NEW YORK, May 08, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of B Communications Ltd. shares (BCOM, Financial):
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
To: All persons who purchased or otherwise acquired shares of B Communications Ltd. (“BCOMM” or the “Company”) listed on the NASDAQ (the “Shares”) between March 18, 2015 and September 6, 2017, both dates inclusive:
PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the above-captioned litigation (the “Action”) has been certified as a class action for the purpose of settlement on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of Proposed Settlement of Class Action (the “Notice”).
YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached a proposed settlement of the Action for $1,200,000 in cash (the “Settlement”), that, if approved, will resolve all claims in the Action.
Pursuant to an Order of the United States District Court for the Southern District of New York that a hearing will be held on August 10, 2020, at 11:00 a.m. before the Honorable J. Paul Oetken, United States District Judge of the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Centre Street, Courtroom 706, New York, NY 10007-1312 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $1,200,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation of Settlement dated March 3, 2020 (“Settlement Stipulation”) (and in the Notice) should be granted; (3) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; and (4) whether the application of Lead Counsel for an award of attorneys’ fees of up to thirty percent of the Settlement Amount ($1,200,000) plus interest, reimbursement of expenses of not more than $525,000, and a Compensatory Award to Lead Plaintiffs of no more than $6,000 (or $2,000 for each of Rex and Roberta Ling Living Trust u/a December 6, 1990, as Amended, John Taylor Jones, and David Thomas Jones) should be approved.
If you purchased or otherwise acquired Shares of BComm between March 18, 2015 and September 6, 2017, both dates inclusive (the “Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in BComm Shares. If you have not received a detailed Notice and a copy of the Proof of Claim and Release Form, you may obtain copies by visiting https://www.strategicclaims.net/bcomm/ or by contacting the Claims Administrator at BComm Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063; toll-free at (866) 274-4004; or at [email protected]. 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 Form to the Claims Administrator at the address listed in the detailed Notice and postmarked no later than August 17, 2020, 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 Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than July 20, 2020, in the manner and form explained in the Notice. All members of the Class who have not requested exclusion from the 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 received no later than July 20, 2020, by each of the following:
| Clerk of the Court United States District Court Southern District of New York 500 Pearl Street New York, NY 10007 | Lead Counsel Jeremy A. Lieberman POMERANTZ LLP 600 Third Avenue, Floor 20 New York, NY 10016 | Counsel For BComm Jeffrey S. Boxer CARTER LEDYARD & MILLBURN LLP Two Wall Street New York, NY 10005 |
If you have any questions about the Settlement, you may visit https://www.strategicclaims.net/bcomm/ or write to Lead Counsel at the above address.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: April 10, 2020
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK
