Securities Class Action Against ZST Digital Networks, Inc. Settles For $1.7 Million
NEW YORK, April 19, 2013 /PRNewswire/ -- The following statement is being issued by Frank & Bianco LLP regarding the ZST Digital Networks, Inc. Securities Litigation.
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
ROBERT SCOTT, Individually and On Behalf of All Others Similarly Situated, Plaintiff v. ZST DIGITAL NETWORKS, INC., et al., Defendants., Case No. 11-CV-03531-GAF (JCx), SUMMARY NOTICE, Judge: HON. GARY A. FEESS
TO: ALL PERSONS OR ENTITIES WHO PURCHASED ZST DIGITAL NETWORKS, INC. SECURITIES FROM OCTOBER 20, 2009 THROUGH AND INCLUDING APRIL 21, 2011.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on August 1, 2013, at 9:30 a.m., before The Honorable Gary A. Feess, Edward R. Roybal Federal Building & U.S. Courthouse, 255 E. Temple St., Courtroom 740, Los Angeles, CA 90012, for the purpose of determining (1) whether the proposed Settlement of the claims in the Litigation for the sum of $1.7 million in cash should be approved by the Court as fair, reasonable and adequate to Members of the Settlement Class; (2) whether to certify the Settlement Class; (3) whether, thereafter, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation and Agreement of Settlement dated February 1, 2013; (4) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; and (5) whether the application of Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with this Litigation should be approved.
If you purchased or otherwise acquired ZST Digital Networks, Inc. ("ZSTN") securities from October 20, 2009 through and including April 21, 2011, your rights may be affected by this Settlement. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Settlement Fairness Hearing (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to ZST Digital Networks, Inc. Securities Litigation, Claims Administrator, c/o The Garden City Group, Inc., P.O. Box 9349, Dublin, OH 43017-4249, or you can download a copy at www.gcginc.com, or call 1-800-231-1815. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than July 22, 2013, establishing that you are entitled to recovery.
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 below:
FRANK & BIANCO LLP
275 Madison Avenue, Suite 801
New York, New York 10016
Email: [email protected]
or go to the following website: www.gcginc.com.
DATED: April 19, 2013
SOURCE Frank & Bianco LLP
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