NEW YORK, Dec. 14, 2015 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW
YORK
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IN RE ITT EDUCATIONAL
SERVICES,
INC. SECURITIES
LITIGATION
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Civil Action No.
13-cv-1620-JPO
ECF Case
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SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR ACQUIRED COMMON
STOCK OF ITT EDUCATIONAL SERVICES, INC. ("ITT" OR THE "COMPANY")
(TICKER SYMBOL: ESI) BETWEEN APRIL 24,
2008 AND FEBRUARY 25, 2013, BOTH DATES INCLUSIVE (THE
"CLASS PERIOD").
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE
AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED that a proposed Settlement has been
reached in this Action.1 A hearing will be held
with respect to the Settlement on March 8,
2016, at 11:00 A.M. before the
Honorable J. Paul Oetken in the United States District Court for
the Southern District of New York,
40 Foley Square, Courtroom 706, New York,
New York.
The purpose of the hearing is to determine, among other things,
whether the proposed Settlement of the securities class action
claims asserted in this Action, pursuant to which ITT, on behalf of
all Defendants, will cause to be deposited into a Settlement Fund
the sum of sixteen million nine hundred sixty-two thousand
five hundred dollars ($16,962,500.00) in exchange for the dismissal of
the Action with prejudice and a release of claims against the
Defendants and other Released Parties, should be approved by the
Court as fair, reasonable, adequate and in the best interests of
the Class. If you purchased or otherwise acquired ITT common stock
(ticker symbol: ESI) during the Class Period, you may be entitled
to share in the distribution of the Settlement Fund if you submit a
Proof of Claim Form no later than March 22,
2016, and if the information and documentation you provide
in that Proof of Claim Form establishes that you are entitled to a
recovery.
This Summary Notice provides only a summary of matters regarding
the Action and the Settlement. A detailed notice (the "Notice")
describing the Action, the proposed Settlement, and the rights of
Class Members to appear in Court at the Final Approval Hearing, to
request to be excluded from the Class, and/or to object to the
Settlement, the Plan of Allocation and/or the request by Lead
Counsel for an award of attorneys' fees and reimbursement of
Litigation Expenses, has been mailed to persons or entities known
to be potential Class Members. You may obtain a copy of that
Notice, a Proof of Claim Form, or other information at
www.ITTSecuritiesSettlement.com, or by writing to the following
address or calling the following telephone number.
ITT Securities Settlement
PO Box
3058
Portland, OR
97208-3058
(877) 271-1547
If you are a Class Member, you have the right to object to the
Settlement, the Plan of Allocation and/or the request by Lead
Counsel for an award of attorneys' fees and Litigation Expenses, or
otherwise request to be heard, by submitting a written objection in
accordance with the procedures described in the Notice. The
objection must be filed and served so that it is received no later
than February 16, 2016. You also have
the right to exclude yourself from the Class by submitting a
written request for exclusion from the Class in accordance with the
procedures described in the Notice. The request for exclusion must
be received no later than February 16,
2016. If the Settlement is approved by the Court, you will
be bound by the Settlement and the Court's Judgment, including the
releases provided for in the Settlement and Judgment, unless you
submit a request to be excluded.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING
THIS NOTICE. Inquiries, other than requests for the detailed Notice
referenced above and a Proof of Claim Form, may be made to Lead
Counsel for the Lead Plaintiffs:
COHEN MILSTEIN
SELLERS & TOLL PLLC
Carol V. Gilden
190 South LaSalle Street, Suite 1705
Chicago, IL 60603
Tel: (312) 357-0370
Email: cgilden@cohenmilstein.com
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Dated: December
14,
2015
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By Order of the
Court,
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United States
District
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Court for the
Southern
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District of New
York
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1 This Summary Notice incorporates by reference the
definitions in the Stipulation and Agreement of Settlement, dated
November 2, 2015 (the "Settlement"),
and all capitalized terms used, but not defined herein, shall have
the same meanings as in the Settlement. A copy of the Settlement
can be obtained at http://www.ITTSecuritiesSettlement.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/the-law-firm-of-cohen-milstein-sellers--toll-pllc-announces-the-pendency-of-class-action-and-proposed-settlement-involving-all-persons-and-entities-who-purchased-or-acquired-common-stock-of-itt-educational-services-inc-300192031.html
SOURCE United States District Court, Southern District of
New York