LOS ANGELES, Oct. 07, 2016 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP and The Rosen Law Firm, P.A. announce 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 common stock of Cadiz Inc. (NASDAQ: CDZI ):
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS (INCLUDING, WITHOUT LIMITATION, THEIR BENEFICIARIES) WHO PURCHASED THE COMMON STOCK OF CADIZ INC. BETWEEN MARCH 11, 2014 AND OCTOBER 9, 2015, INCLUSIVE, AND DID NOT SELL ALL OF SUCH COMMON STOCK PRIOR TO APRIL 21, 2015 (THE “CLASS”)
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 February 6, 2017 at 8:30 a.m. before the Honorable John A. Kronstadt, United States District Judge of the Central District of California, 255 East Temple Street, Los Angeles, California 90012-3332 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $3,000,000 in cash 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 Plaintiffs’ Counsel’s application for an award of attorneys’ fees of no more than 25% of the settlement amount (or $750,000) and reimbursement of expenses of no more than $100,000 and a reimbursement of Lead Plaintiffs’ reasonable costs and expenses (including lost wages) directly relating to their representation of the Class of no more than $5,000 collectively to all Lead Plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you are a member of the Class, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by contacting the Claims Administrator at: Cadiz Inc. Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063, Telephone: (866) 274-4004, Facsimile: (610) 565-7985, cadizlitigation@strategicclaims.net , or going to the website www.strategicclaims.net/cadiz . If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a properly completed Proof of Claim and Release postmarked no later than December 14, 2016 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 Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion in the manner and form explained in the detailed Notice postmarked no later than January 7, 2017, to the Claims Administrator.
Any objection to the Settlement, Plan of Allocation, or the Plaintiffs’ 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 January 17, 2017, to each of the following:
| Clerk of the Court United States District Court Central District of California 255 East Temple Street Los Angeles, CA 90012-3332 | Plaintiffs’ Counsel: Robert V. Prongay Kara M. Wolke GLANCY PRONGAY & MURRAY LLP 1925 Century Park East, Suite 2100 Los Angeles, California 90067 -or- Laurence M. Rosen Phillip Kim THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34 th Floor New York, NY 10016 | Defendants’ Counsel: Joshua P. Arnold CADWALADER WICKERSHAM & TAFT LLP One World Financial Center New York, New York 10281 -or- John E. Schreiber WINSTON & STRAWN LLP 333 S. Grand Avenue, Suite 3800 Los Angeles, CA 90071-1543 |
If you have any questions about the Settlement, you may call or write to the Claims Administrator at the contact information provided above or to Plaintiffs’ Counsel:
| Robert V. Prongay Kara M. Wolke GLANCY PRONGAY & MURRAY LLP 1925 Century Park East, Suite 2100 Los Angeles, California 90067 Telephone: (310) 201-9150 Facsimile: (310) 201-9160 Email: info@glancylaw.com | -and- | Laurence M. Rosen Phillip Kim THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34 th Floor New York, NY 10016 Telephone: (212) 686-1060 Facsimile: (212) 202-3827 Email: info@rosenlegal.com |
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE .
DATED: SEPTEMBER 30, 2016
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR CENTRAL DISTRICT OF CALIFORNIA
