Gainey McKenna & Egleston Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of NetSol Techno...
April 18 2016 - 5:00PM
Gainey McKenna & Egleston announces that the United States
District Court for the Central District of California Western
Division has approved the following announcement of a proposed
class action settlement that would benefit purchasers of common
stock of NetSol Technologies, Inc. (NASDAQ:NTWK):
SUMMARY NOTICE OF PENDENCY AND PROPOSED
SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED NETSOL
TECHNOLOGIES, INC. COMMON STOCK BETWEEN OCTOBER 24, 2013 AND
NOVEMBER 8, 2013, INCLUSIVE
YOU ARE HEREBY NOTIFIED, pursuant to an Order of
the United States District Court for the Central District of
California, that a hearing will be held on June 27, 2016 at 1:30
p.m. before the Honorable Percy Anderson, United States District
Judge of the Central District of California, 312 North Spring
Street, Los Angeles, CA 90012-4701 (the “Settlement Hearing”) for
the purpose of determining: (1) whether the proposed
Settlement consisting of the sum of $850,000.00 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 $212,500 or 25% of the settlement
amount and reimbursement of case-related expenses of not more than
$75,000 and a case contribution award payment of no more than
$1,000 to the Plaintiff, should be approved; and (4) whether
the Litigation should be dismissed with prejudice. A portion of the
Settlement Fund also will be used to pay taxes due on any interest
earned by the Settlement Fund, if necessary, and any notice and
claims administration expenses permitted by the Court.
If you purchased NetSol common stock between
October 24, 2013 and November 8, 2013, inclusive (the “Class
Period”), your rights may be affected by the Settlement of this
action. If you have not received a detailed Notice of
Pendency and Proposed Settlement of Class Action and a copy of the
Proof of Claim and Release, you may obtain copies by writing to the
Claims Administrator: NetSol Technologies, Inc. Litigation, c/o
Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street,
Suite 3, Media, PA 19063, 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 June
13, 2016 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
Litigation whether or not you make a claim. If you desire to
be excluded from the Class, you must submit a request for exclusion
postmarked no later than June 13, 2016, in the manner and form
explained in the detailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of
Allocation, or the Plaintiff’s Counsel’s request for an award of
attorneys’ fees and reimbursement of case-related expenses must be
in the manner and form explained in the detailed Notice and
received no later than June 6, 2016, to each of the following:
Clerk of the CourtUnited States District CourtCentral District
of California312 North Spring Street, Room G-8Los Angeles, CA
90012
Thomas J. McKenna GAINEY McKENNA & EGLESTON440 Park Avenue
South, 5th FloorNew York, New York 10016Tel: (212) 983-1300Fax:
(212) 983-0383Class Counsel
Sean T. ProsserPERKINS COIE LLP11988 El Camino Real, Suite
350San Diego, CA 92130Tel: (858) 720-5700Fax:
(858) 720-5799Counsel for Defendants
If you have any questions about the Settlement, you may call or
write Class Counsel.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE
REGARDING THIS NOTICE.
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