Levi & Korsinsky, LLP and Cohen Milstein Sellers & Toll PLLC Announce Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of Liquid Holdings Group, Inc. -- LIQDQ
NEWARK, N.J., Nov. 25, 2019 /PRNewswire/ -- Levi & Korsinsky, LLP and Cohen Milstein Sellers & Toll PLLC announce that the United States District Court for the District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Liquid Holdings Group, Inc. (OTCMKTS:LIQDQ):
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED
SETTLEMENT, AND MOTION FOR ATTORNEYS’ FEES AND EXPENSES
To: All persons and entities that purchased shares of common stock of Liquid Holdings Group, Inc. (“Liquid”) (i) in Liquid’s initial public offering on July 26, 2013; and/or (ii) on the public market between July 26, 2013 and September 24, 2015, inclusive (the “Class Period”), and were damaged thereby (the “Settlement Class”).
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of New Jersey, that Michael Sanders and Sidney R. Berger (“Lead Plaintiffs”), on behalf of themselves and the Settlement Class, and Brian Storms, Kenneth D. Shifrin, and Brian Ferdinand (“collectively, “Defendants”), have reached a proposed settlement of the above-captioned action (the “Action”) in the amount of $4,062,500 that, if approved, will resolve the Action in its entirety (the “Settlement”).
A hearing will be held before the Honorable Kevin McNulty of the United District Court for the District of New Jersey, Martin Luther King, Jr. Federal Courthouse, Courtroom PO 04, 50 Walnut St., Newark, NJ 07102, at 10:00 a.m. on January 10, 2020 (the “Settlement Hearing”) to, among other things, determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated October 29, 2019; (iii) approve the proposed Plan of Allocation for distribution of the Net Settlement Fund; and (iv) approve Co-Lead Counsel’s Fee and Expense Application. The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. If you have not yet received a Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys’ Fees and Expenses (“Notice”) and Proof of Claim and Release form (“Claim Form”), you may obtain copies of these documents by visiting the website dedicated to the Settlement, www.liquidholdingssecuritiessettlement.com, or by contacting the Claims Administrator at:
Liquid Holdings Group, Inc. Securities Litigation
c/o Strategic Claims Services
600 N. Jackson St., Suite 205
P.O. Box 230
Media, PA 19063
Toll-Free: (866) 274-4004
Fax: (610) 565-7985
Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Co-Lead Counsel:
Nicholas I. Porritt
LEVI & KORSINSKY, LLP
1101 30th St. N.W., Suite 115
Washington, DC 20007
Steven J. Toll
COHEN MILSTEIN SELLERS & TOLL PLLC
1100 New York Ave. N.W.
Suite 500, East Tower
Washington, DC 20005
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form to the Claims Administrator postmarked or received no later than March 14, 2020. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court in the Action, whether favorable or unfavorable.
If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received by the Claims Administrator no later than December 20, 2019. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Co-Lead Counsel’s Fee and Expense Application must be filed with the Court and mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are filed and received no later than December 20, 2019.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
DATED: OCTOBER 30, 2019
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
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SOURCE Cohen Milstein Sellers & Toll PLLC