LOS ANGELES, Dec. 13, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California, Western Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of publicly-traded common stock of China Education Alliance, Inc. (Pink Sheets:CEAI):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS OR ENTITIES WHO PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF CHINA EDUCATION ALLIANCE, INC. FROM MAY 15, 2008 THROUGH AND INCLUDING DECEMBER 7, 2010 AND WHO WERE ALLEGEDLY DAMAGED THEREBY
YOU ARE HEREBY NOTIFIED that this class action is pending and that a settlement of it for $2,425,000 has been proposed. A hearing will be held on March 11, 2013 at 10:00 a.m. in Courtroom 5 before the Honorable Christina A. Snyder, United States District Judge of the Central District of California, 312 North Spring Street, Los Angeles, California 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan for distribution of the settlement proceeds is fair, reasonable and adequate; and (3) whether the application for an award of attorneys' fees of 25% of the settlement amount, reimbursement of expenses of not more than $100,000, and award to Lead Plaintiffs of not more than a total of $4,500, should be approved.
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 FUND. If you think you may be a member of the Class but have not received the full printed Notice of Pendency and Proposed Settlement of Class Action and the Proof of Claim and Release form you may obtain copies of these documents by contacting:
China Education Alliance Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 3
Media, PA 19063
Tel: (866) 274-4004
or by printing them at www.strategicclaims.net. The motion for payment of attorneys' fees and costs will be filed with the Court and posted at this website by February 4, 2013.
For any questions or inquiries, other than requests for copies of the Notice and Proof of Claim, please contact Counsel for the Class:
Laurence M. Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
To participate in this settlement, you must submit a Proof of Claim no later than January 25, 2013. You will be bound by the Order and Final Judgment rendered in the Litigation whether or not you file a claim. As more fully described in the Notice, if you wish to object to the proposed settlement or motion for fees and costs, your objection must be received by February 18, 2013. If you want to exclude yourself from the Class, you can do so by filing a request; your request for exclusion must be received by February 11, 2013, in the manner described in the Notice.
Further information may be obtained by directing your inquiry in writing to the Claims Administrator, Strategic Claims Services, at the address listed above or through the website.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: NOVEMBER 19, 2012
BY ORDER OF THE COURT
Source: The Rosen Law Firm PA