NEW YORK, Aug. 25 /PRNewswire/ -- The United States District Court for the Southern District of New York has granted preliminary approval of a Proposed Settlement affecting people who purchased the publicly-traded common stock of Xethanol (Amex: XNL; formerly XTHN) between January 31, 2006 and August 8, 2006. To obtain a detailed Notice of Pendency of Class Action and Proposed Settlement with all Defendants, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release, Class Members may obtain copies by writing to Xethanol Securities Litigation, c/o Complete Claim Solutions, LLC, P.O. Box 24790, West Palm Beach, FL 33416. In order to share in the distribution of the Net Settlement Fund, Class Members must submit a Proof of Claim and Release postmarked no later than September 26, 2008 in order to establish that they are entitled to recovery. A hearing will be held on September 15, 2008, at 9:30 a.m., before the Honorable Harold Baer at the United States Courthouse, 500 Pearl Street, Courtroom 23B, New York, NY, for the purpose of determining (1) whether the Proposed Settlement of the claims in the Litigation for the sum of $2,800,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, after the hearing, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated as of April 29, 2008; (3) whether the Plan of Allocation is fair, reasonable and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and reimbursement of expenses incurred in this Litigation should be approved. If a Class Member desires to be excluded from the Class, he or she must submit a Request for Exclusion postmarked no later than August 29, 2008, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the terms and conditions of the Stipulation of Settlement. Any objection to the settlement must be mailed or delivered such that it is received by each of the following on or before August 29, 2008: CLERK OF THE COURT UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK United States Courthouse 500 Pearl Street New York, NY 10007 Lead Counsel for Plaintiffs: KAHN GAUTHIER SWICK, LLC LEWIS S. KAHN 650 Poydras Street, Suite 2150 New Orleans, LA 70130 Counsel for Defendants: PADUANO & WEINTRAUB, LLP ANTHONY PADUANO 1251 Avenue of the Americas Ninth Floor New York, NY 10020 Class Members should not contact the Court of the Clerk's office regarding this Litigation. If Class Members have any questions about the settlement, they may contact Lead Counsel for Plaintiffs at the address listed above or contact the Claims Administrator, toll-free, at 877-625-9442. DATASOURCE: Complete Claim Solutions, LLC CONTACT: Peter M. Craig of Complete Claim Solutions, LLC, +1-561-253-7726

Copyright