Court to Notify Brocade Communications Investors of $160,000,000 Settlement of Class Action Lawsuit
December 12 2008 - 1:49PM
PR Newswire (US)
SAN FRANCISCO, Dec. 12 /PRNewswire-FirstCall/ -- A Federal Court
has ordered notice be given to those who purchased or otherwise
acquired the common stock of Brocade Communications Systems, Inc.
("Brocade") between May 18, 2000 and May 15, 2005, informing them
that a class has been certified and that a settlement of
$160,098,500 has been proposed. This settlement will be comprised
of the following payments: (i) $160,000,000 by defendant Brocade
Communications Systems, Inc. ("Brocade") and (ii) $98,500 by
defendant KPMG LLP ("KPMG," and collectively with Brocade, the
"Settling Defendants"). A hearing will be held before the Honorable
Charles R. Breyer in the United States District Court for the
Northern District of California, San Francisco Division, U.S.
Courthouse, 450 Golden Gate Avenue, 19th Floor, Courtroom 8, San
Francisco, CA 94102 at 10:00 a.m., on January 23, 2009 to determine
whether: (1) the proposed settlement should be approved by the
Court as fair, reasonable, adequate and in the best interests of
the Class; (2) Class Counsel's application for an award of
attorneys' fees and reimbursement of expenses and Class
Representatives' application for reimbursement of costs and
expenses should be approved; (3) the Court should dismiss with
prejudice and release all claims against the Settling Defendants
and current and former Brocade officers and directors Gregory
Reyes, Antonio Canova, Larry Sonsini, Seth Neiman, and Neal Dempsey
relating to the conduct alleged in this case; and (4) the Court
should rule on such other matters as the Court deems appropriate.
If approved, the Settlement will resolve all claims in this
litigation as further described in the full printed Notice of Class
Action, Proposed Settlement, Motion for Attorneys' Fees and
Fairness Hearing (the "Notice"). Members of the class described
above may be entitled to share in the settlement fund and their
rights will be affected whether they act or not. Those who have not
yet received the full printed Notice and/or Proof of Claim and
Release form ("Proof of Claim") explaining, among other things, how
to make a claim to participate in the settlement or how to exclude
themselves from the settlement, may obtain copies of these
documents by downloading them from the website
http://www.brocadeclasssettlement.com/ or by contacting the Claims
Administrator: In Re Brocade Securities Litigation Settlement c/o
Epiq Systems, Inc. Claims Administrator P.O. Box 3266 Portland, OR
97208 1-877-507-4370 Inquiries, other than requests for the forms
of Notice and Proof of Claim, may be made to Class Counsel: Jeffrey
J. Angelovich, Esq. Bradley E. Beckworth, Esq. Nix, Patterson &
Roach, LLP 205 Linda Drive Daingerfield, Texas 78638 To participate
in the settlement, Class members must submit a Proof of Claim to
the Claims Administrator, postmarked no later than March 30, 2009.
The deadline for submitting objections to the settlement and
requesting exclusion from the settlement is January 9, 2009.
Further information may also be obtained by directing inquiries in
writing to the Claims Administrator, Epiq Systems, Inc., at the
address listed above. Class members may also call 1-877-507-4370 or
visit http://www.brocadeclasssettlement.com/ for more information.
DATASOURCE: Brocade Securities Litigation Settlement
Administration; CONTACT: Class Counsel, Jeffrey J. Angelovich,
Esq., of Nix, Patterson & Roach, LLP, +1-903-645-7333, for
Brocade Securities Litigation Settlement Administration and Epiq
Systems, Inc. Web site: http://www.brocadeclasssettlement.com/
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