If you took your lumps by or before 3/11/2011, this might offer some relief. If you missed the end date like me (ugh), no soup for you! Hagens Berman Sobol Shapiro LLP Announces Class Action Settlement Involving All Persons Who Purchased China MediaExpress Holdings, Inc. Common Stock or Call Options and/or Sold Put Options from April 1, 2010 through March 11, 2011
Business Wire Hagens Berman Sobol Shapiro LLP
June 11, 2015 8:00 AM
NEW YORK--(BUSINESS WIRE)--
Hagens Berman Sobol Shapiro LLP announces that a Settlement has been reached in a series of proposed class action lawsuits in connection with alleged misstatements in the financial statements and other public statements of China MediaExpress Holdings, Inc. (“CCME” or the “Company”). The Court in charge of the case is the United States District Court of the Southern District of New York, and the case is known as In re China MediaExpress Holdings, Inc. Shareholder Litigation, Civil Action No.11-CV-0804 (VM) (the “Action”). The entities that sued and represented the Class in this Action are Irrevocable Trust FBO Lansing Davis under agreement dated 10/1/1979 and the Davis Partnership LP, as well as John Haughton, Ethan Lamar Pierce, and John Shaffer (the “Class Representatives”) and one of the defendants that has been sued, Deloitte Touche Tohmatsu (Hong Kong Partnership) (“DTT”), has entered into a proposed settlement (the “Settlement”). DTT denies all of the allegations, and that it did anything wrong. DTT denies that any of the statements in its audit report were materially false and misleading, and further denies that DTT acted with scienter in making any of these statements. DTT also denies that any of its statements caused CCME shares to trade at artificially high prices, or that any Class Members suffered damages related to any of DTT’s statements or conduct. The Court did not decide in favor of the Class Representatives or DTT. Instead, the lawyers for both sides of the Lawsuit, with the assistance of an experienced mediator, have negotiated a settlement that they believe is in the best interests of their respective clients.
How Do I Know if I Am Part of the Settlement? The Settlement includes a “Class” of all Persons who purchased CCME common stock and/or call options, and/or sold put options between April 1, 2010 and March 11, 2011. You are a Class Member only if you purchased shares of CCME common stock and/or call options, and/or sold put options between April 1, 2010 and March 11, 2011 inclusive. If you sold shares of CCME common stock and/or call options, and/or purchased put options between April 1, 2010 and March 11, 2011, inclusive, that alone does not make you a Class Member.
What Does the Settlement Provide? The Settlement provides for $12,000,000 in cash to be paid pursuant to the Settlement Agreement. Based on the information currently available to the Class Representatives and the analysis performed by its damage consultants, it is estimated that if Class Members submit claims for 100% of the shares and options eligible for distribution under the Plan of Allocation, the estimated average distribution per share of common stock will be approximately $0.26 before deduction of Court-approved fees, charges and expenses. Historically, actual claims rates are less than 100%, which result in higher distributions per share. A Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s recognized claim as compared to the total “Recognized Claims” of all Class Members who submit valid Proof of Claim and Release forms. An individual Class Member’s actual recovery will depend on, for example: (i) the total number of claims submitted; (ii) when the Class Member purchased CCME common stock or call options and/or sold put options during the Class Period; (iii) the purchase price paid for common stock or call options or the sales price of put options sold; and (iv) whether the CCME common stock, put options and/or call options were held at the end of the Class Period or sold during the Class Period or sold after the Class Period (and if sold, when it was sold and the amount received).
How Do I Get a Payment? To qualify for payment, you must be an eligible Class Member and you must send in a Proof of Claim. Claim forms are available at www.ChinaMediaExpressSettlement.com, by calling 1-866-985-7592, sending an email to info@ChinaMediaExpressSettlement.com or by writing to CCME Securities Litigation Claims Administrator, P.O. Box 40008, College Station, TX 77842-4008. Read the Proof of Claim instructions carefully, fill out the form, include all the documents the form asks for, sign it, and mail it so that it is postmarked no later than October 2, 2015.
What are My Other Rights and Options? Unless you exclude yourself, you are staying in the Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against DTT about the same issues in this case or that could have been asserted in this case. All of the Court’s orders will apply to you and legally bind you and you will release DTT and related parties from any and all claims and causes of action of every nature and description, whether arising under federal, state, statutory, regulatory, common, foreign or other law, that arise in any way from or relate to the Action or CCME. If you do not want a payment from the Settlement, but you want to keep any right you may have to sue or continue to sue DTT and related parties on your own about the legal claims released by this Settlement you must exclude yourself from the Class. Exclusion requests must be received no later than August 14, 2015. If you are a Class Member (and have not excluded yourself from the Class), you can object to the Settlement, the Plan of Allocation, or Class Counsel’s request for an award of attorneys’ fees, charges and expenses in representing the Class. You may also ask the Court for permission to speak at the Settlement Hearing. Objections and requests to appear and speak at the Settlement Hearing must be received no later than August 14, 2015. Specific information regarding these rights and options, and how to exercise them, are provided in the Settlement Notice and Settlement Agreement, both of which are available at www.ChinaMediaExpressSettlement.com.
When and Where Will the Court Decide Whether to Approve the Settlement? The Court will hold the Settlement Hearing at 9:30 a.m., on September 18, 2015, in Courtroom 11B of the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007-1312. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court will also consider whether to approve the Plan of Allocation and Class Counsel’s request for an award of attorneys’ fees in the amount of 33.33% of the Settlement Fund and expenses not to exceed $400,000 (to be paid from the Settlement Fund) plus interest. If these amounts are approved by the Court, the average cost per share of common stock will be approximately $0.09.
How Do I Get More Information? You can call (206) 623-7292 or write to Class Counsel at the following address: Chris O’Hara, Hagens Berman Sobol Shapiro LLP, 1918 Eighth Ave., Suite 3300, Seattle, WA 98101, or by email at CCMEsettlement@hbsslaw.com. You can also visit the Claims Administrator’s website at www.ChinaMediaExpressSettlement.com, call the Claims Administrator toll-free at 1-866-985-7592, or send an email to the Claims Administrator at info@ChinaMediaExpressSettlement.com.
1 This Notice incorporates by reference the definitions in the Stipulation and Agreement of Settlement dated May 5, 2015 (“Settlement Agreement”), and all capitalized terms used, but not defined herein, shall have the same meanings as in the Settlement Agreement. The Settlement Agreement can be obtained at www.ChinaMediaExpressSettlement.com.
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Hagens Berman Sobol Shapiro LLP
Chris O’Hara, 206-623-7292