WILMINGTON, Del., Oct. 11, 2012 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP, Grant & Eisenhofer P.A., and Labaton Sucharow LLP regarding the El Paso Corporation Shareholder Litigation.
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN RE EL PASO CORPORATION SHAREHOLDER LITIGATION,
CONSOLIDATED C.A. NO. 6949-CS
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, SETTLEMENT HEARING, AND RIGHT TO APPEAR
TO: ALL PERSONS AND ENTITIES WHO HELD EL PASO CORPORATION COMMON STOCK AT ANY TIME BETWEEN AND INCLUDING AUGUST 30, 2011 AND MAY 25, 2012.
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of Chancery of the State of Delaware (the "Court"), that Co-Lead Plaintiffs in the above-captioned consolidated action (the "Action") have reached a proposed settlement of the Action with Defendants (the "Settlement") for $110 million in cash. If approved by the Court, the Settlement will resolve all claims asserted in the Action, and all claims asserted in the Texas Action (defined in the Notice described below) and the New York Action (defined in the Notice described below) will be dismissed with prejudice. A settlement hearing will be held on December 3, 2012 at 12:30 p.m. at the Court of Chancery in the New Castle County Courthouse, 500 North King Street, Wilmington, DE 19801, to determine, among other things, (i) whether the Class consisting of all persons and entities who held El Paso Corporation common stock at any time between and including August 30, 2011 and May 25, 2012, and each of their transferees, successors and assigns, except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation and Agreement of Settlement (the "Stipulation"), should be certified permanently for Settlement purposes; (ii) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (iii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Co-Lead Counsel's application for attorneys' fees and reimbursement of expenses should be approved.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT. IF YOU HELD YOUR SHARES OF EL PASO CORPORATION COMMON STOCK AS OF MAY 25, 2012, YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action, Settlement Hearing, and Right to Appear (the "Notice"), and the Proof of Claim form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at El Paso Corporation Shareholder Litigation, c/o GCG, Claims Administrator, P.O. Box 9943, Dublin, OH 43017-5943, (888) 726-7096. Copies of the Notice and Claim Form can also be downloaded from the settlement website maintained by the Claims Administrator, www.elpasoshareholderlitigation.com.
If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than December 27, 2012. If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Co-Lead Counsel's application for attorneys' fees and reimbursement of expenses, must be filed with the Register in Chancery and delivered to Co-Lead Counsel and counsel for Defendants such that they are received no later than November 23, 2012, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE REGISTER IN CHANCERY REGARDING THIS NOTICE. Inquiries, other than requests for the Notice, may be made to any of the following Co-Lead Counsel:
Mark Lebovitch, Esq.
Bernstein Litowitz Berger & Grossmann LLP
1285 Avenue of the Americas
New York, NY 10019
Megan D. McIntyre, Esq.
Grant & Eisenhofer P.A.
123 Justison Street
Wilmington, DE 19801
Ira A. Schochet, Esq.
Labaton Sucharow LLP
New York, NY 10005
DATED: October 11, 2012
BY ORDER OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE
SOURCE Bernstein Litowitz Berger & Grossmann LLP; Grant & Eisenhofer P.A.; Labaton Sucharow LLP