LOS ANGELES, Oct. 3, 2016 /PRNewswire/ -- The following statement is being issued by Scott+Scott, Attorneys at Law, LLP and Glancy Prongay & Murray, LLP regarding the Pacific Coast Oil Trust Securities Litigation:
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED TRUST UNITS OF PACIFIC COAST OIL TRUST BETWEEN MAY 2, 2012 AND JULY 1, 2014, INCLUSIVE (THE "CLASS").
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on March 2, 2017 at 9:00 a.m., before the Honorable Elihu M. Berle, in Department 323 at the Los Angeles County Superior Court, Central Civil West, 600 South Commonwealth Ave., Los Angeles, CA 90005, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action ("Action") for $7,600,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Final Judgment, as provided under the Stipulation and Agreement of Settlement ("Stipulation"), should be entered; (3) the release by the Class of the Settled Claims, as set forth in the Stipulation, should be provided to the Released Parties; (4) this Action satisfies the applicable prerequisites for class action treatment under California Code of Civil Procedure §382; (5) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); (6) to reimburse Plaintiffs the costs and expenses (including lost wages) they incurred in prosecuting this Action on behalf of the Class out of the Settlement Fund; and (7) the Plan of Allocation should be approved by the Court.
IF YOU PURCHASED OR OTHERWISE ACQUIRED TRUST UNITS OF PACIFIC COAST OIL TRUST BETWEEN MAY 2, 2012 AND JULY 1, 2014, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.
To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim on or before February 2, 2017. Your failure to submit your Proof of Claim by February 2, 2017 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a Member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Final Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice), online at www.pcotsecuritieslitigation.com, or by writing to:
Pacific Coast Oil Trust Securities Litigation Settlement
c/o KCC Class Action Services
P.O. Box 40007
College Station, TX 77842-4007
Phone: (844) 239-8899
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Plaintiffs' Counsel:
SCOTT+SCOTT, ATTORNEYS AT LAW, LLP
John T. Jasnoch
655 North Central Ave., 17th Floor
Glendale, CA 91203
Telephone: (213) 985-1274
Facsimile: (213) 985-1278
GLANCY PRONGAY & MURRAY, LLP
Joshua L. Crowell
1925 Century Park E #2100
Los Angeles, CA 90067
Telephone: (310) 201-9150
Facsimile: (310) 432-1495
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION BY FEBRUARY 2, 2017 IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
Dated: September 14, 2016
HONORABLE ELIHU M. BERLE
SUPERIOR COURT OF THE STATE OF CALIFORNIA, COUNTY OF LOS ANGELES
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SOURCE Scott+Scott, Attorneys at Law, LLP and Glancy Prongay & Murray, LLP