CHICAGO, March 18, 2011 (GLOBE NEWSWIRE) -- Krislov & Associates, Ltd. announces that the United States District Court for the Eastern District of Pennsylvania approved the following announcement of a partial proposed class action settlement that would benefit purchasers of securities of DVI, Inc. (Pink Sheets:DVIXQ)
Case No. 2:03-CV-5336
Hon. Legrome D. Davis
SUMMARY OF INFORMATION IN NOTICE OF PROPOSED PARTIAL SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE SECURITIES OF DVI, INC. (INCLUDING ITS COMMON STOCK AND 9 7/8% SENIOR NOTES) BETWEEN AUGUST 10, 1999 AND AUGUST 13, 2003, INCLUSIVE, AND WHO WERE THEREBY DAMAGED (THE "CLASS"). EXCLUDED FROM THE CLASS ARE DEFENDANTS; ANY ENTITY IN WHICH A DEFENDANT HAS A CONTROLLING INTEREST OR IS A PART OR SUBSIDIARY OF, OR IS CONTROLLED BY A DEFENDANT; THE OFFICERS, DIRECTORS, LEGAL REPRESENTATIVES, HEIRS, PREDECESSORS, SUCCESSORS AND ASSIGNS OF ANY OF THE DEFENDANTS; PLAINTIFFS NAMED IN WM HIGH YIELD FUND, et al. v. O'HANLON, et al., NO. 04-CV-3423 (E.D. PA.).
ON APRIL 29, 2008, AS MODIFIED ON APRIL 30, 2008 AND DECEMBER 30, 2008, THE COURT CERTIFIED THE ABOVE DEFINED CLASS AGAINST ALL NAMED DEFENDANTS EXCEPT CLIFFORD CHANCE LLP AND CLIFFORD CHANCE (US) LLP.
IF YOU ARE A MEMBER OF THE CLASS YOU MAY BE ENTITLED TO SHARE IN A SETTLEMENT.
YOU ARE HEREBY NOTIFIED that Lead Plaintiffs in the above captioned action have entered into a Settlement with Defendant Gerald Cohn ("Cohn"). The Settlement terms include releases of, among other things, the Class' purported claims against Cohn and other Released Parties (as that phrase is defined in the Stipulation), but not claims asserted against other defendants. Particularly since capitalized terms not defined herein that are defined in the Stipulation have the meaning set forth therein, you should review the Stipulation carefully.
Lead Plaintiffs have settled their claims against Gerald Cohn for cash payment by Mr. Cohn of Four Million dollars ($4,000,000). The final amount distributed to Class Members will depend upon the amount of interest earned on these funds and the amount of Court-approved attorneys' fees, costs and expenses, and Notice and Administration Costs.
The parties to this litigation do not agree that Gerald Cohn has any liability to the Class or otherwise, or upon the amount of damages per Common Share and per Senior Note, if any, that would be recoverable if the Class were to prevail on each claim alleged. The parties also do not agree as to whether the Class suffered damages, the amount thereof and how to measure damages.
The Lead Plaintiffs are proposing the Settlement because, upon consideration of, among other things, the record, the potential damages, if any, the strength of the Class' claims and the risks and cost of continued litigation, the Settlement provides substantial recovery to the Class, is fair, reasonable and adequate, and is preferable to continued litigation. Gerald Cohn denies any liability or wrongdoing, but desires to resolve the claims asserted under the terms set forth herein and, in more detail, in the Stipulation.
A hearing will be held before the Honorable Legrome D. Davis in the United States District Court for the Eastern District of Pennsylvania on May 19, 2011 at 11:00 a.m. to consider and/or determine: (a) whether the Stipulation is fair, reasonable and adequate and in the best interests of the Class and should be finally approved; (b) whether the Order of Final Judgment and Dismissal, as provided in the Stipulation, should be approved and entered; (c) whether the Plan of Allocation proposed by Lead Counsel or some other allocation methodology is fair, reasonable, adequate and in the best interests of the Class and should be approved; (d) applications for any award of attorneys' fees, costs and expenses; and (e) such of these and such other matters as the Court may deem appropriate.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUNDS. If you have not yet received a Proof of Claim and Release form and the full printed Notice of Hearing on Proposed Partial Settlement, Plan of Allocation, and Attorneys' Fees and Expenses, you may obtain copies of these documents by contacting the Claims Administrator at:
Inquiries, other than requests for the Notice and Proof of Claim and Release forms, may be made to Plaintiffs' Lead Counsel:
If you are a Class Member and do not submit a proper Proof of Claim and Release form, you will not share in the Settlement but you will be bound by the Order and Final Judgment of the Court, including the release by all Releasors of all Released Claims against all Released Parties. Unless you exclude yourself from the Class on or before April 22, 2011, you will be bound by the Order and Final Judgment of the Court, including the release by all Releasors of all Released Claims against all Released Parties.
If you already submitted a valid and timely Proof of Claim and Release form in the settlement between Lead Plaintiffs and Defendants OnCure Medical Corp., Dolphin Medical, Inc., and Presgar Imaging LC, approved by the Court on November 17, 2006 (hereinafter referred to as the "November 17, 2006 Settlement"), or in the settlement between Lead Plaintiffs and Defendants Nathan Shapiro, William Goldberg and John McHugh, approved by the Court on November 5, 2007 (hereinafter referred to as the "November 5, 2007 Settlement"), or in the settlement between Lead Plaintiffs and Defendant Merrill Lynch & Co., Inc., approved by the Court on April 30, 2008 (hereinafter referred to as the "April 30, 2008 Settlement"), or in the settlement between Lead Plaintiffs and Defendants Thomas Pritzker and The Pritzker Organization LLC, approved by the Court on April 15, 2009 and amended on August 28, 2009 (hereinafter referred to as the "August 28, 2009 Settlement"), that Proof of Claim and Release form will serve as your Proof of Claim and Release form in this Settlement and you are eligible to recover in this Settlement without needing to submit another Proof of Claim and Release form.
If you did not submit a Proof of Claim and Release form in the November 17, 2006 Settlement, the November 5, 2007 Settlement, the April 30, 2008 Settlement, or the August 28, 2009 Settlement, submitting a Proof of Claim and Release form in this Settlement does not entitle you to recovery in the November 17, 2006 Settlement, the November 5, 2007 Settlement, the April 30, 2008 Settlement or the August 28, 2009 Settlement. To participate in this Settlement, you must submit a valid and timely Proof of Claim and Release form to the Claims Administrator by no later than August 31, 2011.
Further information may be obtained by directing your inquiry in writing to the Claims Administrator at the address above.
PLEASE DO NOT CALL THE COURT OR THE OFFICE OF THE CLERK OF THE COURT FOR INFORMATION OR ADVICE. If you have questions about this notice, you may consult an attorney of your own choosing or any of Plaintiffs' Lead Counsel, whose names and other contact information are listed above.
All terms used herein that are defined in the Stipulation have the definition set forth therein.
DATED: MARCH 3, 2011
BY ORDER OF THE COURT
CONTACT: Strategic Claims Services (610) 565-9202 Fax: (610) 565-7985 600 N. Jackson Street, Suite 3 Media, PA 19063