NEW YORK, Aug. 21, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP announce that the United States District Court for the Southern District of New York has approved the following announcement of a class action settlement that would benefit purchasers of New Source Energy Partners L.P.’s 11% Series A Cumulative Convertible Preferred Units:
SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED NEW SOURCE ENERGY PARTNERS L.P.’S 11% SERIES A CUMULATIVE CONVERTIBLE PREFERRED UNITS PURSUANT AND/OR TRACEABLE TO THE MAY 5, 2015 OFFERING PRIOR TO OCTOBER 21, 2015.
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 November 20, 2017 at 11:00 a.m. before the Honorable Kimba M. Wood, United States District Judge of the Southern District of New York, 500 Pearl Street, Courtroom 18B, New York, New York, 10007-1312 (the “Settlement Hearing”) for the purpose of determining: (1) whether to certify the Settlement Class pursuant to Federal Rule of Civil Procedure 23(a) and (b); (2) whether the Settlement Amount consisting of the sum of $2,850,000 should be approved by the Court as fair, reasonable, and adequate; (3) whether Final Judgment should be entered, dismissing the Action with prejudice and ordering the release of claims in accordance with the Stipulation of Settlement; (4) whether the Plan of Allocation to distribute the settlement proceeds is fair, reasonable, and adequate; (5) whether the application for an award of attorneys’ fees of $950,000 or one-third of the Settlement Amount, and reimbursement of expenses of not more than $35,000 and a case contribution award payment of no more than $15,000 collectively to all Lead Plaintiffs should be approved; (6) the merits of any objections to the Settlement; and (7) such other matters as the Court may deem appropriate.
If you purchased New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (“Series A Preferred Units” or “Units”) pursuant and/or traceable to New Source’s May 5, 2015 offering of the Units prior to the commencement of this Action on October 21, 2015 (the “Settlement Class Period”), your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency and Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release, you may obtain copies by writing to New Source Energy Partners L.P. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net; or going to the website at 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 postmarked no later than October 10, 2017 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written request for exclusion, 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 to the Claims Administrator received no later than October 23, 2017, in the manner and form explained in the Notice.
Any objection to the Settlement, Plan of Allocation, Co-Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses, or case contribution award payment must be in the manner and form explained in the Notice and received no later than November 2, 2017, to each of the following:
| Clerk of the Court United States District Court Southern District of New York 500 Pearl Street New York, New York 10007-1312 | Co-Lead Counsel Phillip Kim THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 -and- Peter C. Harrar WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP 270 Madison Avenue New York, NY 10016 | Counsel for Individual Defendants Ari M. Berman VINSON & ELKINS L.L.P. 666 Fifth Avenue, 26th Floor New York, NY 10103 Counsel for Underwriter Defendants Peter B. Morrison SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 300 South Grand Ave., Ste. 3400 Los Angeles, CA 90071 |
If you have any questions about the Settlement, you may call or write to Co-Lead Counsel
| Phillip Kim | -and- | Peter C. Harrar | |
| THE ROSEN LAW FIRM, P.A. | WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP | ||
| 275 Madison Avenue, 34th Floor | 270 Madison Avenue | ||
| New York, New York 10016 | New York, NY 10016 | ||
| Tel.: 212-686-1060 | Tel: 212-545-4600 | ||
| Fax: 212-202-3827 | Fax: 212-686-0114 | ||
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: JULY 27, 2017
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK