Wolf Haldenstein Adler Freeman and Herz LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of China North East Petroleum Holdings Limited -- CNEP

LOS ANGELES, Jan. 05, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman and Herz LLP announces that the United States District Court for the Central District of California has approved the following class action settlement that would benefit purchasers of common stock of China North East Petroleum Holdings Limited (OTCBB:CNEP):

SUMMARY NOTICE

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED SHARES OF COMMON STOCK OF CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED (“CNEP”) BETWEEN SEPTEMBER 3, 2010, AND MARCH 14, 2012, 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 April 4, 2017, at 10:00 a.m., before the Honorable Consuelo B. Marshall, at the United States Courthouse, 350 West 1^st Street, Los Angeles, CA 90012, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the sum of $925,000.00 in cash should be approved by the Court as fair, reasonable, and adequate to Members of the Settlement Class; (2) whether to certify the Settlement Class; (3) whether, thereafter, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation and Agreement of Settlement dated October 5, 2016; (4) whether the proposed plan to distribute the settlement proceeds (the “Plan of Allocation”) is fair, reasonable, and adequate and therefore should be approved; and (5) whether the application of Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Litigation, as well as Lead Plaintiff reimbursement, should be approved. If you purchased or acquired common stock of China North East Petroleum Holdings Limited (“CNEP”) between September 3, 2010, and March 14, 2012, inclusive, your rights may be affected by this Settlement. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys’ Fees and Expenses, and Settlement Fairness Hearing (the “Notice”) and a copy of the Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator at: Baker Tilly Hong Kong Limited Settlement, c/o Strategic Claims Services, 600 N. Jackson Street, Suite 3, P.O. Box 230, Media, PA 19063, Tel: [phone], Fax: [phone], or you can download a copy at www.strategicclaims.net. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than March 6, 2017, establishing that you are entitled to recovery.

You may object to the Court if you do not like the Settlement, or you may exclude yourself from the Settlement. Please see the Notice for information concerning objection or exclusion.

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 at the address listed below:

Matthew M. Guiney   
Wolf Haldenstein Adler Freeman and Herz LLP                   
270 Madison Ave.                  
New York, NY 10016 

or go to the following website: www.strategicclaims.net