If you purchased or otherwise acquired the common stock of Bally Total Fitness Holding Corp. (“BFT”) between August 3, 1999 and April 28, 2004, your rights may be affected by a class action settlement.
A class action settlement has been reached in a securities fraud class action lawsuit against Bally Total Fitness Holding Corp. (“Bally Total Fitness” or “Bally” or “BFT”), certain of Bally Fitness’s former officers, and Bally Fitness’s outside auditor Ernst & Young LLP (“Ernst & Young”) (collectively, the “Defendants”) pending in the United States District Court for the Northern District of Illinois (styled In re Bally Total Fitness Securities
Litigation, Civil Action Case No. 04 C 3530) (Judge John F. Grady) alleging, among other things, that defendants misled investors about Bally’s financial statements, including its net income, revenues, and expenses, purportedly in violation of federal securities laws, according to the Bally Total Fitness securities fraud class action lawsuit settlement notice.
The settlement will reportedly provide $2 million in cash to pay claims from investors who suffered damages from acquiring Bally’s common stock between August 3, 1999 and April 28, 2004. This $2 million has reportedly been deposited into an interest-bearing escrow account, the “Gross Settlement Fund.” Subject to court approval, the Gross Settlement Fund will be used to payPlaintiff’s attorneys’ fees, reasonable litigation expenses, and a Lead Plaintiff reimbursement award, to pay notice and claims administration expenses, as well as taxes due on interest earned by the Gross Settlement Fund. After these deductions have been made, the amount remaining (the “Net Settlement Fund”) will reportedly be distributed to settlement Class Members who submit valid claims.
The Bally Total Fitness securities fraud class action lawsuit settlement reportedly includes the following persons as settlement class members, unless otherwise excluded:
All persons or entities that purchased or otherwise acquired the common stock of Bally between August 3, 1999 and April 28, 2004, inclusive.
The reported deadline to request exclusion from the Bally Total Fitness settlement (i.e., to opt out) or to file an objection to the settlement is November 8, 2010. The reported deadline to submit a settlement proof of claim form is January 6, 2011.
Would love to know what is the latest greatest as Bally refused to cancel a membership for 4 years. Would love a refund.
I got a garnishment charge for a membership purchase I did not make because I have a lifetime membership. This was caused by having a guest sign up for a $17/month pay as you go or quit plan, Bally signed me up for a three year plan. A garnishment case was processed without my knowledge in which Ballys collection layer Seth Goldner hooked up with the state and took my tax return. This is just a act of theift. I would like my money back that was $ 187, And have it understood this is a mistake on their part.The balance I owe is 0.00. I did not sign up for a three year membership!!!!