LOS ANGELES, Sept. 29, 2006 (PRIMEZONE) -- The following was released by Yourman Alexander & Parekh LLP with regards to In re Lantronix, Inc. (Nasdaq:LTRX) Securities Litigation, Master File No.: CV-02-3899 GPS (JTLx) (Central District of California).
SUMMARY NOTICE FOR PUBLICATION
TO ALL PERSONS WHO PURCHASED OR ACQUIRED THE COMMON STOCK OF LANTRONIX, INC. ("LANTRONIX" OR THE "COMPANY") DURING THE SETTLEMENT CLASS PERIOD OF AUGUST 4, 2000 THROUGH MAY 30, 2002, INCLUSIVE:
YOU ARE HEREBY NOTIFIED that the Lead Plaintiff, and named plaintiff Linda Pauwels, as defined in the Stipulation of Settlement (the "Stipulation") dated August 3, 2006, in the above-captioned federal court action (the "Litigation") for themselves and on behalf of the Settlement Class Members, have entered into the Stipulation with Defendants to resolve the Litigation. (All terms herein are as defined in the Notice of Pendency and the Stipulation of Settlement on file with the Court).
PLEASE BE FURTHER ADVISED that, pursuant to an Order of the United States District Court for the Central District of California (the "Court"), dated September 8, 2006, a hearing will be held on November 22, 2006, at 3:00 p.m. (the "Settlement Hearing"), before the Honorable George P. Schiavelli, in the United States District Court, for the Central District of California, located at 312 N. Spring Street, Los Angeles, CA 90012, Courtroom 7, for the purpose of determining: (1) whether the proposed settlement of the Litigation for $15,175,000 should be approved by the Court as fair, reasonable and adequate; (2) whether the Litigation should be dismissed on the merits and with prejudice pursuant to the terms of the Stipulation; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; (4) whether Lead Plaintiff's Counsel's application for fees and expenses, including any award of reasonable costs and expenses (including lost wages, directly relating to the representation of the Settlement Class to any representative plaintiff serving on behalf of the Settlement Class) and interest thereon should be approved; and (5) whether the releases provided for in the Stipulation should be approved as fair, reasonable and adequate to the Members of the Settlement Class and the Defendants. If you purchased or acquired Lantronix common stock during the period from August 4, 2000 through May 30, 2002, inclusive, your rights may be affected by the settlement of this Litigation.
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, which must be received by the Claims Administrator at the address listed below postmarked no later than January 6, 2007, establishing that you are entitled to recovery. To receive a Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing ("Notice") and Proof of Claim and Release or for further information, please write to the Claims Administrator:
Lantronix Securities Litigation
c/o Berdon Claims Administration LLC
P.O. Box 9014
Jericho, NY 11753-8914
Fax: (516) 931-0810
Website: www.berdonllp.com/claims
If you purchased or acquired Lantronix common stock during the Settlement Class Period, as defined in the Stipulation, you will be deemed to be a Member of the Settlement Class unless you expressly request to be excluded from the Settlement Class. You must submit a valid request for exclusion postmarked NO LATER THAN NOVEMBER 8, 2006. Instructions on how to request exclusion from the Settlement Class are set forth in the detailed Notice. You will be bound by, and subject to, any judgment rendered in the Litigation unless you request to be excluded in the manner set forth in the Notice. If you submit a valid and timely request for exclusion, you will not be entitled to share in the proceeds of the Settlement and you will not be bound by the Settlement or the Judgment.
Counsel for the Lead Plaintiff and the Settlement Class are:
Kevin J. Yourman
Vahn Alexander
YOURMAN ALEXANDER & PAREKH LLP
3601 Aviation Blvd., Suite 3000
Manhattan Beach, CA 90266
Tel: (310) 725-6400
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE.
BY ORDER OF THE HON. GEORGE P. SCHIAVELLI UNITED STATES DISTRICT JUDGE