Summary Notice Of Pendency Of Proposed Settlement Of Class Action And Settlement Hearing Thereon
Jun 30, 2015, 04:30 ET
PHILADELPHIA, June 30, 2015 /PRNewswire/ -- The following release was issued by RG/2 Claims Administration LLC, as Claims Administrator, on behalf of Bernstein Liebhard LLP
In re BIOLASE, INC. SECURITIES LITIGATION
Case No. 13-1300-JLS (FFMx)
IN THE United States District Court Central District of California
ALL PERSONS WHO PURCHASED THE COMMON STOCK OF BIOLASE, INC. ("BIOLASE") DURING THE PERIOD FROM NOVEMBER 5, 2012 THROUGH AUGUST 13, 2013, INCLUSIVE.
PARA UNA NOTIFICACION EN ESPANOL, LLAMAR O VISITAR NUESTRO WEBSITE
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 October 9, 2015, at 2:30 p.m., before the Honorable Josephine Staton, United States District Judge, in Courtroom 10A of the United States District Court, 411 West Fourth Street, Santa Ana, CA, 92701-4516, for the purpose of determining: (1) whether the Court should certify the Settlement Class for purposes of the Settlement pursuant to Federal Rule of Civil Procedure 23; (2) whether the proposed Settlement of $1,750,000.00 in cash, plus any return thereon, should be approved by the Court as fair, just, reasonable, and adequate; (3) whether the Litigation should be dismissed with prejudice as against Defendants and their Corresponding Released Parties as set forth in the Stipulation of Settlement dated as of March 30, 2015; (4) whether the Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; (5) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and reimbursement of costs and expenses incurred in connection with the Litigation should be approved; and (6) such other matters as the Court may deem appropriate.
If you purchased BIOLASE common stock during the period of November 5, 2012 through August 13, 2013, inclusive, (the "Class Period") your rights may be affected by the settlement of the Litigation. You are a Settlement Class Member only if you bought BIOLASE shares individually, not simply through a mutual fund. If you sold stock during the Class Period, you are only a Settlement Class Member if those shares were purchased during the Class Period. If you have not received a detailed Notice and a copy of the Proof of Claim, you may obtain copies by writing to BIOLASE, Inc. Securities Litigation, c/o RG/2 Claims Administration LLC, P.O. Box 59479, Philadelphia, PA 19102-9479, or by calling 866-742-4955 (toll free). You may also obtain copies on the internet at www.rg2claims.com/biolase.html. Complete information concerning the Litigation may be obtained from the Court files on this matter.
WHAT'S THIS ABOUT?
The lawsuit claimed that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by misrepresenting and omitting material facts about, among other things, the growth of, and demand for, BIOLASE's WaterLase dental laser systems, and BIOLASE's Class Period liquidity. Defendants denied they did anything wrong. The Court did not decide which side was right. But both sides agreed to the Settlement to resolve the case and provide payment to investors.
WHAT DOES THE SETTLEMENT PROVIDE?
Defendants agreed to create a fund of $1.75 million in cash, plus any return thereon, to be divided among all Settlement Class Members who send in valid Proofs of Claim, following deduction of fees and expenses. The Stipulation, available at www.rg2claims.com/biolase.html, describes all of the details about the proposed Settlement.
Your share of the Settlement Fund will depend on the number of valid Proofs of Claim that Settlement Class Members send in, how many BIOLASE shares you bought, and when you bought and sold them. Generally, if you bought more shares and have more Recognized Losses (as explained in the detailed Notice), you will get more money. If you bought fewer shares and have fewer Net Recognized Losses, you will get less.
If every eligible Settlement Class Member sends in a valid Proof of Claim, the average payment will be 10 cents per share before deduction of Court-approved attorneys' fees and expenses, and approximately 7 cents per share after deduction of fees and expenses.
HOW DO YOU ASK FOR A PAYMENT?
If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must timely submit a Proof of Claim on or before August 15, 2015, either by U.S. Mail at the address above and postmarked no later than August 15, 2015, or submitted by electronic means not later than midnight EST on August 15, 2015. Instructions for electronic submission of the Proof of Claim are available at www.rg2claims.com/biolase.html. The submitted Proof of Claim must establish that you are entitled to a recovery. You will be bound by any judgment entered in the Litigation whether or not you make a claim, unless you request to be excluded, in writing, to the address above. If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, at the address above and postmarked no later than September 24, 2015, in the manner and form detailed in the Notice.
WHAT ARE YOUR OTHER OPTIONS?
Any objection to the proposed Settlement, the Plan of Allocation, and/or the Fee and Expense Application must be filed in the manner detailed in the Notice and sent to Biolase, Inc. Securities Litigation, RG/2 Claims Administration LLC, P.O. Box 59479, Philadelphia, PA 19102-9479, such that it is received no later than September 24, 2015:
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
SOURCE: Jeffrey M. Haber, Esq., Bernstein Liebhard LLP, 10 East 40th Street, New York, NY 10016, Telephone (212) 779-1414, Facsimile (212) 779-3218, www.bernlieb.com; and Melissa Baldwin, RG/2 Claims Administration LLC, 30 South 17th Street, Suite 400, Philadelphia, PA 19103, Telephone: 1-866-742-4955, Facsimile 1-215-979-1695, [email protected]
SOURCE RG/2 Claims Administration LLC; Bernstein Liebhard LLP
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