Summary Notice of Pendency and Settlement of Class Action Against Signal Technology Corp., Posted by Faruqi & Faruqi, LLP and Robert C. Susser, P.C
NEW YORK--(BUSINESS WIRE)--Feb. 29, 2000--The following is an announcement by the law firm of Faruqi & Faruqi, LLP and Robert C. Susser, P.C.
Faruqi & Faruqi, LLP and Robert C. Susser, P.C. post this notice to all persons or entities who purchased or acquired common stock of Signal Technology Corp. (Symbol: STZ) from April 28, 1997 through August 17, 1998, inclusive (the "Class"). This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order by the United States District Court for the District of Massachusetts (the "Court"), dated January 21, 2000.
The purpose of this Notice is to inform you of the proposed $1,250,000 settlement that has been reached in this Class Action (the "Action") by Lead Plaintiffs with defendants Signal Technology Corp. and Dale L. Peterson (collectively, the "Defendants").
The proposed settlement resolves all claims, rights, causes of action, suits, matters and issues, whether known or unknown arising out of or related to the subject matter of the Action or claims asserted by or on behalf of plaintiffs or any member of the Class, whether individual, class, derivative, representative, legal, equitable or any other type or in any other capacity, against any one of the foregoing parties.
The settlement consideration consists of $1,250,000, in cash, plus accrued interest. (A summary of the settlement and related matters are more fully described in the detailed Notice of Pendency of Class Action, Hearing On Proposed Settlement And Attorneys' Fee Petition, And Right To Share In Settlement Fund (the "Detailed Notice")).
A hearing will be held by the Court on April 24, 2000 at 2:00p.m., before the Honorable Edward F. Harrington in the United States District Court for the District of Massachusetts, United States Courthouse, One Courthouse Way, Court Room 19, Boston, Massachusetts 02210.
The purpose of the hearing will be, among other things: (1) to determine whether the proposed settlement is fair, reasonable, and adequate and should be approved and, therefore, whether this class action should be dismissed on the merits and with prejudice and without costs as to the Defendants; and (2) to consider the reasonableness of an application of plaintiffs' counsel for the payment of attorneys' fees and reimbursement of expenses incurred in prosecuting the Action.
If you purchased or otherwise acquired Signal Technology common stock between April 28, 1997 and August 17, 1998, inclusive, you are a Class member. Your rights against the Released Parties (as defined in the Detailed Notice) will be affected by this Settlement. In particular, if you wish to share in the $1,250,000 settlement, you must file a valid claim, on a Proof of Claim form, no later than May 22, 2000 establishing that you are entitled to recovery.
PLEASE NOTE: IF YOU FAIL TO FILE A PROPER PROOF OF CLAIM FORM, YOU WILL NOT SHARE IN THE SETTLEMENT BUT YOU WILL BE BOUND BY THE FINAL JUDGMENT OF THE COURT. If you have not already received a copy of the Detailed Notice, or a copy of the Proof of Claim, you may obtain such information by contacting the Settlement Administrator at:
Decoursey v. Signal Technology Corp.
c/o FRG Information Systems Corp.
P.O. Box 4059, Grand Central Station
New York, New York 10163
For additional information about this settlement, please contact Stacey J. Dana, Esq. at Faruqi & Faruqi, LLP. at FaruqiLaw@aol.com or Robert C. Susser, Esq. at Robert C. Susser, P.C. at ClassAction@mail.com.
Please do not contact the Court or the Clerk's office for information. |
