NEW YORK, July 31, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Lihua International, Inc. (OTCMKTS:LIWA):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED SHARES OF LIHUA INTERNATIONAL, INC. COMMON STOCK DURING THE PERIOD FROM AUGUST 9, 2012 THROUGH APRIL 30, 2014, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on November 21, 2017, at 10:00 a.m. in Courtroom 1506 before the Honorable Ronnie Abrams, United States District Judge of the Southern District of New York, 40 Foley Square, New York, NY, 10007 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $2,865,000 (the “Settlement Amount”) should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application for an award of attorneys’ fees of $555,810 (19.4% of the Settlement Amount), reimbursement of litigation expenses of no more than $100,000, and an award to the Lead Plaintiff not to exceed $25,000, should be approved; and (4) whether the Action should be dismissed with prejudice.
If you purchased Lihua International, Inc.’s common stock during the Class Period from August 9, 2012 through April 30, 2014, inclusive, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency and Settlement of Class Action (the “Notice”) and a copy of the Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator at: Lihua International, Inc. Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3, Media, PA 19063, ((Toll-free) 866-274-4004 (Tel); 610-565-7985 (Fax); info@strategicclaims.net), or going to the website, www.strategicclaims.net. If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than October 4, 2017 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than October 23, 2017, in the manner and form explained in the detailed Notice.
Any objection to the Settlement, Plan of Allocation, or the Class Counsel’s request for an award of attorneys’ fees, reimbursement of expenses, and an Award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than November 7, 2017, by each of the following:
| Clerk of the Court United States District Court Southern District of New York 500 Pearl Street New York, NY 10007 | Laurence M. Rosen, Esq. THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Telephone: (212) 686-1060 Fax: (212) 202-3827 | Douglas W. Greene, Esq. LANE POWELL, PC 1420 Fifth Avenue, Suite 4200 P.O. Box 91302 Seattle, WA 98111-9402 Telephone: (206) 223-7000 Fax: (206) 223-7107 |
If you have any questions about the Settlement, you may call or write to Class Counsel:
Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Telephone: (212) 686-1060
Fax: (212) 202-3827
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: July 21, 2017
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK