A proposed settlement in the amount of $1.5 million in cash has been reached in the action captioned Simmons v FAB Universal Corporation Securities Litigation, Case No. 13-CV-8216 (RWS) on behalf of all persons or entities who purchased or otherwise acquired common stock and/or call options and/or put options of Fab Universal Corp (FABU) during the period from June 15, 2012 through November 21, 2013, both dates inclusive (the "Class Period").
A hearing will be held on January 27, 2016 at 12:00 p.m. before the Honorable Robert W. Sweet, at the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007 (the "Settlement Hearing"), to determine, among other things: (1) whether the Court should approve the proposed Settlement consisting of the sum of $1,500,000 as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable and adequate; (3) whether the application by Plaintiffs’ Counsel for an award of attorneys’ fees, reimbursement of expenses and a reimbursement award to Lead Plaintiffs should be approved; and (4) whether the Litigation should be dismissed with prejudice and in accordance with the terms of the Settlement.
If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than January 18, 2016. If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court in the Action.
If you are a Class Member and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than January 6, 2016, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgment or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
FAB UNIVERSAL CORP. SECURITIES LITIGATION
c/o Heffler Claims Group
P.O. Box 58970
Philadelphia, PA 19102-8970