Virgin Mobile Class Action Settlement of Securities Fraud Class Action Lawsuit

If you purchased or otherwise acquired the publicly-traded common stock of Virgin Mobile USA, Inc. (“Virgin Mobile”) (trading symbol NYSE:VM) between October 10, 2007, and March 12, 2008, inclusive, or purchased or otherwise acquired call options on the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive, or sold or otherwise disposed of put options on the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive, you could get a payment from a class action Settlement.

A class action settlement has been reached in a securities fraud class action lawsuit against Virgin Mobile USA, Inc. (“Virgin Mobile”), Corvina Holdings, Ltd. and Sprint Nextel Corp.; and Merrill Lynch, Pierce, Fenner & Smith, Inc.; Bear, Stearns & Co., Inc.; Raymond James & Assoc., Inc.; Thomas Weisel Partners, LLC; and Lehman Brothers, Inc.(the “Underwriter Defendants”) and certain individuals (collectively, the “Defendants”) pending in the United States District Court for the District of New Jersey (styled In re Virgin Mobile USA IPO Litigation, Case No. 07-cv-05619 (SDW)(MCA)) alleging, among other things, that Virgin Mobile, certain of Virgin Mobile’s officers and directors, and the underwriters of Virgin Mobile’s Initial Public Offering, violated the Securities Act of 1933 by including materially untrue and/or misleading statements and/or omissions in Virgin Mobile’s prospectus and registration statement issued in connection with its October 10, 2007, initial public offering (“IPO”) regarding the financial and business condition of Virgin Mobile, its brand strength, marketing and advertising strategies, budget cuts, layoffs prior to the IPO, revenue and net income, profitability, prospects, lack of internal controls, and GAAP compliance, according to the Virgin Mobile securities fraud class action lawsuit settlement notice.

The Virgin Mobile securities fraud class action settlement reportedly involves the following lawsuits that were transferred to the New Jersey district court and consolidated for pretrial proceedings by the Judicial Panel on Multidistrict Litigation (MDL) on April 7, 2008, including but not limited to Ellen Brodsky v. Virgin Mobile USA, Inc., et al., 07-cv-10589-TPG (filed November 26, 2007); Roger Joseph, Jr. v. Virgin Mobile USA, Inc., et al., 07-cv-11060-UA (filed December 6, 2007); and, 2 West, Inc. v. Virgin Mobile USA, Inc., et al., 07-cv-11625-TPG (filed December 28, 2007).

The Virgin Mobile securities class action lawsuit settlement reportedly includes the following persons as settlement class members, unless otherwise excluded:

All Persons (including, as to all such Persons, their beneficiaries) who purchased or otherwise acquired the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive, and all Persons (including, as to all such Persons, their beneficiaries) who purchased or otherwise acquired call options on the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive, and all Persons (including, as to all such Persons, their beneficiaries) who sold or otherwise disposed of put options on the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive (including, as to all such Persons, their beneficiaries).

The reported deadline to request exclusion from the Virgin Mobile settlement (i.e., to opt out) or to file an objection to the settlement is November 15, 2010. The reported deadline to submit a settlement proof of claim form is December 31, 2010.

The Court is scheduled to hold a Settlement Fairness Hearing at December 8, 2010, at 11:00 a.m., at the Martin Luther King, Jr. Federal Building and United States Courthouse, 50 Walnut St., Courtroom 5C, Newark, NJ 07101 to consider whether the Virgin Mobile Settlement is fair, reasonable, and adequate.

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