Salas Wang LLC, Eccleston Law, LLC, and Law Office of Christopher J. Gray, P.C. Announce Shareholder Settlement with Apple Hospitality REIT, Inc.

NEW YORK, Oct. 20, 2017 /PRNewswire/ -- The following statement is being issued by Salas Wang LLC, Eccleston Law, LLC, and Law Office of Christopher J. Gray, P.C.:

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

To: ALL PERSONS IN THE UNITED STATES WHO ACQUIRED SHARES OF APPLE REIT SEVEN AND/OR APPLE REIT EIGHT PURSUANT TO THE APPLE REITS' DIVIDEND REINVESTMENT PLANS (DRIPs) BETWEEN JULY 17, 2007 AND JUNE 27, 2013 INCLUSIVE.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL 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 an Order of the United States District Court for the Eastern District of New York, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that the Plaintiff in the Action, on behalf of herself and the other members of the Settlement Class, has reached a proposed settlement of the Action for $5,500,000 in cash (the "Settlement").  If the Settlement is approved by the Court, it will resolve all claims in the Action.

A hearing will be held on January 16, 2018 at 4:30 p.m., before the Honorable Steven M. Gold, United States Magistrate Judge, at the United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, New York 11201, Courtroom 13-D, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated August 25, 2017 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses should be approved.

The Class Period covered by the Settlement runs from July 17, 2007 until June 27, 2013 inclusive, and the claims of all Settlement Class members concerning purchases of Apple REIT 7 and/or Apple REIT 8 shares during that period will be released under the terms of the Settlement unless Settlement Class members affirmatively exclude themselves and opt out of the Settlement Class. The period June 28, 2013 through February 12, 2014, which was formerly defined as part of the class period in Plaintiff's Second Amended Complaint, is not part of the Class Period covered by the Settlement.  You will not receive any compensation for purchases of Apple REIT 7 and/or Apple REIT 8 shares between June 28, 2013 and February 12, 2014 in connection with the Settlement, and if you wish to pursue claims concerning purchases during this period you would need to commence a separate legal action within the applicable statute of limitations.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the Notice, you may obtain copies of these documents by contacting the Settlement Administrator by writing to: Apple Hospitality REIT Settlement, c/o KCC Class Action Services, P.O. Box 404033, Louisville, KY 40233-4033, calling (866) 860-8925, or by e-mail to [email protected].  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Settlement Administrator, www.applereitsettlement.com. 

At this time, it is not possible to determine precisely how much each Class Member may receive from the Settlement.  However, using a conservative estimate assuming that every Class Member participates, and assuming that a request for attorneys' fees for the maximum potential sum permitted under the Settlement Agreement ($1.833 million) is granted, and that an application for reimbursement of expenses in the amount of $150,000 is granted, then Class Members would receive at least $1.26 per share for DRIP shares purchased between July 22, 2011 and January 13, 2012 for Apple REIT Seven and between July 22, 2011 and February 19, 2013 for Apple REIT Eight.  Class members would receive at least $0.02 per share for DRIP shares purchased between July 17, 2007 and July 21, 2011 as well as January 14, 2012 to June 27, 2013 for Apple REIT Seven and April 23, 2008 to July 21, 2011 as well as February 20, 2013 to June 27, 2013 for Apple REIT Eight.

The Settlement Administrator will send a Verification Form with the basis for your payment calculation.  You may dispute this amount by submitting documentation to the Settlement Administrator.  The Settlement Administrator will determine the validity of that dispute and adjust payment if the dispute is valid. 

If you do not dispute the payment amount prior to the date noted in the Verification Form, you will receive the payment amount shown on the Verification Form.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than December 29, 2017, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and delivered to Lead Counsel and Defendant's Counsel, postmarked no later than December 29, 2017, in accordance with the instructions set forth in the Notice.

Exclusions should be mailed to:

Apple REIT Settlement
c/o KCC Class Action Services
3301 Kerner Boulevard
San Rafael, CA 94901
[email protected]
www.applereitsettlement.com

Please do not contact the Court, the Clerk's office, Apple Hospitality REIT, Inc., or Defendant's Counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Settlement Administrator or Lead Counsel.

All other inquiries should be made to Lead Counsel:

Jeffrey M. Salas, Esq.
SALAS WANG LLC
73 W. Monroe, Suite 219
Chicago, IL 60603
312.803.4963

By Order of the Court

SOURCE Salas Wang LLC, Eccleston Law, LLC, and Law Office of Christopher J. Gray, P.C.