internet at www.smithtownbancorpsecuritieslitigation.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 by mail or online no later than October 5, 2015 establishing that you are entitled to recovery.

If you purchased SBI common stock during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than September 8, 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 Stipulation and Agreement of Settlement.

Any objection to the Settlement, the Plan of Distribution, or Lead Counsel's request for attorneys' fees, costs, and expenses, must be received by each of the following recipients no later than September 8, 2015:

CLERK OF THE COURT

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF NEW YORK

United States Courthouse

225 Cadman Plaza East

Brooklyn, NY  11201


Lead Counsel:

ROBBINS GELLER RUDMAN

   & DOWD LLP

ELLEN GUSIKOFF STEWART

655 West Broadway, Suite 1900

San Diego, CA  92101

ROBBINS GELLER RUDMAN

   & DOWD LLP

SAMUEL H. RUDMAN

EVAN J. KAUFMAN

58 South Service Road, Suite 200

Melville, NY  11747

Counsel for Defendants:

KATTEN MUCHIN ROSENMAN LLP

BRUCE G. VANYO

WILLIAM M. REGAN

575 Madison Avenue

New York, NY  10022

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 addresses listed above.

DATED: June 16, 2015

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF NEW YORK

 

SOURCE Robbins Gellar Rudman & Dowd LLP