×

The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of Radient Pharmaceuticals Corporation -- RXPC

SANTA ANA, Calif., Feb. 12, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California Southern Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Radient Pharmaceuticals Corporation (OTCMKTS:RXPC):

SUMMARY NOTICE OF CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED ANY COMMON STOCK OF RADIENT PHARMACEUTICALS CORPORATION DURING THE PERIOD FROM JANUARY 18, 2011 THROUGH MARCH 4, 2011, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on April 22, 2014 at 8:30 a.m. before the Honorable David O. Carter, United States District Judge of the Central District of California, 411 West Fourth Street, Santa Ana, California 92701 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $2,500,000 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 $750,000 or 30.0% and reimbursement of expenses of not more than $480,000, and an incentive payment of no more than $9,000 to lead plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.

If you purchased common stock of Radient Pharmaceuticals Corporation, during the period between January 18, 2011 and March 4, 2011, 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 Radient Pharmaceuticals Corporation Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063; calling 866-274-4004; faxing 610-565-7985; emailing info@strategicclaims.net; or going to the website, www.strategicclaims.net. 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 postmarked no later than April 16, 2014, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than March 24, 2014, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, or the Lead Counsel's request for an award of attorneys' fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than April 2, 2014, to each of the following:

Clerk of the Court Laurence M. Rosen, Esq. Robert Weber, Esq.
United States District Court Phillip Kim, Esq. DLA PIPER (US) LLP
Central District of California - Southern Division THE ROSEN LAW FIRM, P.A. 2000 Avenue of the Stars
411 West Fourth Street 275 Madison Avenue, 34th Floor Suite 400, North Tower
Santa Ana, California 92701 New York, New York 10016 Los Angeles, California 90067
Tel.: 212-686-1060 Tel: 310-595-3000
Fax: 212-202-3827 Fax: 310-595-3300
Lead Counsel Counsel for defendant Radient Pharmaceuticals Corporation
Mark David Hunter, Esq.
HUNTER TAUBMAN WEISS LLP
255 University Drive
Coral Gables, Florida 33134
Tel: 305-629-8816
Fax: 305-629-8877
Counsel for defendant
Douglas MacLellan

If you have any questions about the Settlement, you may call or write to Lead Counsel:

Laurence M. Rosen, Esq.
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel.: 212-686-1060
Fax: 212-202-3827

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

DATED: JANUARY 31, 2014

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE CENTRAL
DISTRICT OF CALIFORNIA

Source: The Rosen Law Firm PA