The Rosen Law Firm, P.A. and Pomerantz LLP Announce Proposed Class Action Settlement on Behalf ...
NEWARK, N.J., July 05, 2021 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Pomerantz LLP 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 American Depositary Shares of New Oriental Education and Technology Group Inc. (NYSE: EDU):
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND FINAL APPROVAL HEARING
To: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED AMERICAN DEPOSITARY SHARES (“ADS”) OF NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. (“NEW ORIENTAL” OR THE “COMPANY”) BETWEEN SEPTEMBER 28, 2016 AND DECEMBER 1, 2016, BOTH DATES INCLUSIVE (THE “CLASS PERIOD”).
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey that a hearing will be held on October 19, 2021, at 11:00 a.m. before the Honorable Katherine Hayden, United States District Judge of the District of New Jersey, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Courtroom PO 05, Newark, NJ 07101 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $3,150,000 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 thirty-three percent of the Settlement Amount ($1,039,500) plus interest, reimbursement of expenses of not more than $150,000, and a Compensatory Award to Plaintiffs of no more than $10,000 collectively (or $2,500 each to Lead Plaintiffs Amy Chan, Steven Wade, Shunfeng Cheng, and Elburn Irish) should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated June 1, 2020 (the “Settlement Stipulation”).
If you purchased or otherwise acquired ADSs of New Oriental between September 28, 2016 and December 1, 2016, both dates inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in New Oriental ADSs. If you have not received a detailed Notice of 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 visiting www.strategicclaims.net or by contacting the Claims Administrator toll-free at (866) 274-4004 or at email@example.com. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must electronically submit a properly completed Proof of Claim by 11:59 p.m. on October 26, 2021 to the Claims Administrator, establishing that you are entitled to recovery. If you are unable to electronically submit a Proof of Claim, you may mail a Proof of Claim at your own expense. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than October 26, 2021 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 Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is postmarked or hand-delivered no later than September 28, 2021, in the manner and form explained in the Notice. 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 pursuant to the Settlement Stipulation.
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 detailed Notice and postmarked or hand-delivered no later than September 28, 2021, to each of the following:
| Clerk of the Court
United States District Court
District of New Jersey
Martin Luther King Building & U.S. Courthouse
50 Walnut Street
Newark, NJ 07101
| Lead Counsel
Laurence M. Rosen
THE ROSEN LAW FIRM P.A.
One Gateway Center, Suite 2600
Newark, NJ 07102
Jeremy A. Lieberman
600 Third Avenue, Floor 20
New York, NY 10016
| Counsel For Defendants
Scott D. Musoff
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
One Manhattan West
New York, NY 10001
If you have any questions about the Settlement, you may visit www.strategicclaims.net or write to Lead Counsel at the above address. PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: June 4, 2021
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT
OF NEW JERSEY