WILMINGTON, Del., April 13, 2015 /PRNewswire/ -- The following statement is being issued by the Lifshitz Law Firm regarding the Velcera Inc. Shareholder Litigation.
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
NICHOLAS PONZIO AND WOLCOT CAPITAL, INC. V. JOHN MICHAEL PRESTON, ET AL.
C.A. NO. 8672-VCG
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, FAIRNESS HEARING, AND MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: ALL PERSONS AND ENTITIES WHO HELD VELCERA, INC. COMMON STOCK AT ANY TIME BETWEEN DECEMBER 1, 2009 THROUGH AND INCLUDING APRIL 1, 2013.
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 an Order of the Court of Chancery of the State of Delaware (the "Court"), that Plaintiffs in the above-captioned consolidated action (the "Action") have reached a proposed settlement of the Action with Defendants (the "Settlement") for $3,850,000 in cash. If the Settlement is approved by the Court, all claims asserted in the Action (defined in the Notice described below) will be dismissed with prejudice. A Fairness Hearing will be held on June 22, 2015 at 1:00 p.m. before Vice Chancellor Sam Glasscock, III, at the Court of Chancery Courthouse, 34 The Circle, Georgetown, Delaware 19947, to determine, among other things, (a) whether the Class should be certified, for Settlement purposes, pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2); (b) whether Plaintiffs should be appointed as Class Representatives for the Class with the Lifshitz Law Firm ("Plaintiffs' Lead Counsel"), as Plaintiffs' Lead Counsel, and whether such Class Representatives and Plaintiffs' Lead Counsel have adequately represented the interests of the Class in the Action; (c) whether the terms and conditions of the Stipulation and Settlement Agreement (the "Stipulation") entered into by Plaintiffs and Defendants are fair, reasonable and adequate and should be approved by the Court; (d) whether a judgment should be entered, among other things, dismissing the Action with prejudice, and the releases specified and described in the Stipulation should be granted; (e) hear and rule on any objections to the Settlement; (f) determine whether the proposed Plan of Allocation is fair and reasonable and should be approved by the Court; (g) consider the application of Plaintiffs' Lead Counsel for an award of attorneys' fees and expenses and any objections thereto; and (h) rule on such other matters as the Court may deem appropriate.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT. IF YOU HELD YOUR SHARES OF VELCERA, INC. COMMON STOCK AS OF APRIL 1, 2013 YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action, Fairness Hearing, and Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim and Release form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at Velcera Inc. Shareholder Litigation, c/o Garden City Group, LLC, Claims Administrator, P.O. Box 9349, Dublin, OH 43017-4249, (800) 231-1815. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.gardencitygroup.com/cases-info/VLC.
If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 29, 2015. If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Plaintiffs' Lead Counsel's application for attorneys' fees and expenses, (described in the Notice) must be filed with the Register in Chancery and delivered to Plaintiffs' Lead Counsel and counsel for Defendants such that they are received no later than June 12, 2015, in accordance with the instructions set forth in the Notice.
Any requests for exclusion from the Class must be delivered to the Claims Administrator such that they are postmarked no later than May 26, 2015, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE REGISTER IN CHANCERY REGARDING THIS NOTICE. Inquiries, other than requests for the Notice, may be made to Plaintiffs' Lead Counsel:
Joshua M. Lifshitz, Esq.
LIFSHITZ LAW FIRM
821 Franklin Avenue
Garden City, NY 11530
Tel: (516) 493-9780
DATED: March 31, 2015
BY ORDER OF THE COURT OF CHANCERY
OF THE STATE OF DELAWARE
SOURCE Lifshitz Law Firm