U.S. Markets open in 5 hrs 22 mins

Levi & Korsinsky, LLP: Summary Notice of Class Action Settlement

NEW YORK, Feb. 14, 2019 (GLOBE NEWSWIRE) --

 
THOMAS CULLINAN, Individually and On Behalf of All Others Similarly Situated,

Plaintiff,

  v.
 
CEMTREX, INC., SAAGAR GOVIL, ARON GOVIL and RENATO DELA RAMA,
 
Defendants.

 
 
No.: 2:17-cv-01067 (JFB) (AYS)

CLASS ACTION

 

TO:     ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED CEMTREX, INC. SECURITIES DURING THE PERIOD FROM DECEMBER 26, 2012 THROUGH MARCH 6, 2017, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of New York, that a hearing will be held on May 22, 2019 at 1:30 p.m. in Courtroom 1040 before the Honorable Joseph F. Bianco, United States District Judge of the Eastern District of New York, 100 Federal Plaza, Central Islip, NY, 11722 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $625,000 (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 $156,250 (25% of the Settlement Amount), reimbursement of litigation expenses of no more than $80,000, and an award to the Lead Plaintiffs as follows: amounts not to exceed $22,000 to Dr. Khetarpal; and $2,500 to each of the remaining lead plaintiffs Benjamin Webb, Gang Chen, Timothy Heath, and Minh Nguyen should be approved; and (4) whether the Class Action should be dismissed with prejudice.

If you purchased Cemtrex, Inc. securities during the Class Period from December 26, 2012 through March 6, 2017, inclusive, your rights may be affected by the Settlement of this Class 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: Cemtrex, Inc. Litigation, c/o RG/2 Claims Administration LLC, or going to the website, www.rg2claims.com/cemtrex.html. 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 April 15, 2019 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 would like to be excluded from the Class, you must submit a request for exclusion so that it is received no later than April 22, 2019, in the manner and form explained in the detailed Notice. Any objection to the Settlement, Plan of Allocation, Class Counsel’s request for an award of attorneys’ fees and reimbursement of expenses, or payment to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than May 8, 2019 by each of the following:

Clerk of the Court
United States District Court
Eastern District of New York
100 Federal Plaza
Central Islip, NY 11722
Shannon L. Hopkins
LEVI & KORSINSKY, LLP
1111 Summer Street, Suite 403
Stamford, CT 06905
Tel.: (203) 992-4523
Fax: (212) 363-7171
Douglas W. Greene
BAKER & HOSTETLER LLP
999 Third Avenue, Suite 3600
Seattle, WA 98104-4040
Tel.: (206) 332-1380
Fax: (206) 624-7317

If you have any questions about the Settlement, you may call or write to Class Counsel:

Shannon L. Hopkins
LEVI & KORSINSKY, LLP
1111 Summer Street, Suite 403

Stamford, CT 06905
Tel.: (203) 992-4523
Fax: (212) 363-7171

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

IT IS SO ORDERED.

Dated: February 11, 2019                 BY ORDER OF THE UNITED STATES 
DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK