Purchasers of Publicly Traded Common Stock of U.S. Auto Parts Network, Inc.To Go For Hearing Over The Proposed Class Action Settlement
The purchasers of the Publicly Traded Common Stock of U.S. Auto Parts Network, Inc. (PRTS) have decided to come to a settlement with the company over the $ 10 million class action lawsuit. The company has issued a notification to all the persons who purchased the common stock of the company between February 9, 2007 and March 20, 2007.
According to the notification, a hearing will take place on September 29, 2008 at 8:30 a.m., before the Honorable George H. Wu at the United States Courthouse, 312 N. Spring Street, Courtroom 10, Los Angeles, CA, 90012. The hearing will decide some issues like: (1) whether the proposed settlement of the claims in the Litigation for the sum of $10,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, after the hearing, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated as of May 1, 2008; (3) whether the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate; and (4) whether Lead Counsel’s application for the payment of attorneys’ fees and reimbursement of expenses incurred in this Litigation should be approved.
Readers, if you think your rights may be effected by the settlement, you may obtain copies by writing to U.S. Auto Parts Network, Inc. Securities Litigation, c/o Complete Claim Solutions, LLC, P.O. Box 24643, West Palm Beach, FL 33416. If you are a Class Member, 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 October 29, 2008, establishing that you are entitled to recovery.
On the other hand, if you want to be excluded from the Class, you must submit a Request for Exclusion postmarked by August 27, 2008, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the terms and conditions of the Stipulation of Settlement. Your objection(s) must be mailed on or before August 27, 2008 to the Court; Kahn Gauthier Swick, LLC on behalf of the Lead Plaintiff; and Wilson Sonsini Goodrich & Rosati P.C. and Sullivan and Cromwell LLP on behalf of the Defendants, at the following addresses:
COURT:
Clerk of the Court
United States District Court for the Central District of California
United States Courthouse
312 N. Spring Street Los Angeles, CA 90012
Source: The Earth Times
Filed under Class Action, Settlements, Shareholder Lawsuit
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