LOS ANGELES, Aug. 15, 2006 (PRIMEZONE) -- The following was released by Weiss & Lurie with regards to In Re Quintus Securities Litigation, Case No. 00-4263 VRW:
TO: ALL PERSONS WHO PURCHASED OR ACQUIRED THE COMMON STOCK OF QUINTUS CORPORATION ("QUINTUS" OR THE "COMPANY") DURING THE PERIOD FROM NOVEMBER 15, 1999, THROUGH NOVEMBER 15, 2000, INCLUSIVE.
YOU ARE HEREBY NOTIFIED that the Lead Plaintiff, as defined in the Stipulation of Settlement (the "Stipulation") dated October 24, 2005, in the above-captioned federal court action (the "Litigation") for himself and on behalf of the Settlement Class Members, has entered into the Stipulation with Defendants to resolve the Litigation. (All terms herein are as defined in the Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing (the "Notice") and the Stipulation on file with the Court). The Settlement is part of a global settlement of claims and actions brought by Quintus shareholders and on behalf of the Company, including claims filed or asserted in the Quintus bankruptcy proceedings. The global settlement is expressly conditioned upon (i) this Court's approval of the Stipulation; (ii) final approval of the Settlement of this Litigation; (iii) approval of a Plan of Liquidation ("Plan") in the Quintus Bankruptcy Cases which incorporates the global settlement; and (iv) releases as set forth in the Stipulation. In addition to any recovery to which Settlement Class Members may be entitled as a result of the Settlement of this Litigation, the Plan in the Bankruptcy Cases will provide, among other things, that Settlement Class Members who are holders of Quintus' common stock on the record date to be established by the Plan, and who meet the distribution criteria set forth in the Plan, also shall be eligible to participate in any net distributions made to Quintus' common shareholders pursuant to the Plan. The exact recovery received by each Settlement Class Member who files a valid claim will be determined by the Plan of Allocation, which is described in the detailed Notice.
Under the Plan of Allocation, all persons who purchased Quintus common stock during the Settlement Class Period may file claims, regardless whether they sold their shares before the end of the Settlement Class Period or retained their shares to the end of the Settlement Class Period. IF YOU ARE A SETTLEMENT CLASS MEMBER WHO RETAINED YOUR SHARES THROUGH THE END OF THE SETTLEMENT CLASS PERIOD, YOU MAY WISH TO EXERCISE YOUR RIGHTS DESCRIBED IN SECTION IX OF THE NOTICE, OR TO USE THE PROCEDURES DESCRIBED IN SECTION X OF THE NOTICE.
PLEASE BE FURTHER ADVISED that, pursuant to an order of the United States District Court for the Northern District of California (the "Court"), dated July 25, 2006, a hearing will be held on October 19, 2006 at 2:00 p.m. (the "Settlement Hearing") before the Honorable Vaughn R. Walker, in the United States District Court, Northern District of California, located at 450 Golden Gate Avenue, San Francisco, California 94102, for the purpose of determining: (i) whether the proposed Settlement of the Litigation for the principal amount of $10,100,000 should be approved by the Court as fair, reasonable and adequate; (ii) whether the Litigation should be dismissed on the merits and with prejudice pursuant to the terms of the Stipulation; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; (iv) whether Lead Counsel's application for fees and expenses, including the award of reasonable costs and expenses (including lost wages, directly relating to the representation of the Settlement Class to the Lead Plaintiff serving on behalf of the Settlement Class) and interest thereon should be approved; and (v) whether the releases provided for in the Stipulation should be approved as fair, reasonable and adequate to the Members of the Settlement Class. If you purchased or acquired Quintus common stock during the period from November 15, 1999, through November 15, 2000, 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 NOVEMBER 22, 2006, establishing that you are entitled to recovery. To receive a Notice and Proof of Claim and Release or for further information, please write to the Claims Administrator at the following address:
Quintus 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 Quintus common stock during the Settlement Class Period, 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 SEPTEMBER 28, 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:
Jordan L. Lurie
Leigh A. Parker
WEISS & LURIE
10940 Wilshire Boulevard
Suite 2300
Los Angeles, CA 90024
Tel: (310) 208-2800
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE.
Dated: August 15, 2006 BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE NORTHERN
DISTRICT OF CALIFORNIA
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.