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Vianale & Vianale LLP Announces Summary Notice of Pendency of Class Action, Proposed Settlement and Settlement Hearing
Business Wire, July 22, 2008
DALLAS -- The following statement is being issued by Vianale & Vianale LLP pursuant to an order of the United States District Court for the Northern District of Texas:
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TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF VISEON, INC. ("VISEON" OR "THE COMPANY") BETWEEN NOVEMBER 3, 2004 AND MAY 15, 2006, INCLUSIVE (THE "SETTLEMENT CLASS")
YOU ARE HEREBY NOTIFIED that the Plaintiffs, as defined in the Stipulation of Settlement (the "Stipulation") dated June 6, 2008, in the above-captioned federal court action (the "Litigation"), for themselves and on behalf of the Settlement Class Members, have entered into a Stipulation with the Defendants to resolve the Litigation. (All terms herein are as defined in the Notice of Pendency and the Stipulation on file with the Court).
PLEASE BE FURTHER ADVISED that, pursuant to the Preliminary Order in Connection with Settlement Proceedings of the United States District Court for the Northern District of Texas (the "Court"), dated July 2, 2008, a hearing will be held before the Honorable Reed O'Connor, United States District Judge, United States Courthouse, 1100 Commerce Street, Dallas, Texas, Courtroom 1505, at 1:00 p.m., on October 14, 2008 (the "Settlement Hearing"), to determine (1) finally whether this Litigation satisfies the applicable prerequisites for class action treatment under Rules 23(a) and (b) of the Federal Rules of Civil Procedure; (2) whether the terms of the Stipulation, including the Settlement Fund consisting of $550,000.00 plus accrued interest should be approved as fair, just, reasonable, and adequate to Class Members; (3) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, just, reasonable, and adequate; (4) whether to enter a Bar Order and approve the Releases by and in favor of the Class Members, as described in the Stipulation; (5) whether the application by Plaintiffs' Lead Counsel for an award of attorneys' fees and reimbursement of expenses should be approved; and (6) whether the Litigation should be dismissed with prejudice in accordance with the terms of the proposed Final Judgment and Order of Dismissal with Prejudice.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THIS SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action, Hearing on Proposed Settlement and Attorneys' Fee Petition and Right to Share in Settlement Fund ("Notice of Pendency") and a Proof of Claim and Release Form, you may obtain copies of these documents by calling or writing to the claims administrator at:
Viseon Securities Litigation Settlement c/o Gilardi & Co. LLC P.O. Box 990 Corte Madera, CA 94976-0900 Telephone: (877) 458-3693
You may also download and print a Notice of Pendency and Proof of Claim and Release form from www.gilardi.com.
To share in the distribution of the Settlement Fund, you must submit a Proof of Claim and Release Form to the Claims Administrator postmarked no later than November 19, 2008. If you remain a Class Member and do not submit a proper Proof of Claim and Release form, you will not share in the Settlement Fund but you nevertheless will be bound by the final judgment of the Court. To exclude yourself from the Settlement Class, you must submit a request for exclusion postmarked no later than September 24, 2008. Complete instructions on how to request exclusion from the Settlement Class are provided in the Notice of Pendency. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by the final judgment of the Court.
Further information may be obtained by directing your inquiry to the Claims Administrator at the address noted above or by contacting Counsel for Lead Plaintiffs and the Settlement Class:
VIANALE & VIANALE LLP Julie P. Vianale, Esq. 2499 Glades Road, Suite 112 Boca Raton, FL 33431 Telephone.: (561) 392-4750 PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE
Dated: July 22, 2008
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS
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