The Court did not resolve the claims in favor of Plaintiffs or Defendants. Instead, both sides agreed to a settlement. The Lead Plaintiffs and their attorneys think the settlement is best for all Class Members. If the Settlement is approved by the Court the action will be dismissed with prejudice and all Class Members will be deemed to have released the Settling Defendants and other related entities for all Settled Claims.
In exchange for the Settlement and dismissal of the Action, the Settling Defendants have agreed to create a $3,150,000 fund to be divided, after deduction of Court-awarded attorneys’ fees and expenses and settlement administration costs, among all Class Members who send in a valid Proof of Claim form. The deadline set by the Court for submitting Proofs of Claim is August 9, 2007.
The Court will hold a Settlement Fairness Hearing at 2:00 PM on July 9, 2007. At this hearing the Court will consider whether the settlement is fair, reasonable and adequate. At the Settlement Fairness Hearing, the Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Plaintiffs’ Co-Lead Counsel for attorneys’ fees and reimbursement of expenses.
After the hearing, the Court will decide whether to approve the settlement. We do not know how long these decisions will take.
You should be aware that the Court may change the date and time of the Settlement Fairness Hearing. Thus, if you want to come to the hearing, you should check with Plaintiffs’ Co-Lead Counsel before coming to be sure that the date and/or time has not changed.
Peter E. Seidman, Esq.
Milberg Weiss & Bershad LLP
(212) 594-5300
Or
Daniel S. Sommers, Esq.
Coehn, Milstein, Hausfeld & Toll
(202) 408-4600
Contact the Claims Administrator, or check this website for updated information.
Mamma.com Securities Litigation
c/o Analytics Incorporated, Claims Administrator
P.O. Box 2002
Chanhassen, MN 55317-2002
(888) 598-7657
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