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Levi & Korsinsky announces proposed class action settlement for persons or entities who sold MagicJack Vocaltec Ltd. Securities between November 12, 2013 and March 12, 2014

NEW YORK, Oct. 13, 2017 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

JAMES GORMLEY, individually and on
behalf of all others similarly situated,


Case No. 1:16-cv-01869



Hon. Victor Marrero

Plaintiff,






v.






MAGICJACK VOCALTEC LTD., GERALD
VENTO, and JOSE GORDO,






Defendants.





TO:

ALL PERSONS OR ENTITIES WHO SOLD OR OTHERWISE DIVESTED MAGICJACK VOCALTEC LTD. ("magicJack") SECURITIES BETWEEN NOVEMBER 12, 2013 AND MARCH 12, 2014 (THE "CLASS").   

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure that a hearing will be held on January 19, 2018, at 1:30 p.m., before the Honorable Victor Marrero, United States District Judge, at the Courthouse for the United States District Court, Southern District of New York, Courtroom 11B, Daniel Patrick Moynihan Courthouse, 500 Pearl Street, New York, New York 10007, for the purpose of determining, among other things, whether the following matters should be approved by the Court: (1) the proposed Settlement of the claims in the Action for the combined sum of $3,650,000 in cash as fair, reasonable, and adequate to the Members of the Class; (2) whether, thereafter, the Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated September 20, 2017 ("Stipulation"); (3) whether the Plan of Allocation is fair, reasonable, and adequate and therefore should be approved; (4) whether the application of Lead Counsel for the payment of attorneys' fees and reimbursement of expenses incurred in connection with the Action should be approved; and (5) whether the named and lead plaintiffs should be awarded an incentive payment of $5,000 each.

If you sold or otherwise divested magicJack securities from November 12, 2013 through March 12, 2014, inclusive, your rights may be affected by the settlement of this Class Action. If you have not received the detailed Notice of Pendency and Proposed Settlement of Class Action (the "Notice") and a copy of the Proof of Claim and Release Form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: Gormley v. magicJack Vocaltec Ltd. et al, c/o JND Legal Administration, PO Box 6847, Broomfield, CO 80021

If you are a member of the Class and wish to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than January 17, 2018 establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any Judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, postmarked no later than December 29, 2017. Any objections to the Settlement, Plan of Allocation, or attorneys' fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, no later than December 29, 2017.

Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Class: Nicholas I. Porritt, Esq, Levi & Korsinsky, LLP, 1101 30th Street, N.W., Suite 115, Washington, D.C. 20007, [email protected].

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL. 

If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above. 

DATED:   September 29, 2017       

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK

 

View original content:http://www.prnewswire.com/news-releases/levi--korsinsky-announces-proposed-class-action-settlement-for-persons-or-entities-who-sold-magicjack-vocaltec-ltd-securities-between-november-12-2013-and-march-12-2014-300531978.html

SOURCE Levi & Korsinsky, LLP

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