Claims Administrator Angeion Group Announces Proposed Settlement in ITT Educational Services Class Action

PHILADELPHIA--()--Angeion Group:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF INDIANA
INDIANAPOLIS DIVISION

     

   In re ITT EDUCATIONAL SERVICES, INC.

CASE NO. 1:14-cv-01599-TWP-DML

   SECURITIES LITIGATION (INDIANA)

 
 

 

SUMMARY NOTICE
 
TO:   ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED THE COMMON STOCK OF ITT EDUCATIONAL SERVICES, INC. (“ITT”) (TICKER SYMBOL: ESI), WHO PURCHASED OR ACQUIRED CALL OPTIONS ON ITT COMMON STOCK, OR WHO WROTE PUT OPTIONS ON ITT COMMON STOCK, BETWEEN FEBRUARY 26, 2013 AND MAY 12, 2015, BOTH DATES INCLUSIVE.
 

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED that a proposed Settlement has been reached in this Action, which has been preliminarily certified as a class action for the purposes of settlement only. Pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of Indiana, a hearing will be held on March 10, 2016, at 2:00 p.m., before The Honorable Tanya Walton Pratt, at the Birch Bayh Federal Building & U.S. Courthouse, 46 East Ohio Street, Courtroom 344, Indianapolis, Indiana 46204, for the purpose of determining, among other things: (1) whether the proposed Settlement of the securities class action claims asserted in this Litigation, pursuant to which ITT, on behalf of all Defendants, will cause to be deposited into a Settlement Fund the sum of $12.5375 million in cash, should be approved by the Court as fair, reasonable, and adequate and in the best interests of the Settlement Class; (2) whether to certify the Settlement Class for purposes of settlement; (3) whether this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation, including, but not limited to, the release of claims against the Defendants and other Released Persons; (4) whether the proposed plan to distribute the settlement proceeds (the “Plan of Allocation”) is fair, reasonable, and adequate and therefore should be approved; (5) whether the application of Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Litigation should be approved; and (6) whether the Court should grant the application of Plaintiffs for reimbursement of their reasonable costs and expenses (including lost wages) directly related to their representation of the Settlement Class.

If you purchased or otherwise acquired ITT common stock, purchased or otherwise acquired call options on ITT common stock, or wrote put options on ITT common stock, between February 26, 2013 and May 12, 2015, both dates inclusive, your rights may be affected by this Settlement. This Summary Notice provides only a summary of matters, and a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys’ Fees and Settlement Hearing (the “Notice”) describing the Action, the proposed Settlement, and the rights of Settlement Class Members has been mailed to persons or entities known to be potential Settlement Class Members. If you have not received the Notice or a copy of the Proof of Claim and Release form, you may obtain copies by writing to ITT Educational Services, Inc. Securities Litigation, Claims Administrator, 1801 Market Street, Suite 660, Philadelphia, PA 19103, or you can download a copy at www.ITTEducationSecuritiesLitigation-Indiana.com.

If you are a Settlement Class Member, you have the right to appear in Court at the Settlement Hearing to object to the Settlement, the Plan of Allocation, Lead Counsel’s application for an award of attorneys’ fees and expenses, and/or the application by Plaintiffs for any costs or expenses. You must submit a written objection in accordance with the procedures described in the Notice, which must be filed and served so that it is received no later than February 18, 2016. You also have the right to exclude yourself from the Settlement Class by submitting a written request for exclusion from the Settlement Class in accordance with the procedures described in the Notice. The request for exclusion must be received no later than February 11, 2016. If the Settlement is approved by the Court, you will be bound by the Settlement and the Court’s Judgment, including the releases provided for in the Settlement and the Judgment, unless you submit a request to be excluded. To object, to otherwise request to be heard, or to exclude yourself from the Settlement Class, submit a written objection to be received by no later than February 18, 2016, or a request for exclusion to be received by no later than February 11, 2016, in accordance with the procedures described in the Notice.

If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form postmarked no later than March 3, 2016, establishing that you are entitled to recovery.

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 at the address listed below:

Lionel Z. Glancy, Esq.
Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles, California 90067
settlements@glancylaw.com
1-888-773-9224

or go to the following website: www.ITTEducationSecuritiesLitigation-Indiana.com

DATED: December 18, 2015

Contacts

Angeion Group
Douglas S. Clauson
Director, Communications
215-563-4116

Contacts

Angeion Group
Douglas S. Clauson
Director, Communications
215-563-4116