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SOURCE Labaton Sucharow LLP
NEW YORK, March 8, 2013 /PRNewswire/ -- The following statement is being issued by Labaton Sucharow LLP and Lite DePalma Greenberg, LLC regarding In re STEC, Inc. Securities Litigation.
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
IN RE STEC, INC. SECURITIES LITIGATION
No. SACV 09-01304-JVS (MLGx)
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT AND MOTION FOR ATTORNEYS' FEES AND EXPENSES
TO: ALL PERSONS THAT, BETWEEN JUNE 16, 2009 AND FEBRUARY 23, 2010, INCLUSIVE, PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY TRADED COMMON STOCK OF STEC AND WERE DAMAGED THEREBY (THE "CLASS").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-captioned action has been certified as a class action for the claims pursuant to the Securities Exchange Act of 1934 and has been preliminarily certified as a class action for claims pursuant to the Securities Act of 1933 and that a settlement for $35,750,000 has been proposed with STEC, Inc., Manouch Moshayedi, Mark Moshayedi and Raymond Cook (collectively, "Defendants"). A hearing will be held before the Honorable James V. Selna of the United States District Court for the Central District of California in the Ronald Reagan Federal Building and U.S. Courthouse, West Fourth Street, Santa Ana, CA 92701, at 1:30 p.m., on May 20, 2013, in Courtroom 10C to determine, among other things whether: the proposed Settlement should be approved by the Court as fair, reasonable and adequate; the proposed Plan of Allocation for distribution of the net settlement proceeds should be approved as fair and reasonable; and to consider the applications for attorneys' fees and reimbursement of expenses. The Court may change the date of the hearing without providing another notice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement and Motion for Attorneys' Fees and Expenses ("Notice") and a Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by contacting the Claims Administrator:
In re STEC, Inc. Securities Litigation
c/o The Garden City Group, Inc.
P.O. Box 9949
Dublin, OH 43017-5949
The Claims Administrator can also help you if you have questions about these documents. Inquiries, other than requests for the forms of Notice and Proof of Claim or the status of a claim, may be made to Co-Lead Counsel:
Labaton Sucharow LLP
Thomas A. Dubbs
James W. Johnson
New York, New York 10005
Lite DePalma Greenberg, LLC
Allyn Z. Lite
Two Gateway Center, 12th Floor
Newark, NJ 07102
If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund you must submit a Proof of Claim postmarked or received no later than June 25, 2013. To exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than April 22, 2013. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Final Order and Judgment of the Court and all orders of the Court, whether favorable or unfavorable. Objections to any aspect of the Settlement, Plan of Allocation, or applications for attorneys' fees and reimbursement of expenses must be filed with the Court and served on counsel for the Parties in accordance with the instructions set forth in the Notice, such that they are received no later than April 22, 2013. If you are a Class Member and do not submit an acceptable Proof of Claim, you will not share in the Net Settlement Fund but you nevertheless will be bound by the Final Order and Judgment of the Court.
Further information may be obtained by contacting the Claims Administrator.
Dated: March 8, 2013
By Order of The Court
United States District Court
Central District of California
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