The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP Announce Class Action Settlement on Behalf of Purchasers
February 17 2011 - 9:00AM
Marketwired
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 proposed
class action settlement that would benefit purchasers of the common
stock of Industrial Enterprises of America, Inc. (PINKSHEETS:
IEAM):
SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION
TO ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED the common
stock ("Stock") of Industrial Enterprises of America, Inc. ("IEAM")
during the period from December 4, 2006 through and including
November 7, 2007 (the "Class Period") and were damaged thereby.
IF YOU PURCHASED OR OTHERWISE ACQUIRED THE ABOVE STOCK DURING
THE CLASS PERIOD YOU ARE A MEMBER OF THE "CLASS" IN THIS FEDERAL
CLASS ACTION (hereafter, the "Litigation") UNLESS EXPLICITLY
EXCLUDED AS SET FORTH IN THE SECOND AMENDED COMPLAINT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal
Rules of Civil Procedure and an Order of the above Court, that a
hearing will be held on May 18, 2011 at 10:00 a.m., in Courtroom
21D, United States District Court for the Southern District of New
York, 500 Pearl Street, New York, NY 10007-1312, to determine: (1)
whether this Litigation should be certified as a class action for
the purposes of settlement; (2) whether the proposed settlement
(the "Settlement") of the Litigation for $3,400,000 (comprised of
$100,000 for previously incurred notice costs that were paid by
Defendants' Insurer, a $2,300,000 Payment Fund and a $1,000,000
Holdback Fund) (the "Settlement Fund") should be approved by the
Court as fair, reasonable, and adequate; (3) whether the motion of
Lead Plaintiffs' Counsel for an award of attorneys' fees, not to
exceed one-third the Payment Fund, and reimbursement of reasonable
expenses, not to exceed $75,000 should be approved; and (4) whether
the Litigation should be dismissed with prejudice.
If You Acquired Any Stock of IEAM, During the Class Period
Described Above, Your Rights May Be Affected by the Settlement of
this Litigation. To Share in the Distribution of the Settlement
Fund, You Must Establish Your Rights by Mailing a Proof of Claim
and Release Form, Postmarked No Later Than April 27, 2011.
If you have not yet received the Notice of Pendency and
Settlement of Class Action ("Notice"), which more completely
describes the Settlement and your rights thereunder, and a Proof of
Claim and Release form, you may obtain copies of these documents by
identifying yourself as a member of the Class and by writing to,
telephoning, or visiting on the Internet:
Industrial Enterprises of America, Inc. Securities Litigation
Claims Administrator c/o Strategic Claims Services P.O. Box 230 600
N. Jackson Street, Suite 3 Media, PA 19063 Tel: (866) 274-4004
www.strategicclaims.net
Inquiries should NOT be directed to IEAM or the Clerk of the
Court.
If you desire to be excluded from the Class, you must submit a
written request for exclusion, postmarked no later than May 4,
2011, in the manner and form explained in the Notice. All members
of the Class who have not requested exclusion from the Class will
be bound by the Settlement and any Judgment entered in the
Litigation even if they do not timely file a Proof of Claim and
Release form.
DATED: FEBRUARY 3, 2011
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK
Contact: Strategic Claims Services (610) 565-9202 Fax: (610)
565-7985 600 N. Jackson Street, Suite 3 Media, PA 19063
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