WeissLaw LLP: SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

NEW YORK, Aug. 12, 2020 /PRNewswire/ --

SUPERIOR COURT OF THE STATE OF CALIFORNIA

COUNTY OF LOS ANGELES

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL HOLDERS OF MRV COMMUNICATIONS, INC. COMMON STOCK WHO RECEIVED CONSIDERATION FOR THEIR SHARES IN THE SALE OF MRV COMMUNICATIONS, INC. ("MRV") TO ADVA NA HOLDINGS, INC. ("ADVA") AT THE PRICE OF $10.00 PER SHARE ("THE MERGER"), AS FIRST ANNOUNCED ON JULY 2, 2017 (THE "CLASS").  A SHAREHOLDER CLASS ACTION COMPLAINT CONCERNING THE MERGER SETTLED.  YOU MAY BE ENTITLED TO COMPENSATION AS A RESULT OF THE SETTLEMENT IN THE ACTION CAPTIONED:

IN RE MRV COMMUNICATIONS, INC. STOCKHOLDER LITIGATION, Lead Case No. BC669601

YOU ARE HEREBY NOTIFIED, pursuant to California Code of Civil Procedure Section 382 and an Order of the Court, that a Settlement for $1,900,000 has been proposed in the above-captioned action.  Under the proposed Settlement, the Settlement amount, minus any Court-approved attorneys' fees, service awards, expenses, and administrative costs, will be distributed on a per share basis to Class Members (as certified by the Court on March 7, 2019 and defined in the Third Amended Stipulation of Settlement dated March 16, 2020 ("Stipulation"))[1] who owned shares of MRV common stock immediately prior to the time the Merger became effective (or who tendered their shares in the tender offer that expired on August 11, 2017) and who received consideration for their shares in the sale of MRV to ADVA at the price of $10.00 per share.  A hearing will be held before the Honorable Yvette M. Palazuelos at the Superior Court of California, County of Los Angeles, Spring Street Courthouse, 312 North Spring Street, Dept. 9, Los Angeles, CA 90012, at 10:00 a.m. on November 20, 2020 to determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiff's Counsel for attorneys' fees and reimbursement of expenses and a service award for the Lead Plaintiff.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED.  IF THE COURT APPROVES THE PROPOSED SETTLEMENT, YOU WILL BE FOREVER BARRED FROM PURSUING THE RELEASED CLAIMS.  You may obtain copies of the Stipulation, a detailed Notice of Proposed Settlement (the "Notice"), and instructions concerning your right to seek payment from the Settlement Fund, to appear and object to the proposed settlement or award of attorneys' fees or to exclude yourself from the Class by visiting the website  www.rg2claims.com/mrv.html or contacting Plaintiff's Counsel:

WeissLaw LLP
Attn:    Richard A. Acocelli
1500 Broadway, 16^th Floor,
New York, NY 10036
(212) 682-3025

Monteverde & Associates PC
Attn:    Juan E. Monteverde
The Empire State Building
350 Fifth Avenue, Suite 4405
New York, NY 10118
(212) 971-1341

As described more fully in the Notice, you need not file a written objection in order to object and may appear personally or remotely to make an oral objection.  In the event there is a written objection it shall be filed with the Court and served upon Plaintiff's Counsel above such that they are received no later than ninety (90) calendar days from when Notice is first mailed out, or no later than November 10, 2020.  To appear remotely you must sign up using the following link: https://www.lacourt.org/lacc/

If you want to seek a payment from the Settlement Fund, you must complete and submit a timely Proof of Claim, which may be downloaded at www.rg2claims.com/mrv.html.  Read the instructions carefully, fill out the Proof of Claim, include all the documents the form asks for, sign it, and mail or submit it online so that it is postmarked (if mailed) or received (if filed electronically) no later than November 10, 2020.   

If you want to seek exclusion from the Class, you do need to make request in writing no later than ninety (90) calendar days from when Notice is first mailed out, or no later than November 10, 2020.  If you do not submit a valid and timely request for exclusion, any claims you may have over the Merger will be released if the Settlement is approved, and you will not be permitted to sue Defendants or any of the other Released Parties in connection with the Merger.

Further information may be obtained by contacting the Plaintiff's Counsel listed above.  If you wish to see the court fillings in Court, you must make an appointment to view documents at the Office of the Clerk at (213) 745-3200.

PLEASE DO NOT CALL THE COURT.                                                                        

By Order of The Court

[1] The Stipulation and all of its Exhibits, along with other documents relevant to the prosecution and resolution of this Litigation, can be viewed at www.rg2claims.com/mrv.html.  All capitalized terms used herein have the same meanings as the terms defined in the Stipulation.

SOURCE WeissLaw LLP

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