The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of American Depository Shares of ChinaCache International Holdings Ltd. -- CCIH
LOS ANGELES, May 18, 2018 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of American Depository Shares of ChinaCache International Holdings Ltd. (NASDAQ:CCIH):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED CHINACACHE INTERNATIONAL HOLDINGS LTD. (“CHINACACHE”) AMERICAN DEPOSITARY SHARES (“ADS”) FROM MARCH 27, 2015 THROUGH AUGUST 20, 2015, 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 August 13, 2018, at 12:00 p.m. before the Honorable Christina A. Snyder, United States District Judge of the United States District Court for the Central District of California, First Street Federal Courthouse, 350 W. First Street, Courtroom 8D, 8th Floor, Los Angeles, CA 90012, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $990,000 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 of Lead Counsel for an award of attorneys’ fees of up to one-quarter of the Settlement Amount, reimbursement of expenses of not more than $30,000, and an incentive payment of no more than $2,500 to Lead Plaintiff, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated March 27, 2018 (the “Stipulation”).
If you purchased ChinaCache ADS during the period from March 27, 2015 through August 20, 2015, inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in ChinaCache ADS. If you have not received a postcard providing instructions for receiving a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may obtain copies by writing to or calling ChinaCache International Holdings Ltd. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; firstname.lastname@example.org, or going to the website, www.strategicclaims.net. If you are a member of the Settlement Class, to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim to the Claims Administrator, postmarked no later than July 24, 2018, 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 desire to be excluded from the Settlement Class, you must submit a request for exclusion in the manner and form explained in the Notice to the Claims Administrator so that it is received no later than July 5, 2018. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the Notice and received no later than July 13, 2018, to each of the following:
Clerk of the CourtUnited States District CourtCentral District of CaliforniaFirst Street Federal Courthouse 350 W. First Street, Suite 4311 Los Angeles, CA 90012
Jacob A. Goldberg, Esq.The Rosen Law Firm, P.A. 101 Greenwood Avenue, Suite 440Jenkintown, PA 19046
COUNSEL FOR CHINACACHE
Peter B. Morrison, Esq.Virginia F. Milstead, Esq.SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP300 South Grand AvenueLos Angeles, California 90071-3144
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Jacob A. Goldberg, Esq.Keith R. Lorenze, Esq.The Rosen Law Firm, P.A. 101 Greenwood Avenue, Suite 440Jenkintown, PA 19046Tel.: 215-600-2817
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: April 30, 2018
BY ORDER OF THE UNITED STATESDISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA