LOS ANGELES, July 12, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of China Century Dragon Media, Inc. (OTCMKTS:CCDM):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE PUBLICLY TRADED COMMON STOCK OF CHINA CENTURY DRAGON MEDIA, INC. DURING THE PERIOD FROM FEBRUARY 7, 2011 THROUGH MARCH 21, 2011, 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 October 7, 2013 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, CA 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $778,333.33 (of which approximately $518,333.33 is to be paid on behalf of MaloneBailey LLP; $83,334.00 by the parent company of WestPark Capital, Inc.; $45,833.00 by I-Bankers Securities, Inc.; $45,833.000 by Joseph Gunnar & Co., LLC; $25,000.00 by Aegis Capital Corporation; and $60,000.00 by David De Campo) 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 25.7% of the Settlement amount ($200,000) and reimbursement of expenses of not more than $70,000, and an incentive payment of no more than $3,000 each to lead plaintiff and class representatives, should be approved; and (4) whether the Litigation should be dismissed with prejudice with respect to the Released Parties.
If you purchased common stock of China Century Dragon Media, Inc., during the class period from February 7, 2011 through March 21, 2011, 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 and a copy of the Proof of Claim and Release, you may obtain copies by writing to China Century Dragon Media, Inc. Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3 Media, PA 19063 (Tel: 866-274-4004); (Fax: 610-565-7985); (email: 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 September 16, 2013, 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 to the Claims Administrator, so that it is received no later than September 6, 2013, in the manner and form explained in the detailed Notice of Pendency and Settlement of Class Action.
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 of Pendency and Settlement of Class Action and received no later than September 17, 2013, to each of the following:
| Clerk of the Court | Laurence M. Rosen, Esq. | Patrick M. Kelly, Esq. |
| United States District Court | Phillip Kim, Esq. | David S. Eisen, Esq. |
| Central District of California -Western Division | THE ROSEN LAW FIRM, P.A. | Patricia Ann Golson, Esq. |
| 255 East Temple Street | 355 South Grand Avenue, Suite 2450 | WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP |
| Los Angeles, CA 90012 | Los Angeles, CA 90071 | 555 South Flower Street, Suite 2900 |
| Los Angeles, CA 90071 | ||
| Plaintiffs' Counsel | ||
| Attorney for MaloneBailey LLP | ||
| Nathan Dooley, Esq. | Legal and Compliance Department | John E. Lawlor, Esq. |
| COZEN O'CONNOR LLP | WestPark Capital Financial Services, LLC | 129 Third Street |
| 601 South Figueroa Street, Suite 3700 | 1900 Avenue of the Stars, Suite 310 | Mineola, NY 11501 |
| Los Angeles, CA 90017 | Los Angeles, CA 90067 | |
| Attorney for Joseph Gunnar & Co., LLC | ||
| Attorney for Aegis Capital Corporation and I-Bankers Securities, Inc. | Counsel for WestPark Capital, Inc. and Richard Rappaport | |
| Bruce H. Jackson, Esq. | ||
| BAKER & McKENZIE LLP | ||
| Two Embarcadero Center, 11 th Floor | ||
| San Francisco, CA 94111 | ||
| Attorney for David De Campo | ||
| If you have any questions about the Settlement, you may call or write to Lead Plaintiff's Counsel: | ||
| Laurence M. Rosen, Esq. | ||
| Phillip Kim, 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: JULY 2, 2013 | ||
| _______________________________ | ||
| BY ORDER OF THE UNITED STATES | ||
| DISTRICT COURT FOR THE | ||
| CENTRAL DISTRICT OF CALIFORNIA | ||
