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Faruqi & Faruqi, LLP announce Summary Notice of Proposed Class Action Settlement in the Longwei Petroleum Securities Litigation

JENKINTOWN, Pa., July 11, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Faruqi & Faruqi, LLP regarding the Longwei Petroleum Securities Litigation.

In re: LONGWEI PETROLEUM INVESTMENT HOLDING LIMITED SECURITIES LITIGATION
This Document Relates To: All Actions
C.A. NO. 1:13-cv-00214

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF LONGWEI PETROLEUM INVESTMENT HOLDING LIMITED (“LONGWEI”), BETWEEN SEPTEMBER 28, 2010 AND JANUARY 3, 2013, INCLUSIVE (THE “CLASS PERIOD”):

YOU ARE HEREBY NOTIFIED that a hearing will be held on October 20, 2016 at 10:30 a.m. before the Honorable Richard M. Berman at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., Courtroom 17B, New York, New York 10007 (the “Fairness Hearing”) for the purpose of determining: (1) whether the proposed settlement for the sum of $1,340,000 in cash (the “Settlement Fund”), should be approved by the Court as fair, reasonable, and adequate; (2) whether the plan of allocation is fair, reasonable and adequate; (3) whether the application of lead counsel for the payment of attorneys’ fees of up to 25% of the Settlement Fund, reimbursement of expenses of not more than $115,000 and awards of reasonable costs and expenses (including lost wages) directly relating to the representation of the Class to certain of the Class Plaintiff(s) serving on behalf of the Class not to exceed a total of $5,000 should be approved; and (4) whether the Action should be dismissed with prejudice. It is estimated that the Net Settlement Fund will be approximately $800,000.

IF YOU PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF LONGWEI BETWEEN SEPTEMBER 28, 2010 AND JANUARY 3, 2013, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION. A detailed Notice of Proposed Settlement of Class Action and Proof of Claim and Release form can be found on the case website. PLEASE READ AND REFER TO THE NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, which contains the governing terms of the proposed settlement and serves as the definitive notice to you. The Notice of Proposed Settlement of Class Action (the “Settlement Notice”) contains more details about this litigation and the proposed settlement, including what you must do to exclude yourself or “opt out” of the settlement, object to the terms of the settlement, or submit a proof of claim for payment pursuant to the settlement. If you have not received a detailed Settlement Notice and a copy of the proof of claim and release form (“Proof of Claim”), you may obtain copies by writing to Longwei Petroleum Investment Holding Limited Securities Litigation, c/o Heffler Claims Group, P.O. Box 58504, Philadelphia, PA 19102-8504 or by downloading from www.longweipetroleumsecuriteslitigation.com.

If you are a class member, in order to share in the distribution of the Settlement Fund, you must submit a Proof of Claim postmarked no later than October 5, 2016, establishing that you are to recover.

You are excluded from the class if (i) you are a defendant in the Action; (ii) you are a member of any of the defendants’ immediate family; (iii) you are an entity in which any defendant has a controlling interest; (iv) a director or officer of Longwei; (iv) you are an affiliate, legal representative, heirs, predecessors, successors and assigns of an excluded party; or (v) you request exclusion from the Class.

If you desire to be excluded from the class, you must submit a request for exclusion postmarked by October 6, 2016, in the manner and form explained in the detailed Settlement Notice referred to above. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

Any objection(s) to the Settlement must be mailed on or before October 6, 2016 to FARUQI & FARUQI, LLP, lead counsel for class plaintiffs and the class at the following address: Stuart J. Guber, FARUQI & FARUQI, LLP, 101 Greenwood Avenue, Suite 600, Jenkintown, Pennsylvania 19046.

PLEASE DO NOT CONTACT THE COURT OR THE COURT CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about this settlement, you may contact lead counsel, FARUQI & FARUQI, LLP for class plaintiffs and the class at the address listed above. You can also call lead counsel, FARUQI & FARUQI, LLP at (215) 277-5770.

Media Contact(s): Stuart J. Guber, FARUQI & FARUQI, LLP, (215) 277-5770

Source:Faruqi & Faruqi LLP