LOS ANGELES, Dec. 12, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California Western Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of American Depository Shares of Ambow Education Holding, Ltd. (OTCMKTS:AMBOY):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED AMERICAN DEPOSITORY SHARES ("ADS") OF AMBOW EDUCATION HOLDING, LTD. DURING THE PERIOD FROM AUGUST 5, 2010 THROUGH FEBRUARY 27, 2013, INCLUSIVE AND HELD SUCH ADS THROUGH AT LEAST MAY 16, 2012.
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 March 16, 2015 at 1:30 p.m. in room 880 before the Honorable Philip S. Gutierrez, United States District Judge of the Central District of California, 255 East Temple Street, Los Angeles, CA 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $1,500,000 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 for an award of attorneys' fees of no more than $375,000 or 25% of the Settlement Amount and reimbursement of expenses of not more than $115,000, and an incentive payment of no more than $1,500 each to lead plaintiff and the two named plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased American Depository Shares ("ADS") of Ambow Education Holding, Ltd. during the class period from August 5, 2010 through February 27, 2013, inclusive, and held such ADS through at least May 16, 2012, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to: Ambow Education Holding, Ltd. Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063 (866-274-4004 (Tel); 610-565-7985 (Fax); info@strategicclaims.net), 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 February 16, 2015, 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 so that it is received no later than February 16, 2015, in the manner and form explained in the detailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of Allocation, or the Lead Plaintiff's Counsel's request for an award of attorneys' fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than February 24, 2015, to each of the following:
| Laurence M. Rosen, Esq. | Stephen D. Hibbard, Esq. | Seth Aronson, Esq. | Ambow Education Holding, Ltd. Litigation |
| THE ROSEN LAW FIRM, P.A. | SHEARMAN & STERLING LLP | O'MELVENY & MYERS LLP | c/o Strategic Claims Services |
| 355 South Grand Avenue, Suite 2450 | Four Embarcadero Center, Suite 3800 | 400 South Hope Street, 18 th Floor | P.O. Box 230 |
| Los Angeles, CA 90071 | San Francisco, CA 94111 | Los Angeles, CA 90071 | 600 N. Jackson St., Ste. 3 |
| Media, PA 19063 | |||
| Lead Counsel for Plaintiffs and the Class | Counsel for Defendants Ambow Education Holding, Ltd., Jin Huang, Paul Chow and Shasha Chang | Counsel for Defendants Mark Robert Harris, Daniel Phillips, and Tao Sun | Claims Administrator |
If you have any questions about the Settlement, you may call or write to Lead Plaintiff's Counsel:
Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Tel.: 213-785-2610
Fax: 213-226-4684
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: DECEMBER 2, 2014
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA
