NEW YORK, Dec. 29, 2015 (GLOBE NEWSWIRE) --
EIGHTH JUDICIAL DISTRICT COURT, CLARK COUNTY, NEVADA
If you held shares of Yongye International, Inc. (“Yongye” or “the Company”) common stock at any time during the period beginning on and including October 15, 2012, through and including July 3, 2014, your rights may be affected by a class action settlement.
This Summary Notice is provided pursuant to an Order of the Eighth Judicial District Court, Clark County, Nevada (the “Court”) in a class action lawsuit known as In re Yongye International, Inc. Shareholder Litigation, Consolidated Case No. A-12-670468-B (the “Action”), to inform you of a proposed settlement (the “Settlement”) reached with Defendants on behalf of a proposed class of Yongye shareholders (the “Class”).
Plaintiffs alleged that the transaction initially announced on October 15, 2012 (the “Transaction” or the “Merger”), which was subsequently amended on April 9, 2014, subject to a definitive proxy filed with the Securities and Exchange Commission on May 2, 2014, pursuant to which Yongye was acquired by a buyer group consisting of defendants Zishen Wu, MSPEA Agriculture Holding Limited, Prosper Sino Development Limited, Yongye International Ltd., and Yongye International Merger Sub Limited, for $7.10 per share in cash (the “Merger Consideration”), was part of an alleged scheme to acquire Yongye for inadequate consideration and in breach of Defendants’ fiduciary duties, and that other defendants aided and abetted such breach. Defendants have denied, and continue to deny, that they breached any duty, aided and abetted any such breach, committed any violation of law, or engaged in any of the wrongful acts alleged in the Action. Defendants are entering into the Settlement solely because it would eliminate the burden, inconvenience, expense, risk, and uncertainties inherent in litigation.
A hearing will be held on March 3, 2016 at 8:30 a.m., before the Eighth Judicial District Court, Clark County, Nevada, 200 Lewis Avenue, Las Vegas, Nevada 89101, (the “Settlement Hearing”) to determine, among other things, whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate, and whether to grant an award of attorneys’ fees and expenses to Plaintiffs’ counsel. The Settlement acknowledges that Yongye made disclosures in its proxy materials during the pendency of the Action that mooted certain of Plaintiffs’ claims alleging that the Defendants made materially incomplete or false and misleading statements in Yongye’s public filings. Further, if approved, the Settlement will provide for a fund of $6,000,000, which, after deducting any Plaintiffs’ counsels’ fees and costs and Plaintiffs’ Award, will be distributed pursuant to the Plan of Allocation to those Yongye shareholders who owned or beneficially held shares of Yongye common stock in the period from and including May 2, 2014 through the consummation of the Merger and received merger consideration for such their shares, as set forth in the Notice described below. In order to participate in the settlement you must file a proof of claim as set forth in the Notice. If you are a Class member, you are entitled, but not required, to be present at the Settlement Hearing.
The Notice Of Pendency Of Class Action, Proposed Settlement Of Class Action And Settlement Hearing (the “Notice”) defines the Class and describes in detail the terms of Settlement, including how to object to the proposed Settlement and how to exclude yourself from the Settlement. The deadline to object is February 11, 2016, and the deadline for exclusion is February 11, 2016. If you have not received a copy of the Notice, you may obtain one free of charge by downloading it from the website of the Claims Administrator or contacting the Claims Administrator, Epiq Systems, at:
Yongye International Shareholder Litigation
P.O. Box 4178
Portland, OR 97208-4178
Website: www.yongyesecuritieslitigation.com
Brokerage firms, banks and/or other persons or entities who held shares of the common stock of Yongye for the benefit of Class members are directed to promptly send the Notice to all of their respective beneficial owners or to furnish the names and addresses of such beneficial holders in writing to Epiq Systems at the above address, which will then be responsible for sending the Notice to such beneficial holders.