NEW YORK, April 26, 2007 (PRIME NEWSWIRE) -- Murray, Frank & Sailer LLP Announces the Proposed Settlement of a Class Action Involving Ramp Corporation.
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
Case No. 05 Civ. 6521 (DLC)
SUMMARY NOTICE OF PENDENCY OF PROPOSED CLASS ACTION AND ITS SETTLEMENT INVOLVING RAMP CORPORATION
TO: All persons and entities who purchased shares of Ramp Corporation a.k.a. Medix Resources, Inc. ("Ramp") common stock over the open market between December 18, 2002 and June 4, 2005, both dates inclusive. Excluded from the Class are Defendants, Ramp (including its present and past subsidiaries, parents, successors, and predecessors), Ramp's present and past officers and directors, agents, employees, consultants, attorneys, advisors, investment advisors, investment bankers, investment relations consultants, including members of their immediate families, and their legal representatives, heirs, successors or assigns, affiliates, and any entity in which any one of them has or had a controlling interest, or which is related or affiliated with any of the foregoing.
YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court, a hearing will be held regarding the proposed settlement (the "Settlement") in In re Ramp Corporation Securities Litigation, Civil Action No. 05 cv 6521 (DLC) (the "Action"), on June 29, 2007 at 3:00 p.m, before Judge Denise Cote, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 11B, New York, New York.
At the hearing, the Court will consider: (a) whether this Action satisfies the applicable prerequisites for class action treatment under Rule 23 of the Federal Rules of Civil Procedure; (b) whether the terms of the proposed settlement, which, among other things, provides for the creation of a Settlement Fund in the amount of two million seventy-five thousand dollars ($2,075,000), are fair, reasonable and adequate, and should be approved by the Court; (c) whether the proposed plan to distribute the Settlement Fund to the Settlement Class Members is fair and reasonable and should be approved by the Court; (d) whether the Order and Final Judgment as provided under the Stipulation should be entered, dismissing the Action on the merits and with prejudice, and to determine whether the release of the Released Claims by the Settlement Class Members of the Released Parties, as set forth in the Stipulation, should be ordered; (e) whether the application of Lead Counsel for an award of attorneys' fees not to exceed 33-1/3% of the Settlement Fund, and reimbursement of expenses not to exceed $65,000, should be approved; and (f) such other matters as the Court may deem appropriate. The Court may adjourn or continue the hearing on the Settlement without further notice to the Settlement Class Members.
If you are a Settlement Class member and have not received a detailed Notice of Pendency of Proposed Class Action and Its Settlement (the "Notice"), and Proof of Claim and Release form ("Proof of Claim"), you may obtain a copy of each by writing to:
Ramp Securities Litigation
c/o Strategic Claims Services
600 North Jackson Street, Suite 3
P.O. Box 230
Media, PA 19063
www.strategicclaims.net
To participate in the Settlement, you must submit a Proof of Claim no later than August 10, 2007. The Notice provides instructions on how to exclude yourself or object to the Settlement, the Plan of Allocation, or the application for an award of attorneys' fees and reimbursement of expenses. Any exclusions must be mailed postmarked no later than May 31, 2007, to Ramp Securities Litigation Exclusions, c/o Strategic Claims Services, 600 North Jackson Street, Suite 3, Media, Pennsylvania 19063. Any objections to the Settlement must be mailed, postmarked no later than May 31, 2007, to the following:
COURT: Clerk of the Court
Daniel Patrick Moynihan
United States Courthouse
500 Pearl Street
New York, NY 10007
LEAD COUNSEL: Jacqueline Sailer, Esq.
MURRAY, FRANK & SAILER LLP
275 Madison Avenue Suite 801
New York, NY 10016
Telephone: (212) 682-1818
www.murrayfrank.com
If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by the Final Order and Judgment of the Court, whether or not you submit a Proof of Claim.
Please do not contact the Court for information.
Dated: March 23, 2007
BY ORDER OF THE COURT
CONTACT: Jacqueline Sailer, Esq.
Murray, Frank & Sailer LLP
275 Madison Avenue, Suite 801
New York, New York 10016
Telephone: (212) 682-1818