WILMINGTON, Del., April 23, 2014 /PRNewswire/ --The following statement is being issued by Kessler Topaz Meltzer & Check, LLP and Rosenthal, Monhait & Goddess, P.A. regarding the Heckmann Corporation Securities Litigation.
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
IN RE HECKMANN CORPORATION SECURITIES LITIGATION, Case No. 1:10-cv-00378-LPS-MPT
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION, MOTION FOR ATTORNEYS' FEES AND LITIGATION EXPENSES, AND FINAL APPROVAL HEARING
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OR WARRANTS OF HECKMANN CORPORATION (N/K/A NUVERRA ENVIRONMENTAL SOLUTIONS, INC.) ("HECKMANN") DURING THE PERIOD FROM MAY 20, 2008 THROUGH MAY 8, 2009, INCLUSIVE1 OR WHO HELD HECKMANN COMMON STOCK AS OF SEPTEMBER 15, 2008, AND WERE ENTITLED TO VOTE ON THE MERGER BETWEEN HECKMANN AND CHINA WATER & DRINKS, INC., AND WHO WERE DAMAGED THEREBY (THE "SETTLEMENT CLASS").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the Court, that the above-captioned action has been certified as a class action for purposes of settlement and that a settlement for Twenty Seven Million Dollars in value ($27,000,000), consisting of $13,500,000 in cash (the "Settlement Cash"), plus at least 847,990 shares of Nuverra common stock (the "Settlement Shares" and together with the Settlement Cash, the "Settlement Fund") has been proposed. A hearing will be held before the Honorable Mary Pat Thynge in the United States District Court for the District of Delaware, J. Caleb Boggs Federal Building, 844 N. King Street, Wilmington, DE 19801-3555, at 9:30 a.m., on June 26, 2014 to determine whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the deposit, distribution, and any sale of the Settlement Shares is subject to exemption from registration under Section 3(a)(10) of the Securities Act of 1933, as amended; (3) the proposed Plan of Allocation should be approved as fair and reasonable; (4) Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses should be approved; (5) Lead Plaintiff's application for reimbursement of costs and expenses (including lost wages) in connection with his representation of the Settlement Class should be approved; and (6) the claims against Defendants should be dismissed with prejudice, and the releases described in the Stipulation of Settlement dated as of March 4, 2014 should be granted.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency and Proposed Settlement of Class Action, Motion for Attorneys' Fees and Litigation Expenses, and Final Approval Hearing (the "Notice") and Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by visiting www.HeckmannSecuritiesLitigationSettlement.com, or by contacting the Claims Administrator at:
In re Heckmann Corporation Securities Litigation
c/o Heffler Claims Group
P.O. Box 60254
Philadelphia, PA 19102-0254
Inquiries, other than requests for the forms of the Notice and Proof of Claim, may be made to Co-Lead Counsel:
Sharan Nirmul, Esq.
Meltzer & Check, LLP
280 King of Prussia Road
Radnor, PA 19087
P. Bradford deLeeuw, Esq.
Rosenthal, Monhait & Goddess, P.A.
919 North Market Street, Suite 1401
Citizens Bank Center
Wilmington, DE 19801
If you are a member of the Settlement Class, in order to be eligible to participate in the Settlement, you must submit a Proof of Claim postmarked no later than August 18, 2014. If you are a member of the Settlement Class and do not submit a valid Proof of Claim, you will not be eligible to share in the Settlement but you nevertheless will be bound by the Judgment entered by the Court in this litigation. As more fully described in the Notice, the deadline for submitting objections and requests for exclusion from the Settlement Class is June 5, 2014. If you wish to submit an objection or request for exclusion, please refer to Questions 14 and 19 in the Notice.
Further information may also be obtained by directing your inquiry in writing to the Claims Administrator, Heffler Claims Group, at the address listed above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
By Order of the Court
[fn-1]Shares of Heckmann common stock acquired by exchanging stock of China Water & Drinks, Inc. ("China Water") for Heckmann stock through the merger between the two companies consummated on October 30, 2008 are excluded from this definition.
SOURCE Kessler Topaz Meltzer & Check and Rosenthal, Monhait & Goddess