Kessler Topaz Meltzer & Check, LLP and the Law Offices of Stuart J. Guber Announce a Notice of Proposed Settlement Involving Caraco Pharmaceutical Laboratories, Ltd. Shareholder Litigation
PHILADELPHIA, Feb. 6, 2020
PHILADELPHIA, Feb. 6, 2020 /PRNewswire/ --
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, SETTLEMENT HEARING, AND RIGHT TO APPEAR
TO: ALL FORMER RECORD AND BENEFICIAL SHAREHOLDERS OF CARACO PHARMACEUTICAL LABORATORIES, LTD. ("CARACO" OR THE "COMPANY") COMMON STOCK AS OF JUNE 14, 2011.
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to MCR 3.501, Michigan Rules of Court and an Order of the Wayne County Circuit Court (the "Court"), that the above-captioned class action (the "Action") has been preliminarily certified as a class action on behalf of the Class,1 except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation and the full printed Notice of Proposed Settlement of Class Action, Settlement Hearing, and Right to Appear (the "Long-Form Notice"). Copies of the Stipulation and the Long-Form Notice are available for review at www.CaracoSettlement.com.
YOU ARE ALSO HEREBY NOTIFIED that Plaintiffs in the Action, on behalf of themselves and the other members of the Class, have reached a proposed settlement of class claims that will require Defendants to pay $3.35 million (three million three-hundred and fifty thousand dollars) to the Class (the "Settlement") on the terms and conditions set forth in the Stipulation. If the proposed Settlement is approved by the Court, it will resolve all claims in the Action.
IF YOU ARE A MEMBER OF THE CLASS YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT. If you have not yet received the Long-Form Notice, you may obtain copies of the Long-Form Notice by contacting the Claims Administrator at: A.B. Data, Ltd., P.O. Box 173066, Milwaukee, WI 53217, 866-905-8103, email: info@CaracoSettlement.com. Copies of the Long-Form Notice can also be downloaded from the website maintained by the Claims Administrator at www.CaracoSettlement.com.
Inquiries, other than requests for the Long-Form Notice, may be made to following Plaintiffs' Counsel for the Class:
A Settlement Hearing will be held on April 29, 2020 at 9:00 a.m. at the Wayne County Circuit Court, 2 Woodward Avenue, Room 1707, Detroit, Michigan 48226, to, among other things, (i) determine whether the Action should be permanently certified as a class action; (ii) determine whether to permanently certify Plaintiffs Alessi and the Arora Plaintiffs as Co-Class Representatives and appoint the law firms of Kessler Topaz Meltzer & Check, LLP and Law Offices of Stuart J. Guber as Co-Class Counsel; (iii) determine whether the Action and all claims contained therein, as well as all of the Released Claims, are dismissed with prejudice as to the Defendants; (iv) determine whether the Court should grant final approval of the proposed Settlement on the terms and conditions provided for in the Stipulation as fair, reasonable, and adequate; (v) determine whether to approve the release of the Released Claims against the Released Persons; (vi) consider Plaintiffs' Counsel's application for an award of attorneys' fees and expenses; (vii) consider Plaintiffs' application for a Case Contribution Award; and (viii) hear and determine other matters relating to the proposed Settlement.
If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed on a pro rata basis to Authorized Claimants. The Authorized Claimants consists of any Settlement Member (1) with a valid and verified mailing address; and (2) that will receive a distribution check of at least $10.00.
Any objections to the proposed Settlement and/or Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses, must be filed with the Clerk of the Court and delivered to Plaintiffs' Counsel and Defendants' Counsel such that they are received no later than March 23, 2020, in accordance with the instructions set forth in the Long-Form Notice. Any requests for exclusion from the Settlement must be received by the Claims Administrator no later than March 23, 2020, in accordance with the instructions set forth in the Long-Form Notice.
1 Any capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed to them in the Stipulation and Agreement of Settlement, Compromise, and Release dated January 15, 2020 (the "Stipulation"), which is available at www.CaracoSettlement.com.
PLEASE DO NOT CONTACT THE COURT DIRECTLY
View original content:http://www.prnewswire.com/news-releases/kessler-topaz-meltzer--check-llp-and-the-law-offices-of-stuart-j-guber-announce-a-notice-of-proposed-settlement-involving-caraco-pharmaceutical-laboratories-ltd-shareholder-litigation-301000690.html
SOURCE Kessler Topaz Meltzer & Check, LLP and the Law Offices of Stuart J. Guber
STATE OF MICHIGAN
IN THE CIRCUIT COURT FOR THE COUNTY OF WAYNE
IN RE CARACO PHARMACEUTICAL
Consolidated Case No. 10-014311-CB
STEPHEN F. WASINGER, PLC
ANTHONY L. DELUCA, PLC
HICKEY HAUCK BISHOFF & JEFFERS, PLLC
BARRIS, SOTT, DENN & DRIKER, PLLC
J. Daniel Albert, Esq.
Stuart J. Guber
Dated: February 6, 2020
BY ORDER OF THE COURT