|
|
|
Brower Piven Announces Summary Notice of Proposed Settlement of Class Action
Class Action |
2012/03/09 09:35
|
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
All Persons and Entities Who Purchased Inyx, Inc. Common Stock Between April 1, 2005 and July 2, 2007, Inclusive.
This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (the "Court"), dated February 9, 2012. The purpose of this Summary Notice is to inform you of the proposed settlement of the above-entitled class action (the "Action") against defendants Inyx, Inc., Jack Kachkar, Rima Goldshmidt, and Jay M. Green.
A Settlement Hearing will be held before the Hon. P. Kevin Castel, United States District Judge, at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street New York, NY 10007, at 11:30 a.m. on May, 4, 2012 in order: (1) to determine whether the Settlement consisting of no less than $600,000.00 (US) and no more than $1,100,000 (US) in cash should be approved as fair, reasonable, and adequate to the Class and the proposed Judgment entered; (2) to determine whether the proposed Plan of Allocation for the proceeds of the settlement is fair and reasonable, and should be approved by the Court; (3) to determine whether any applications for attorneys' fees not to exceed 35% of the settlement Fund and reimbursement of litigation expenses not to exceed $110,000.00 (US) to Class Counsel should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.
If you purchased the common stock of Inyx, Inc. between April 1, 2005 and July 2, 2007, inclusive, and are not otherwise excluded from the Class, you are a Class Member. Class Members will be bound by the final Judgment of the Court. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than June 8, 2012, establishing that you are entitled to recovery. If you are a Class Member and need a Proof of Claim, copies may be obtained by telephoning the Claims Administrator at (800) 231-1815 or by downloading the form on the Internet at www.gcginc.com.
If you do not wish to be included in the Class and you do not wish to participate in the proposed Settlement, you may request to be excluded in the manner set forth in the full Notice of Proposed Settlement of Class Action ("Notice"), no later than April 9, 2012. If you are a Class Member, and you do not request exclusion from the Class, you may make written objection(s) to the Settlement, the Plan of Allocation or Class Counsel's request for an award of attorneys' fees and reimbursement of expenses by following the procedures set forth in the Notice. If you make a written objection, you also may appear at the Settlement Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than April 9, 2012.
This is only a summary notice. The full Notice of Proposed Settlement of Class Action may be accessed at: www.gcginc.com.
|
|
|
|
|
|
|
Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
Law Firm Directory
|
|
Legal News RSS Feed
