Berman DeValerio, Wolf Popper LLP and Levi & Korsinsky LLP Announce Proposed Settlement of Digital Domain Media Group, Inc. Securities Litigation

MIAMI--()--The following statement is being issued by Berman DeValerio, Wolf Popper LLP and Levi & Korsinsky LLP regarding the Digital Domain Media Group, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF FLORIDA
FORT PIERCE DIVISION
Case No: 12-Civ-14333-MARTINEZ-LYNCH

In re Digital Domain Media Group, Inc.
Securities Litigation
____________________________________/

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, FINAL APPROVAL HEARING, AND MOTION FOR ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL PERSONS AND ENTITIES WHO PURCHASED THE COMMON STOCK OF DIGITAL DOMAIN MEDIA GROUP, INC. IN AN INITIAL PUBLIC OFFERING ON NOVEMBER 18, 2011 AND/OR ON THE PUBLIC MARKET DURING THE SETTLEMENT CLASS PERIOD AND WHO WERE DAMAGED THEREBY (the “Settlement Class”).

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORIDA (THE “COURT”).

PLEASE DO NOT CONTACT THE COURT, OR ANY DEFENDANT, OR THEIR COUNSEL, REGARDING THIS NOTICE.

ALL QUESTIONS ABOUT THIS NOTICE, THE PROPOSED SETTLEMENT, OR YOUR ELIGIBILITY TO PARTICIPATE IN THE PROPOSED SETTLEMENT SHOULD BE DIRECTED TO LEAD COUNSEL OR THE CLAIMS ADMINISTRATOR, WHOSE CONTACT INFORMATION IS PROVIDED BELOW.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the Settlement Class in the above-captioned litigation (the “Action”) has been preliminarily certified for the purposes of the proposed Settlement only.

YOU ARE ALSO NOTIFIED that Patricof Family Limited Partnership, Edward Nussblat, and Robert Dziedzic (“Lead Plaintiffs”), on behalf of themselves and the proposed Settlement Class, and the Defendants have reached a proposed settlement of the Action for $5,500,000 in cash (the “Settlement Amount”), that, if approved, will resolve all claims in the Action (the “Settlement”).

A hearing (the “Final Approval Hearing”) will be held before the Honorable Jose E. Martinez, United States District Judge for the United States District Court for the Southern District of Florida, in the Wilkie D. Ferguson, Jr. United States Courthouse, 400 North Miami Avenue, Miami, Florida 33128 at 2:00 P.M. on January 12, 2017, to, among other things, determine whether: (i) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (ii) the Action should be dismissed with prejudice against the Defendants, as set forth in the Stipulation of Settlement (“Stipulation”), dated May 27, 2016; (iii) the proposed Plan of Allocation for distribution of the Settlement Fund, and any interest earned thereon, less Taxes, Notice and Administration Costs, Litigation Expenses awarded by the Court, attorneys’ fees awarded by the Court and any other costs, expenses or amounts as may be approved by the Court (the “Net Settlement Fund”), should be approved as fair and reasonable; and (iv) the application of Lead Counsel for an award of attorneys’ fees in the amount of $1,815,000 (33% of the Settlement Amount) and reimbursement of litigation expenses not to exceed $90,000 should be approved.1 The Court may change the date of the hearing without providing another notice. You do NOT need to attend the Final Approval Hearing in order to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received (i) the printed Notice of Pendency of Class Action and Proposed Settlement, Final Approval Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (“Notice”) or (ii) the Proof of Claim and Release form (“Claim Form”), you can obtain a copy of those documents on the website www.DDMGSecuritiesLitigation.com or by contacting the Claims Administrator:

 

In re Digital Domain Media Group, Inc.

Claims Administrator
c/o KCC Class Action Services LLC
P.O. Box 43417
Providence, RI 02940-3417
 

Please refer to the website for more detailed information and to review the Settlement documents. Inquiries other than requests for information about the status of a claim may also be made to Lead Counsel:

       

BERMAN DEVALERIO
Jay W. Eng, Esq.
3507 Kyoto Gardens Dr., Suite 200
Palm Beach Gardens, FL 33410
Telephone: (561) 835-9400

WOLF POPPER LLP
Joshua W. Ruthizer, Esq.
845 Third Avenue
New York, NY 10022
Telephone: (212) 759-4600

LEVI & KORSINSKY LLP
Nicholas I. Porritt, Esq.
1101 30th Street, NW, Suite 115
Washington, DC 20007
Telephone: (202) 524-4290

 

If you are a potential Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must timely submit a valid Claim Form, which can be found on the website listed above, postmarked no later than February 13, 2017. If you are a potential Settlement Class Member and do not submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a potential Settlement Class Member, but wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice, which can also be found on the website, postmarked no later than November 2, 2016. If you are a potential Settlement Class member and do not timely exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action.

Any objections to the proposed Settlement, Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of expenses must be submitted to the Court in accordance with the instructions set forth in the Notice, postmarked no later than November 2, 2016.

                         

DATED: July 25, 2016

THE HONORABLE JOSE E. MARTINEZ
UNITED STATES DISTRICT JUDGE

 

____________________

1 The Notice and the Stipulation, available for download at www.DDMGSecuritiesLitigation.com, contain additional information concerning the Settlement and the definitions, and further explanation, of many of the defined terms used in this Notice (which are indicated by initial capital letters).

Contacts

Berman DeValerio
Jay W. Eng, Esq.
561-835-9400
or
Wolf Popper LLP
Joshua W. Ruthizer, Esq.
212-759-4600
or
Levi & Korsinsky LLP
Nicholas I. Porritt, Esq.
202-524-4290

Contacts

Berman DeValerio
Jay W. Eng, Esq.
561-835-9400
or
Wolf Popper LLP
Joshua W. Ruthizer, Esq.
212-759-4600
or
Levi & Korsinsky LLP
Nicholas I. Porritt, Esq.
202-524-4290