LOS ANGELES, March 10, 2016 (GLOBE NEWSWIRE) -- Johnson & Weaver, LLP announces that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Medbox, Inc. (OTCMKTS:MDBX):
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED SHARES OF COMMON STOCK OF MEDBOX, INC. BETWEEN APRIL 2, 2013 AND DECEMBER 29, 2014, INCLUSIVE, AND INCURRED DAMAGES (THE “CLASS”).
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, Western Division, that a hearing will be held on May 16, 2016 at 1:30 p.m. in Courtroom 14 before the Honorable Beverly Reid O’Connell, United States District Judge for the Central District of California, Western Division, 312 North Spring Street, Los Angeles, CA 90012-4701 (the “Final Settlement Approval Hearing”) for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of One Million Eight Hundred Fifty Thousand United States Dollars (USD $1,850,000.00) in cash (the “Cash Amount”) and Two Million Three Hundred Thousand (2,300,000) shares of Medbox, Inc. (“Medbox”) common stock (the “Settlement Shares,” collectively with the Cash Amount, the “Settlement Fund”) should be approved by the Court as fair, reasonable, adequate, and in the best interests of the Class; (2) whether the proposed plan to distribute the Settlement proceeds is fair and reasonable and should be approved by the Court; (3) whether Lead Counsel’s application for an award of attorneys’ fees (of not more than 30% of the Settlement Fund) and reimbursement of expenses (of not more than $100,000) should be approved by the Court; and (4) whether the Court should approve the release of Released Claims against any and all Released Persons and dismiss the Class Action with prejudice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Class Action Settlement (the “Mailed Notice”) and a copy of the Proof of Claim and Release form, you may obtain copies of these documents by downloading them from www.strategicclaims.net, or by contacting:
Medbox, Inc. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson St., Suite 3
Media, PA 19063
Telephone: (866) 274-4004
Facsimile: (610) 565-7985
Email: info@strategicclaims.net
If you are a member of the Class, to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than June 1, 2016 to the Claims Administrator (address above), establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Class Action whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion postmarked no later than April 25, 2016, in the manner and form explained in the detailed Mailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of Distribution, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses must be made in writing setting forth the objection in the manner and form explained in the detailed Mailed Notice, and must be provided to the Court and the Settling Parties such that it is received by each of the following no later than April 25, 2016, at the following addresses:
Clerk of the Court
United States District Court
Central District of California
Western Division
312 North Spring Street, Room G-8
Los Angeles, CA 90012-4701
Frank J. Johnson
JOHNSON & WEAVER, LLP
600 West Broadway, Suite 1540
San Diego, CA 92101
Telephone: (619) 230-0063
Facsimile: (619) 255-1856
Lead Counsel for Plaintiffs and the Class
Phillip R. Kaplan
MANATT, PHELPS & PHILLIPS, LLP
Park Tower
695 Town Center Drive, 14th Floor
Costa Mesa, CA 92626
Telephone: (714) 371-2500
Facsimile: (714) 371-2550
Counsel for Medbox, Inc. and Defendants’ Counsel Designee
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Frank J. Johnson
JOHNSON & WEAVER, LLP
600 West Broadway
Suite 1540
San Diego, CA 92101
Telephone: (619) 230-0063
Facsimile: (619) 255-1856
Email: medboxclass@johnsonandweaver.com
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: FEBRUARY 3, 2016
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION