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Levi & Korsinsky, LLP Announces Proposed Settlement of the SITO Mobile, Ltd. Securities Litigation

WASHINGTON, Jan. 3, 2020 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY

SUMMARY NOTICE

TO:  ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED SITO MOBILE, LTD. COMMON STOCK BETWEEN AUGUST 15, 2016 AND JANUARY 2, 2017, INCLUSIVE.           

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the District of New Jersey, a hearing will be held on April 21, 2020, at 10:00 a.m., before the Honorable Esther Salas, United States District Judge, at the Courthouse for the United States District Court, District of New Jersey, Courtroom MLK 5A, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Newark, NJ 07101, for the purpose of determining: (1) whether the proposed settlement of the Litigation for the combined sum of $1,250,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether the Settlement Class should be certified for purposes of the Settlement and whether Lead Plaintiff and Lead Counsel should be certified as class representative and class counsel for the purposes of the Settlement; (3) whether, thereafter, the Litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated as of July 31, 2019 ("Stipulation"); (4) whether the Plan of Allocation of settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (5) whether the application of Lead Counsel for the payment of attorneys' fees and reimbursement of expenses incurred in connection with the Litigation should be approved. 

If you purchased or otherwise acquired SITO Mobile common stock from August 15, 2016 through January 2, 2017, inclusive, your rights may be affected by this Litigation and the settlement thereof.  If you have not received the detailed Notice of Pendency and Proposed Settlement of Class Action (the "Notice") and a copy of the Proof of Claim and Release form, you may obtain copies of them free of charge by contacting the Claims Administrator, by writing to SITO Mobile, Ltd. Securities Litigation, Claims Administrator, Analytics Consulting LLC, P.O. Box 2002, Chanhassen, MN 55317-2002, or by downloading this information at www.SITOMobileSecuritiesSettlement.com.

If you are a Class Member and wish to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim form postmarked no later than April 16, 2020 establishing that you are entitled to recovery.  As further described in the Notice, you will be bound by any Judgment entered in the Litigation, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, no later than March 17, 2020. 

Any objections to the Settlement, Plan of Allocation or attorneys' fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, no later than March 17, 2020 at the following address:

Clerk of the Court
United States District Court
District of New Jersey
Martin Luther King Building & U.S. Courthouse
50 Walnut Street
Newark, NJ 07101

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE
CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL. 

If you have any questions about the Settlement, you may contact Lead Counsel for the Class: Nicholas I. Porritt, Esq, Levi & Korsinsky LLP, 1101 30th Street, N.W., Suite 115, Washington, D.C. 20007, nporritt@zlk.com. 

DATED:   JANUARY 3, 2020

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF NEW JERSEY

Cision

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SOURCE Levi & Korsinsky