The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Publicly-Traded Common Stock of
December 13 2012 - 8:00AM
The Rosen Law Firm, P.A. announces that the United States District
Court Central District of California, Western Division has approved
the following announcement of a proposed class action settlement
that would benefit purchasers of publicly-traded common stock of
China Education Alliance, Inc. (Pink Sheets:CEAI):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION
SETTLEMENT
TO: ALL PERSONS OR ENTITIES WHO
PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF CHINA EDUCATION
ALLIANCE, INC. FROM MAY 15, 2008 THROUGH AND INCLUDING DECEMBER 7,
2010 AND WHO WERE ALLEGEDLY DAMAGED THEREBY
YOU ARE HEREBY NOTIFIED that this class action is pending and
that a settlement of it for $2,425,000 has been proposed. A
hearing will be held on March 11, 2013 at 10:00 a.m. in Courtroom 5
before the Honorable Christina A. Snyder, United States District
Judge of the Central District of California, 312 North Spring
Street, Los Angeles, California 90012 (the "Settlement Hearing")
for the purpose of determining: (1) whether the proposed
settlement should be approved by the Court as fair, reasonable, and
adequate; (2) whether the proposed plan for distribution
of the settlement proceeds is fair, reasonable and adequate; and
(3) whether the application for an award of attorneys' fees of
25% of the settlement amount, reimbursement of expenses of not more
than $100,000, and award to Lead Plaintiffs of not more than a
total of $4,500, should be approved.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS
WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT
FUND. If you think you may be a member of the Class but have
not received the full printed Notice of Pendency and Proposed
Settlement of Class Action and the Proof of Claim and Release form
you may obtain copies of these documents by contacting:
China Education Alliance Securities Litigation c/o Strategic
Claims Services P.O. Box 230 600 N. Jackson Street, Suite 3 Media,
PA 19063 Tel: (866) 274-4004 www.strategicclaims.net
or by printing them at www.strategicclaims.net. The motion
for payment of attorneys' fees and costs will be filed with the
Court and posted at this website by February 4, 2013.
For any questions or inquiries, other than requests for copies
of the Notice and Proof of Claim, please contact Counsel for the
Class:
Laurence M. Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm,
P.A. 275 Madison Avenue, 34th Floor New York, NY 10016
212-686-1060
To participate in this settlement, you must submit a Proof of
Claim no later than January 25, 2013. You will be bound by the
Order and Final Judgment rendered in the Litigation whether or not
you file a claim. As more fully described in the Notice, if
you wish to object to the proposed settlement or motion for fees
and costs, your objection must be received by February 18,
2013. If you want to exclude yourself from the Class, you can
do so by filing a request; your request for exclusion must be
received by February 11, 2013, in the manner described in the
Notice.
Further information may be obtained by directing your inquiry in
writing to the Claims Administrator, Strategic Claims Services, at
the address listed above or through the website.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE
REGARDING THIS NOTICE.
DATED: NOVEMBER 19, 2012
BY ORDER OF THE COURT
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