Summary Notice of Pendency and Proposed Settlement of Class Action In Re Del Monte Foods Company Shareholder Litigation

WILMINGTON, Del., Oct. 20, 2011 /PRNewswire/ -- The following release was issued today by Grant & Eisenhofer P.A.:

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
Consolidated C.A. No. 6027-VCL
IN RE DEL MONTE FOODS COMPANY SHAREHOLDER LITIGATION

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

TO: ANY AND ALL PERSONS OR ENTITIES WHO WERE RECORD HOLDERS OR BENEFICIAL OWNERS OF COMMON STOCK OF DEL MONTE FOODS COMPANY AT ANY TIME BETWEEN AND INCLUDING NOVEMBER 25, 2010 AND MARCH 8, 2011 (REGARDLESS OF THE DATE OF PURCHASE OF COMMON STOCK OF DEL MONTE FOODS COMPANY), AND ANY PERSON OR ENTITY ACTING FOR OR ON BEHALF OF, OR CLAIMING UNDER, ANY OF THEM, AND EACH OF THEM.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of Chancery of the State of Delaware (the "Court"), dated October 6, 2011, that Lead Plaintiff and Defendants in the above-captioned class action lawsuit (the "Action") challenging the acquisition of Del Monte Foods Company by an investor group led by funds affiliated with Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners, and Centerview Capital, L.P. (named in the Action as Centerview Partners), have entered into a proposed settlement of the Action (the "Settlement").  A settlement hearing is scheduled to be held in the Court of Chancery, New Castle County Courthouse, 500 North King Street, Wilmington, DE  19801, on December 1, 2011, at 11:00a.m. (the "Settlement Hearing") to, among other things, (a) determine whether to certify a Settlement Class consisting of the persons and entities described above, except for certain persons and entities who are excluded from the Settlement Class by definition, as a non-opt-out class pursuant to Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2); (b) determine whether the Court should approve the Settlement as fair, reasonable, and adequate and in the best interests of the Settlement Class; (c) determine whether Lead Plaintiff and Co-Lead Counsel have adequately represented the interests of the Settlement Class in the Action; (d) determine whether final judgment should be entered dismissing the Action and the Released Plaintiffs' Claims as to the Released Defendant Parties with prejudice as against Lead Plaintiff and the Settlement Class, releasing the Released Plaintiffs' Claims, and barring and enjoining prosecution of any and all Released Plaintiffs' Claims (as provided in the Stipulation and Agreement of Compromise and Settlement); (e) hear and determine any objections to the Settlement or the application of Co-Lead Counsel for an award of attorneys' fees and expenses; (f) consider the application by Co-Lead Counsel for attorneys' fees and reimbursement of expenses; and (g) rule on such other matters as the Court may deem appropriate.  

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT.  If you have not received the full printed Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), you may obtain a copy of the Notice and the Proof of Claim by contacting Del Monte Foods Company Shareholder Litigation, Paying Agent, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI  53217-8091 (telephone:  800-332-7417), or Co-Lead Counsel:

Stuart M. Grant, Esq.
Grant & Eisenhofer P.A.
1201 North Market Street
Wilmington, DE  19801

Randall J. Baron, Esq.
Robbins Geller Rudman & Dowd LLP
655 West Broadway, Suite 1900
San Diego, CA  92101

If you are a Settlement Class Member, you will be bound by any judgment entered in the Action.  Any objections to the Settlement and/or application for attorneys' fees and expenses must be filed with the Court and delivered to all counsel listed in the Notice such that they are received no later than November 21, 2011, in accordance with the instructions set forth in the Notice.  Settlement Class Members who do not object need not appear at the Settlement Hearing or take any other action to indicate their approval.  

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries may be made to Co-Lead Counsel:

Stuart M. Grant, Esq.
Grant & Eisenhofer P.A.
1201 North Market Street
Wilmington, DE  19801

Randall J. Baron, Esq.
Robbins Geller Rudman & Dowd LLP
655 West Broadway, Suite 1900
San Diego, CA  92101

Dated: October 20, 2011

BY ORDER OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE

CONTACT: Stuart M. Grant, Esq., Grant & Eisenhofer P.A., 1201 North Market Street, Wilmington, DE  19801, 302.622.7000

SOURCE Grant & Eisenhofer P.A.