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Am I being sued? |
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No, you are not being sued.
You have been identified as a potential claimant in a lawsuit and may be entitled to a portion of settlement proceeds. |
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What is this litigation about? |
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In April 2002, the New York State Attorney General announced that it was investigating Defendants’ preparation and issuance of research analyst reports and ratings during the period 1999 through early 2002. Following an extensive investigation, Lead Plaintiffs filed the original complaint in this Action on October 7, 2002. The original complaint asserted securities fraud claims against Defendants.
The Defendants have denied and continue to deny each and all of the claims and contentions by the Lead Plaintiffs on behalf of the Class. The Defendants also have denied and continue to deny, among other things, the allegations that the price of MFN securities was artificially inflated by reasons of alleged misrepresentations, non-disclosures or otherwise, or that any harm was caused by the conduct alleged.
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How do I know if I am a Settlement Class Member? |
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Included in the Settlement Class are all persons or entities that purchased or otherwise acquired MFN Securities during the period from November 25, 1997 through July 25, 2001, inclusive, with the exception of the Defendants and their corporate affiliates, or members of their immediate families, and their heirs, successors and assigns. |
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Why is this case a Class Action? |
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In a class action, one or more people, called Class Representatives sue on behalf of all people who have similar claims. In this case, the Court appointed lead plaintiffs are Techgains Corporation and the Metromedia Plaintiffs Group. All of the people who were similarly treated are known as a Class, or as Class Members. One court resolves all issues for the Class, and protects the interest of Class Members while preserving court resources.
In this case, the Court has preliminarily accepted the proposed terms for the Settlement and Plan of Allocation offered by attorneys' representing the Class and Defendants. The Court also has preliminarily certified the Settlement Class. |
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What does the settlement provide? |
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The Settlement creates a fund in the amount of $35,000,000 plus interest. Your recovery will depend on a number of factors, such as, among other things, the number of shares purchased or sold, the timing of your transactions, expense of administering the claims process and attorneys' fees and expenses awarded, as well as the number of eligible shares purchased by Settlement Class Members who elect to participate in the claims process. |
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Do I have a lawyer in this case? |
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The Court appointed Kaplan Fox & Kilsheimer LLP, Nix, Patterson & Roach, LLP, and Patton Roberts, PLLC as “Co-Lead Counsel” to represent the Lead Plaintiffs and all class members. |
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How can I contact the Class Counsel? |
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You may contact Class Counsel in writing at:
Kaplan Fox & Kilsheimer LLP
Christine Fox
850 Third Avenue
New York, New York 10022
Nix, Patterson & Roach, LLP
205 Linda Drive
Daingerfield, Texas 75638
Patton Roberts, PLLC
Century Bank Plaza
2900 St. Michaels Drive, Suite 400
Texarkana, Texas 7550
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Should I get my own lawyer? |
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You do not need to retain your own lawyer because Co-Lead Counsel is acting on behalf of the entire Class. If you wish to retain your own lawyer, you may do so at your own expense. |
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When will I get my payment? |
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No payments will be made prior to the Fairness Hearing, scheduled for February 27, 2009 at the United States District Court of the Southern District of New York, in New York.
Claims processing takes significant time, thank you for your patience. |
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When and where is the Final Settlement Hearing? |
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This hearing is scheduled for 11:00 a.m. on February 27, 2009, at the United States Courthouse, 500 Pearl Street, Courtroom 6B, New York, New York, 10007, before the Honorable Gerard E. Lynch, United States District Judge.
At this hearing the Court will determine whether the Settlement should be approved as fair, reasonable and adequate. The Court will also consider whether the proposed plan to distribute the settlement proceeds is fair, reasonable and adequate, whether the application by Co-Lead Counsel for an award of attorneys’ fees and expenses should be approved, and whether the case should be dismissed with prejudice.
The District Court may adjourn or continue the Settlement Hearing without further notice to the class.
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Do I have to attend the Final Settlement Hearing? |
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No, you do not have to attend the Settlement Hearing, even if you properly mailed a written response. If you or your personal attorney wants to attend the hearing, you or your attorney is welcome to do so at your expense. |
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