NEW YORK, Oct. 27, 2006 (PRIMEZONE) -- Labaton Sucharow & Rudoff LLP and Schiffrin & Barroway, LLP announce that a hearing will be held on December 6, 2006, at 12:00 p.m. to consider a proposed settlement of a consolidated class action.
UNITED STATES DISTRICT COURT FOR SOUTHERN DISTRICT OF NEW YORK
Civil Action No. 1:03-CV-8284 (RWS)
SUMMARY NOTICE
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED VAN DER MOOLEN HOLDING N.V. ("VAN DER MOOLEN" OR "HOLDING") AMERICAN DEPOSITORY RECEIPTS ("ADRs") FROM OCTOBER 18, 2001 TO OCTOBER 15, 2003, INCLUSIVE (THE "CLASS PERIOD") AND WHO WERE DAMAGED THEREBY (THE "SETTLEMENT CLASS").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on December 6, 2006, at 12:00 p.m., before the Honorable Robert W. Sweet, United States District Judge for the Southern District of New York, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Room 1920, New York, NY 10007-1312 (the "Hearing"), in order to consider a proposed settlement (the "Settlement") of a consolidated class action (the "Action"). At the Hearing, the Court will determine whether: 1) the proposed Settlement of the Action, for the sum of Eight Million Dollars ($8,000,000) in cash (the "Gross Settlement Fund") should be approved by the Court as fair, reasonable and adequate; 2) the Action should be dismissed with prejudice; 3) the Plan of Allocation of the Net Settlement Fund is fair and reasonable; 4) the Settlement Class should be certified pursuant to Rule 23 of the Federal Rules of Civil Procedure; and 5) the application of plaintiffs' counsel for attorneys' fees and reimbursement of out-of-pocket expenses, should be approved.
If you purchased or acquired Van der Moolen ADRs during the Class Period, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency of Class Action, Hearing on Proposed Settlement, Plan of Allocation and Attorneys' Fees and Expenses (the "Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to In re Van der Moolen Holding N.V. Securities Litigation, c/o Strategic Claims Services, 2710 Concord Road, Suite 5, Aston, PA 19014. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund (the Gross Settlement Fund net of attorneys' fees and various expenses), you must submit a Proof of Claim and Release form so that it is received no later than February 20, 2007, establishing that you are entitled to a recovery.
If you desire to be excluded from the Settlement Class, you must submit a Request for Exclusion so that it is actually received by the Claims Administrator and counsel by November 20, 2006, in the manner and form explained in the detailed Notice referred to above. All Settlement Class Members who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation of Settlement.
Any objection to the proposed Settlement, Plan of Allocation or application for attorneys' fees and reimbursement of out-of-pocket expenses must be filed with the Court and delivered to counsel for the parties no later than November 20, 2006, in the manner and form set forth in the Notice.
Co-Lead Counsel in the Action were David Kessler and Kay E. Sickles, Schiffrin & Barroway, LLP, 280 King of Prussia Rd., Radnor, PA 19087, Telephone: (610) 667-7706, and Lynda J. Grant and Michael S. Marks, Labaton Sucharow & Rudoff LLP, 100 Park Avenue, New York, NY 10017, Telephone: (212) 907-0700. For further information call the Claims Administrator, (866) 274-4004.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: October 6, 2006
BY ORDER OF THE COURT UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK