Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of the Psychiatric Solutions, Inc. Securities Litigation

NASHVILLE, Tenn., Nov. 18, 2014 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Psychiatric Solutions, Inc. Securities Litigation:

TO:     ALL PERSONS WHO PURCHASED OR ACQUIRED PSYCHIATRIC SOLUTIONS, INC. ("PSI") SECURITIES DURING THE PERIOD BETWEEN FEBRUARY 21, 2008 AND FEBRUARY 25, 2009, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Middle District of Tennessee, Nashville Division, that a hearing will be held on January 16, 2015, at 3:00 p.m., before the Honorable William J. Haynes, Jr., United States Chief District Judge, at the United States District Court for the Middle District of Tennessee, Nashville Division, Estes Kefauver Federal Building and United States Courthouse, 801 Broadway, Nashville, Tennessee 37203, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the amount of $65,000,000.00 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 Litigation with prejudice and releasing the Released Claims; (3) whether the Plan of Allocation 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 and an award of time and expenses to the Lead Plaintiff should be approved.

IF YOU PURCHASED OR ACQUIRED PSI SECURITIES DURING THE TIME PERIOD FROM FEBRUARY 21, 2008, THROUGH AND INCLUDING FEBRUARY 25, 2009 (THE "CLASS PERIOD"), YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OR ACQUISITION OF PSI SECURITIES DURING THE CLASS PERIOD.  If you have not received a detailed Notice of Settlement of Class Action, 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 PSI Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912, or on the Internet at www.psychiatricsolutionssecuritiessettlement.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 February 2, 2015, establishing that you are entitled to recovery.

If you purchased or acquired PSI securities 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 December 29, 2014, in the manner and form explained in the detailed Notice referred to above.  If you submitted a request for exclusion in response to the Notice of Pendency of Class Action that you received in this Litigation in April or May 2012, you need not do so again.  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 Litigation pursuant to the Stipulation of Settlement.

Any objection to the Settlement, the Plan of Allocation, Lead Counsel's request for attorneys' fees, costs, and expenses, and Lead Plaintiff's request for its time and expenses must be received by each of the following recipients no later than December 29, 2014:

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.

SOURCE Robbins Gellar Rudman & Dowd LLP