NEW YORK, Aug. 1, 2007 (PRIME NEWSWIRE) -- Labaton Sucharow & Rudoff LLP and Schatz Nobel Izard, P.C. Announce the Notice of Proposed Settlement of Class Action and Settlement Hearing Involving SupportSoft, Inc. (Nasdaq:SPRT)
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA
IN RE: SUPPORTSOFT, INC. SECURITIES LITIGATION
Civil Action No.: C 04-5222 SI
TO: ALL PERSONS WHO PURCHASED SUPPORTSOFT, INC. ("SUPPORTSOFT") SECURITIES BETWEEN JANUARY 20, 2004 THROUGH OCTOBER 1, 2004.
YOU ARE HEREBY NOTIFIED pursuant to an Order of the United States District Court for the Northern District of California, that a hearing will be held on September 28, 2007, at 9:00 a.m., before the Honorable Susan Illston at the United States Courthouse, 450 Golden Gate Avenue, San Francisco, California, for the purpose of determining (1) whether the proposed settlement of the claims in the Litigation for the sum of $10,700,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, thereafter, this Litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated June 13, 2007, and the Claims asserted by Class Members in the Litigation released; (3) whether the Plan of Allocation is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of counsel for the Plaintiff and the Class ("Class Counsel") for an award of attorneys' fees, and reimbursement of expenses incurred in connection with this Litigation, and the application of the plaintiffs for reimbursement of expenses incurred in connection with this Litigation, should be approved.
If you purchased or acquired SupportSoft common stock during the period January 20, 2004 through October 1, 2004, inclusive (the "Class Period"), and you did not request to be excluded from the Class when the Court certified the Class in June of 2006, your rights may be affected by the settlement of this Litigation. If you have not received a detailed Notice of Proposed Settlement of Class Action and a copy of the Proof of Claim and Release form, you may obtain copies by writing to:
Claims Administrator
SupportSoft Securities Litigation
Strategic Claims Services
P.O. Box 230
600 North Jackson Street, Suite 3,
Media, PA 19063
or by visiting the website:
www.strategicclaims.net
In order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release, together with supporting documentation, postmarked no later than October 24, 2007, establishing that you are entitled to recovery. All members of the Class - that is, all persons who purchased or acquired SupportSoft common stock during the Class Period who did not request exclusion from the Class at the time that the Class was certified in 2006 - will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.
Any objection to the settlement must be mailed and postmarked no later than September 7, 2007 and sent to the following:
THE COURT:
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
United States Courthouse
450 Golden Gate Avenue
San Francisco, CA 94102
COUNSEL FOR PLAINTIFF AND THE CLASS:
Joseph Sternberg, Esq. Mark Kindall, Esq.
Labaton Sucharow & Rudoff LLP Schatz Nobel Izard, P.C.
100 Park Avenue, 12th Floor 20 Church Street, Suite 1700
New York, New York 10017-5563 Hartford, Connecticut 06103
COUNSEL FOR ALL DEFENDANTS:
Boris Feldman, Esq.
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, California 94304-1050
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 Counsel for the Plaintiff and the Class, as set forth above.
Dated: July 13, 2007 BY ORDER OF THE COURT UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA