CHICAGO, April 30, 2015 (GLOBE NEWSWIRE) -- Krislov & Associates, Ltd. announces that the United States District Court for the Eastern District of Pennsylvania approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of DVI, Inc.
Case No. 2:03-CV-5336
Hon. Legrome D. Davis
SUMMARY OF INFORMATION IN NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND VOLUNTARY DISMISSAL OF TWO DEFENDANTS
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; AND 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.
THIS NOTICE ALSO SERVES TO INFORM YOU THAT TWO DEFENDANTS, MICHAEL A. O'HANLON ("O'HANLON") AND STEVEN GARFINKEL ("GARFINKEL"), WERE VOLUNTARILY DISMISSED FROM THE CASE. O'HANLON'S DISMISSAL WAS WITHOUT PREJUDICE AND GARFINKEL'S DISMISSAL WAS WITH PREJUDICE.
YOU ARE HEREBY NOTIFIED that Lead Plaintiffs in the above captioned action have entered into Settlements with Defendants Deloitte & Touche LLP ("Deloitte"), Harry T. J. Roberts ("Roberts") and John P. Boyle ("Boyle"). The Settlements terms include releases of, among other things, the Class' purported claims against Deloitte, Roberts and Boyle, and other Released Parties (as that phrase is defined in the Stipulations), but not claims asserted against other defendants. Particularly since capitalized terms not defined herein that are defined in the Stipulations have the meaning set forth therein, you should review the Stipulations carefully.
To date, Settlements already approved and distributed to the Class total $21.635 million, reflecting payments of:
- $ 7,000,000 by the Pritzker Defendants
- $ 4,500,000 by Merrill Lynch
- $ 4,000,000 by Director Gerald Cohen
- $ 3,250,000 by Audit Committee members William Goldberg, Nathan Shapiro and John McHugh
- $ 1,175,000 by OnCure
- $ 960,000 by Dolphin
- $ 750,000 by PresGar
Lead Plaintiffs have settled their claims against Deloitte for cash payment by Deloitte of two million and one hundred thousand dollars ($2,100,000.00), against Roberts for cash payment by Roberts of seventy-five thousand dollars ($75,000), and against Boyle for cash payment by Boyle of twenty-five thousand dollars ($25,000). 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 Deloitte, Roberts and Boyle have 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 Settlements 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 Settlements provide substantial recovery to the Class, is fair, reasonable and adequate, and is preferable to continued litigation. Deloitte, Roberts and Boyle deny any liability or wrongdoing, but desire to resolve the claims asserted under the terms set forth herein and, in more detail, in the Stipulations.
A hearing will be held before the Honorable Legrome D. Davis in the United States District Court for the Eastern District of Pennsylvania on June 23, 2015 at 10:00 a.m. to consider and/or determine: (a) whether the Stipulations are 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 Stipulations, 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 Lead Plaintiffs' cost recovery and service award; 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 Settlements, Plan of Allocation, Attorneys' Fees and Expenses, Lead Plaintiffs' Cost Recovery/Service Award and Voluntary Dismissal of Two Defendants ("Notice"), you may obtain copies of these documents by contacting the Claims Administrator at:
In re DVI, Inc. Securities Litigation
c/o Strategic Claims Services
600 N. Jackson Street, Suite 3
Media, PA 19063
Inquiries, other than requests for the Notice and Proof of Claim and Release forms, may be made to Plaintiffs' Lead Counsel:
KRISLOV & ASSOCIATES, LTD.
Clinton A. Krislov
Michael R. Karnuth
20 N. Wacker Drive, Suite 1300
Chicago, IL 60606
If you are a Class Member and do not submit a proper Proof of Claim and Release form, you will not share in the Settlements 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 May 26, 2015, in the manner explained in the Notice to the Claims Administrator, 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"), or the settlement between Lead Plaintiffs and Gerald Cohn, approved by the Court on May 20, 2011 (hereinafter referred to as the "May 20, 2011 Settlement"), that Proof of Claim and Release form will serve as your Proof of Claim and Release form for these Settlements and you are eligible to recover in these Settlements 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, the August 28, 2009 Settlement, or the May 20, 2011 Settlement, submitting a Proof of Claim and Release form in these Settlements does not entitle you to recovery in the November 17, 2006 Settlement, the November 5, 2007 Settlement, the April 30, 2008 Settlement, the August 28, 2009 Settlement, or the May 20, 2011 Settlement. To participate in these Settlements, you must submit a valid and timely Proof of Claim and Release form to the Claims Administrator postmarked no later than June 12, 2015.
Any objections to the Settlements, the Order of Final Judgment and Dismissal, the Plan of Allocation, the award of a Fee Award to Counsel, or the award of cost recovery service award to Lead Plaintiffs must be filed with the Court and served on Counsel for the Parties in the manner explained in the Notice, such that they are received no later than June 4, 2015.
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 Stipulations have the definition set forth therein.
DATED: APRIL 15, 2015 BY ORDER OF THE COURT
CONTACT: Strategic Claims Services (610) 565-9202 Fax: (610) 565-7985 600 N. Jackson Street, Suite 3 Media, PA 19063Source:Krislov & Associates, Ltd.