$10 Million Class Action Settlement Proposed on Behalf of Purchasers of Publicly Traded Common Stock of U.S. Auto Parts Network, Inc. (PRTS)
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LOS ANGELES, July 1 /PRNewswire-USNewswire/ -- TO: ALL PERSONS WHO PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF U.S. AUTO PARTS NETWORK, INC. ("U.S. AUTO") (TRADING SYMBOL NASDAQ: PRTS) BETWEEN FEBRUARY 9, 2007 AND MARCH 20, 2007, INCLUSIVE:
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on September 29, 2008 at 8:30 a.m., before the Honorable George H. Wu at the United States Courthouse, 312 N. Spring Street, Courtroom 10, Los Angeles, CA, 90012, for the purpose of determining: (1) whether the proposed settlement of the claims in the Litigation for the sum of $10,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, after the hearing, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated as of May 1, 2008; (3) whether the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate; and (4) whether Lead Counsel's application for the payment of attorneys' fees and reimbursement of expenses incurred in this Litigation should be approved.
If you purchased the publicly-traded common stock of U.S Auto between February 9, 2007 and March 20, 2007, your rights may be affected by the settlement of this Litigation. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement with all Defendants, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice"), and a copy of the Proof of Claim and Release, you may obtain copies by writing to U.S. Auto Parts Network, Inc. Securities Litigation, c/o Complete Claim Solutions, LLC, P.O. Box 24643, West Palm Beach, FL 33416. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than October 29, 2008, establishing that you are entitled to recovery.
If you wish to be excluded from the Class, you must submit a Request for Exclusion postmarked by August 27, 2008, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the terms and conditions of the Stipulation of Settlement. Your objection(s) must be mailed on or before August 27, 2008 to: the Court; Kahn Gauthier Swick, LLC on behalf of the Lead Plaintiff; and Wilson Sonsini Goodrich & Rosati P.C. and Sullivan and Cromwell LLP on behalf of the Defendants, at the following addresses:
COURT:
Clerk of the Court
United States District Court for the Central District of California
United States Courthouse
312 N. Spring Street
Los Angeles, CA 90012
FOR LEAD PLAINTIFF:
Lewis S. Kahn
KAHN GAUTHIER SWICK, LLC
650 Poydras Street, Suite 2150
New Orleans, LA 70130
FOR DEFENDANTS:
Nina F. Locker
WILSON SONSINI GOODRICH & ROSATI P.C.
650 Page Mill Road
Palo Alto, CA 94304-1050
Counsel for Defendants U.S. Auto Parts Network, Inc., Sol Khazani, Mehran Nia, Michael J. McClane, Richard E. Pine, Robert T. Majteles, Frederic W. Harman, Ellen F. Siminoff, and Oak Investment Partners XI, LLC
Robert A. Sacks
SULLIVAN & CROMWELL LLP
1888 Century Park East
Los Angeles, CA 90067
Counsel for Defendants RBC Capital Markets Corporation, Thomas Weisel Partners LLC, Piper Jaffray & Co. and JMP Securities LLC
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 Lead Counsel for Plaintiffs at the address listed above.
DATED: June 13, 2008
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
SOURCE Kahn Gauthier Swick, LLC
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