Kahn Swick & Foti, LLC Announces Class Action Settlement on Behalf of Purchasers of Publicly-Traded Common Stock of Superior Off
February 04 2011 - 8:00AM
Kahn Swick & Foti, LLC announces that the United States
District Court for the Southern District of Texas, Houston
Division, approved the following announcement of a proposed class
action settlement that would benefit purchasers of publicly-traded
common stock of Superior Offshore International, Inc.
(Nasdaq:DEEP):
TO: ALL PERSONS AND ENTITIES (INCLUDING THEIR
BENEFICIARIES) WHO PURCHASED OR OTHERWISE ACQUIRED THE
PUBLICLY-TRADED COMMON STOCK OF SUPERIOR OFFSHORE INTERNATIONAL,
INC. ("SUPERIOR OFFSHORE") (Trading Symbol NASDAQ:DEEP)
BETWEEN APRIL 20, 2007, AND APRIL 25, 2008, INCLUSIVE
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United
States District Court for the Southern District of Texas, that a
hearing will be held on May 10, 2011, at 9:30 a.m., before the
Honorable Nancy F. Atlas at the United States Courthouse, 515 Rusk
Street, Room 9015, Houston, Texas 77002, for the purpose of
determining: (1) whether the proposed Settlement for the sum
of $1,900,000 in cash should be approved by the Court as fair,
reasonable, and adequate; (2) whether, after the hearing, this
Action should be dismissed with prejudice pursuant to the terms and
conditions set forth in the Stipulation dated as of January 3,
2011; (3) whether the Plan of Allocation is fair, reasonable, and
adequate and should be approved; (4) whether the application
of Lead Counsel for the award of attorneys' fees and reimbursement
of expenses incurred in this Action should be approved; and (5)
whether the application of Lead Plaintiff[1] Charles Ognar for the
reimbursement of reasonable time and expenses should be
approved.
If you purchased or otherwise acquired (including as a
beneficiary) the publicly-traded common stock of Superior Offshore
between April 20, 2007, and April 25, 2008, inclusive, your rights
may be affected by the Settlement of this Action. If you have not
received 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 ("Proof of Claim"), you should obtain copies by
writing to In re Superior Offshore International, Inc. Securities
Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N.
Jackson Street, Suite 3, Media, PA 19063. The Notice contains
details about this Action and Settlement, including what you must
do to exclude yourself from the Settlement, object to the terms of
the Settlement, or file a Proof of Claim. If you are a Class
Member, in order to share in the distribution of the Net Settlement
Fund, you must submit a Proof of Claim postmarked no later than May
5, 2011, establishing that you are entitled to recovery.
If you desire to be excluded from the Class, you must submit a
Request for Exclusion postmarked by April 26, 2011, in the manner
and form explained in the detailed Notice referred to above. All
Class Members who have not timely and validly requested exclusion
from the Class will be bound by any judgment entered in the Action
pursuant to the terms and conditions of the Stipulation. Your
objection(s) must be mailed on or before April 26, 2011, to: the
Court; Kahn Swick & Foti, LLC on behalf of the Lead Plaintiff;
and Counsel for the Defendants, at the following addresses:
COURT: |
|
Clerk of the Court |
P. O. Box 61010 |
Houston, TX 77208 |
|
FOR LEAD PLAINTIFF: |
|
Lewis S. Kahn |
KAHN SWICK & FOTI, LLC |
206 Covington Street |
Madisonville, Louisiana 70447 |
Tel: 866-467-1400 |
Fax: 504-455-1498 |
Lead Counsel for Lead Plaintiff and the
Class |
|
FOR DEFENDANTS: |
|
Michael J. Biles |
GREENBERG TRAURIG, LLP |
300 West 6th Street, Suite 2050 |
Austin, TX 78701 |
Tel: 512-320-7200 |
Fax: 512-320-7210 |
Counsel for Defendants James J. Mermis and
Roger D. Burks |
|
Tony L. Visage |
BRACEWELL & GIULIANI LLP |
711 Louisiana Street, Ste. 2300 |
Houston, TX 77002 |
Tel: 713-223-2300 |
Fax: 713-221-1212 |
Counsel for Defendants Louis E. Schaefer, Jr.
and R. Joshua Koch, Jr. |
|
Mark D. Manela |
MAYER BROWN LLP |
700 Louisiana, Suite 3400 |
Houston, TX, 77002 |
Tel: 713 238-2645 |
Fax: 713-238-4645 |
Counsel for Underwriter Defendants Merrill
Lynch, Pierce, Fenner & Smith, Inc. and J.P. Morgan Securities,
Inc. |
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE
REGARDING THIS NOTICE. If you have any questions about the
Settlement, you may contact Lead Counsel for Lead Plaintiff and the
Class at the address listed above.
DATED: FEBRUARY 2, 2011
BY ORDER OF THE COURT UNITED STATES DISTRICT COURT SOUTHERN
DISTRICT OF TEXAS
[1] All
capitalized terms not defined in this document have the meaning
provided in the Stipulation of Settlement, dated January 3,
2011.
CONTACT: Strategic Claims Services
(610) 565-9202
Fax: (610) 565-7985
600 N. Jackson Street, Suite 3
Media, PA 19063
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