$3.5 Million KongZhong Class Action Settlement Approved by The Court
A settlement agreement under which KongZhong (KONG) will pay US$3.5 million to resolve a securities class action arising out of the company’s 2004 initial public offering has been approved by the United States District Court for the Southern District of New York.
Persons who purchased or sold the company’s ADSs between July 9, 2004 and August 17, 2004 may be eligible to recover pursuant to the settlement.
The company says it nevertheless agreed to this settlement to avoid the expense, distraction and uncertainty associated with continued litigation without admitting any fault, liability or wrongdoing.
Filed under Class Action, General Law, Settlements
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