NEW YORK, Jan. 28, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Fuwei Films (Holdings), Co., Ltd. (Nasdaq:FFHL):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF FUWEI FILMS (HOLDINGS), CO., LTD. DURING THE PERIOD FROM DECEMBER 19, 2006 THROUGH NOVEMBER 12, 2007, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on April 27, 2011 at 10:00 a.m. in room 21C before the Honorable Richard J. Sullivan, United States District Judge of the Southern District of New York, 500 Pearl Street, New York, New York 10007 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $2,150,000, of which $200,000 will not be provided until 10 business days after the Settlement is approved by the Court or July 1, 2011, whichever date is later, 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 $75,000 should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased common stock of Fuwei Films (Holdings), Co., Ltd. during the class period from December 19, 2006 through November 12, 2007, inclusive, 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 Fuwei Films Securities Litigation, c/o Strategic Claims Services, Claims Administrator, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, PA 19063, or going to the website, www.rosenlegal.com. 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 no later than March 10, 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 Lead Plaintiff's Counsel's request for an 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:
If you have any questions about the Settlement, you may call or write to Lead Plaintiff's Counsel:
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: JANUARY 4, 2011
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK
CONTACT: Strategic Claims Services (610) 565-9202 Fax: (610) 565-7985 600 N. Jackson Street, Suite 3 Media, PA 19063