LOS ANGELES, Nov. 14, 2016 (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 Depositary Shares of Lentuo International Inc. (OTCMKTS:LASLY):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED AMERICAN DEPOSITARY SHARES OF LENTUO INTERNATIONAL INC. DURING THE PERIOD FROM MAY 15, 2014 THROUGH MARCH 9, 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 March 6, 2017 at 10 a.m. in Courtroom 1600 before the Honorable Michael W. Fitzgerald, United States District Judge of the Central District of California, 312 North Spring Street, Los Angeles, CA 90012 (the “Settlement Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $1,000,000 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 up to $250,000.00, or twenty-five percent (25%) of the Settlement Amount, reimbursement of litigation expenses of no more than $50,000, and an award to the Lead Plaintiffs not to exceed $9,000, should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased Lentuo International Inc.’s American Depositary Shares during the class period from May 15, 2014 through March 9, 2015, inclusive, 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 the Claims Administrator at: Lentuo International Inc. Litigation, c/o Strategic Claims Services, 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 January 9, 2017 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 so that it is received no later than February 4, 2017, in the manner and form explained in the detailed Notice.
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 14, 2017 by each of the following:
| Clerk of the Court United States District Court Central District of California, Western Division 312 North Spring Street Los Angeles, CA 90012 | Laurence M. Rosen., Esq. THE ROSEN LAW FIRM, P.A. 355 South Grand Avenue, Suite 2450 Los Angeles, CA 90071 Telephone: (213) 785-2610 Facsimile: (213) 226-4684 Class Counsel | Stephen D. Hibbard, Esq. JONES DAY 555 California Street, 26 th Floor San Francisco, CA 94104 Telephone: (415) 875-5809 Facsimile: (415) 875-5700 Counsel for Defendants |
If you have any questions about the Settlement, you may call or write to Class 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.
IT IS SO ORDERED.
Dated: October 25, 2016
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA
