NEW YORK, May 15, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Pomerantz LLP announce that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Caesarstone Ltd. (NASDAQ:CSTE):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED CAESARSTONE, LTD. COMMON STOCK FROM FEBRUARY 12, 2014 THROUGH AUGUST 18, 2015, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on August 14, 2017, at 3:30 p.m. before the Honorable Jesse M. Furman, United States District Judge for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 1105, New York, New York 10007, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $2,200,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one-third of the Settlement Amount, reimbursement of expenses of not more than $175,000 and an incentive payment of no more than $15,000 in aggregate to Lead Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated April 13, 2017 (the “Settlement Stipulation”).
If you purchased or otherwise acquired Caesarstone, Ltd. (“Caesarstone”) common stock during the period from February 12, 2014 to August 18, 2015, both dates inclusive (the “Settlement Class”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Caesarstone common stock. 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 Form, you may obtain copies by writing to or calling the Claims Administrator at Caesarstone, Ltd. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net, or going to the website, www.strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than September 15, 2017, establishing that you are entitled to recovery. 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.
If you desire to be excluded from the Settlement Class, you must submit a request for exclusion so that it is received no later than July 17, 2017, in the manner and form explained in the detailed Notice to the Claims Administrator. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than July 28, 2017, by each of the following:
Clerk of the Court
United States District Court Southern District of New York
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, NY 10007-1312
LEAD COUNSEL:
Jacob A. Goldberg
Gonen Haklay
THE ROSEN LAW FIRM, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, PA 19046
Jeremy A. Lieberman, Esq.
Michele S. Carino, Esq.
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY 10016
COUNSEL FOR DEFENDANTS:
George T. Conway III, Esq.
Christopher R. Deluzio, Esq.
WACHTELL, LIPTON, ROSEN & KATZ
51 West 52nd Street
New York, New York 10019
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Jacob A. Goldberg
Gonen Haklay
THE ROSEN LAW FIRM, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, PA 19046
Tel.: (215) 600-2817
Jeremy A. Lieberman, Esq.
Michele S. Carino, Esq.
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY 10016
Tel.: (212) 661-1100
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: MAY 15, 2017
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BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK