SANTA ANA, Calif., Jan. 10, 2022 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of GTT Communications, Inc. publicly-traded securities (OTCMKTS: GTTNQ):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO ACQUIRED PUBLICLY-TRADED SECURITIES OF GTT COMMUNICATIONS, INC. (“GTT”) FROM MAY 5, 2016 THROUGH JULY 30, 2021, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on March 21, 2022, at 8:30 a.m. before the Honorable David O. Carter, United States District Judge of the United States District Court for the Central District of California, Ronald Reagan Federal Building and United States Courthouse, 411 West Fourth Street, Courtroom 9D, Santa Ana, CA 92701, or by telephonic or videoconference means as directed by the Court for the purpose of determining:
(1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $2,000,000 (“Settlement Amount”) should be approved by the Court as fair, reasonable, and adequate;
(2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate;
(3) whether the application of Lead Counsel for an award of attorneys’ fees of up to 30% of the Settlement Amount, reimbursement of expenses of not more than $65,000, and an award of no more than $7,500 to Lead Plaintiff, should be approved; and
(4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated October 29, 2021 (“Stipulation”).
If you acquired GTT securities during the period from May 5, 2016 through July 30, 2021, both dates inclusive (“Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in GTT securities. If you purchased or acquired GTT common stock during the 2019 Action Settlement Class Period (i.e., between February 26, 2018 and August 7, 2019, both dates inclusive) you will not receive any compensation in this Settlement in connection with those purchases only because of the payments made and releases contained in the 2019 Action Settlement, but you may still recover on other purchases or acquisitions of GTT publicly-traded securities that you made during the Settlement Class Period in this Action.
If you have not received a postcard providing instructions for receiving a detailed Notice of Pendency and Proposed Settlement of Class Action (“Long Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may obtain copies by writing to or calling GTT Communications, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net, or going to the website, www.strategicclaims.net/GTT. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a properly completed Proof of Claim electronically or postmarked no later than February 19, 2022 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit a request for exclusion in the manner and form explained in the Long Notice to the Claims Administrator so that it is received no later than January 24, 2022. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and Award to Lead Plaintiff must be in the manner and form explained in the Long Notice and received no later than February 28, 2022, by each of the following:
| Clerk of the Court United States District Court Central District of California 411 West 4th Street, Room 1053 Santa Ana, CA 92701 | LEAD COUNSEL: THE ROSEN LAW FIRM, P.A. Phillip Kim 275 Madison Avenue, 40th Floor New York, NY 10016 | COUNSEL FOR DEFENDANTS: CRAVATH, SWAINE, & MOORE LLP David H. Korn 825 Eighth Avenue New York, NY 10019 |
If you have any questions about the Settlement, you may call or write to Lead Counsel:
THE ROSEN LAW FIRM, P.A.
Phillip Kim
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: 212-686-1060
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: December 6, 2021
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
CENTRAL DISTRICT OF CALIFORNIA
