NEW YORK, July 24, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces 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 Corporate Resource Services, Inc. (OTCMKTS:CRRSQ):
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED CORPORATE RESOURCE SERVICES, INC. COMMON STOCK FROM APRIL 26, 2012 THROUGH MARCH 20, 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 October 24, 2017, at 4:30 p.m. before the Honorable Lorna G. Schofield, United States District Judge for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 1106, 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 $1,650,000 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 $200,000 and an incentive payment of no more than $6,000 (six thousand dollars) in aggregate to Lead Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated May 31, 2017 (the “Settlement Stipulation”).1
If you purchased or otherwise acquired Corporate Resource Services, Inc. (“CRS”) common stock during the period from April 26, 2012 to March 20, 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 CRS common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator: Corporate Resource Services, Inc. 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 December 2, 2017, to the Claims Administrator, 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 October 4, 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. Do not mail a request for exclusion to the Court.
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 October 4, 2017, to 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:
Jeremy A. Lieberman, Esq.
Justin S. Nematzadeh, Esq.
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY 10016
COUNSEL FOR DEFENDANTS:
Marc Agnifilo (of counsel)
Andrea Zellan
Joshua Kirshner
BRAFMAN & ASSOCIATES, P.C.
767 Third Avenue, 26th Floor
New York, New York 10017
Counsel for Defendant Robert Cassera
James P. Smith III
Richard W. Reinthaler
Frank S. Restagno
WINSTON & STRAWN LLP
200 Park Avenue
New York, New York 10166
Counsel for Defendant Michael J. Golde
Michael F. Bachner
Scott J. Splittgerber
BACHNER & ASSOCIATES, P.C.
39 Broadway, Suite 1610
New York, New York 10006
Counsel for Defendant John Messina, Sr.
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Jeremy A. Lieberman, Esq.
Justin S. Nematzadeh, Esq.
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY 10016
(T): (212) 661-1100
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: July 11, 2017
______________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK
1 All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Settlement Stipulation.