MARTINEZ, Calif., Jan. 21, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the Superior Court of the State of California County of Contra Costa has approved the following announcement of a proposed class action settlement that would benefit owners of common stock of Westaff, Inc. (Nasdaq:WSTF):
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND HEARING THEREON
TO: ALL PERSONS WHO OWNED THE COMMON STOCK OF WESTAFF, INC. AND 1) WERE ENTITLED TO VOTE AT A SPECIAL MEETING OF STOCKHOLDERS OF WESTAFF, INC. ON MARCH 17, 2009 ON THE MERGER BY AND AMONG WESTAFF, INC., KOOSHAREM CORPORATION, AND SELECT MERGER SUB INC., A WHOLLY-OWNED SUBSIDIARY OF KOOSHAREM, (THE "MERGER"), OR 2) WHOSE WESTAFF STOCK WAS CONVERTED INTO THE RIGHT TO RECEIVE $1.25 PER SHARE IN CASH AS A RESULT OF THE MERGER, AND WHO WERE NOT AFFILIATED WITH DEFENDANTS AT THE TIME OF THE MERGER (ALL SUCH PERSONS ARE "CLASS MEMBERS").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Superior Court for the State of California, County of Contra Costa, that a hearing will be held on April 27, 2011 at 2:00 p.m. before the Honorable Barry P. Goode, Superior Court Judge of the Superior Court for the State of California, County of Contra Costa, 725 Court Street, Dept. 17, Room 301, Martinez, CA 94553 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $1,642,500, plus interest, 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 one-third of the Settlement Amount and reimbursement of expenses of not more than $90,000 should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you owned Westaff, Inc. common stock as of the close of trading on February 20, 2009 or exchanged your shares for the right to receive $1.25 in cash in the Merger, 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 Westaff Securities Litigation, Claims Administrator, c/o Strategic Claims Services, P.O. Box 230, 600 North Jackson Street, Suite 3, Media, PA 19063, or by going to the website, . 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 no later than April 8, 2011, establishing that you are entitled to recovery. You will be bound by any judgment rendered in the Litigation whether or not you make a claim.
Any objection to the Settlement, Plan of Allocation, or the Request for Award of Attorneys' Fees and Reimbursement of Expenses must be mailed or delivered such that it is received by each of the following no later than April 13, 2011:
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: DECEMBER 22, 2010
BY ORDER OF THE SUPERIOR COURT JUDGE FOR THE SUPERIOR COURT OF THE STATE OF CALIFORNIA, COUNTY OF CONTRA COSTA
CONTACT: Strategic Claims Services (610) 565-9202 Fax: (610) 565-7985 600 N. Jackson Street, Suite 3 Media, PA 19063