Vianale & Vianale LLP and Shalov Stone Bonner & Rocco LLP Announce Summary Notice of Proposed Class Action Settlement and Settlement Hearing
NEW YORK--The following statement is being issued by Vianale & Vianale LLP and Shalov Stone Bonner & Rocco LLP pursuant to an order of the United States District Court for the Southern District of New York:
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW
YORK
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IN RE TOWER AUTOMOTIVE |
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CIVIL ACTION NO. 1:05-CV-01926-RWS |
SUMMARY NOTICE OF PENDENCY
AND PROPOSED SETTLEMENT OF
CLASS ACTION
TO: ALL PERSONS WHO PURCHASED OR ACQUIRED TOWER AUTOMOTIVE, INC. (“TOWER”) COMMON STOCK AND/OR 6.75% TRUST CONVERTIBLE PREFERRED SECURITIES BETWEEN DECEMBER 21, 2000 AND FEBRUARY 1, 2005, INCLUSIVE.
YOU ARE HEREBY NOTIFIED that, pursuant to an Order of the United States District Court for the Southern District of New York, a hearing will be held on May 27, 2009, at 12:00 p.m., at the David Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 18C, New York, New York 10007, before the Honorable Robert W. Sweet, United States District Judge, for the purpose of determining: (1) whether the proposed class action settlement for the sum of $5,350,000 in cash, on terms and conditions set forth in a Stipulation of Settlement dated as of February 10, 2009 on file with the Court, including dismissal of this Litigation with prejudice and the release of certain actual or potential claims, is fair, reasonable, and adequate and should be approved; (2) whether the proposed plan to distribute the proceeds of the settlement is fair, reasonable, and adequate and should be approved; (3) whether the application of counsel for Lead Plaintiffs for the payment of attorneys’ fees and reimbursement of expenses incurred in connection with the Class Action should be approved; and (4) any other matter properly before the Court in connection with the proposed settlement.
If you purchased Tower common stock and/or 6.75% Trust Convertible Preferred between December 21, 2000 and February 1, 2005, inclusive, your rights may be affected by this settlement. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (the “Notice”) and a copy of the Proof of Claim and Release, you may obtain copies by writing to Tower Automotive Securities Litigation, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or from Gilardi & Co’s website at www.gilardi.com.
If you are a Settlement Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Proof of Claim and Release no later than June 26, 2009, establishing that you are entitled to a recovery. If you remain a Class Member and do not submit a proper Proof of Claim and Release form, you will not share in the Settlement Fund but you nevertheless will be bound by the Order and Final Judgment of the Court. To exclude yourself from the Settlement Class, you must submit a Request for Exclusion postmarked no later than May 7, 2009. Complete instructions on how to request exclusion from the Settlement Class are provided in the Notice. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Order and Final Judgment of the Court.
The Notice also contains instructions concerning how you may file an objection to the proposed settlement if you do not exclude yourself from the Settlement Class.
Further information may be obtained from Gilardi & Co. at the address noted above or by contacting Co-Counsel for Lead Plaintiffs and the Settlement Class: VIANALE & VIANALE LLP, Julie P. Vianale, 2499 Glades Road, Suite 112, Boca Raton, FL 33431, Telephone: (561) 392-4750; and SHALOV STONE BONNER & ROCCO LLP, Lee S. Shalov, 485 Seventh Avenue, Suite 1000, New York, New York 10018, Telephone: (212) 239-4340.
PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE OR ANY OF THE DEFENDANTS REGARDING THIS NOTICE.