If You Purchased The Common Stock Of MRV Communications, Inc. (“MRV”) During The Period Between March 31, 2003 And October 8, 2009, Inclusive (The “Class Period”), And Were Damaged Thereby (The “Settlement Class”), You May Be Entitled To A Payment From A Class Action Settlement.
A class action settlement has been reached in a class action lawsuit pending against MRV Communications, Inc. and other Defendants in the United States District Court for the Central District of California (styled Ramsey v. MRV Communications, Inc. et al., No. 08-04561 (GAF) (RCx)), alleging, among other things, that MRV violated Section 10(b) and 14(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 by issuing allegedly false and misleading statements to investors during the settlement class period regarding MRV’s stock option grants and compensation expenses, according to the MRV securities class action settlement notice.
In the MRV stock option granting securities class action lawsuit settlement, MRV has reportedly agreed to a settlement fund of $10,000,000 (before interest) to be divided, after deduction of Court-awarded attorneys’ fees and expenses, any award to Lead Plaintiff, settlement administration costs and any applicable taxes (“Net Settlement Fund”), among all MRV settlement Class Members who timely submit valid Proofs of Claim.
The MRV stock option grant settlement class reportedly includes all persons that purchased the common stock of MRV during the period between March 31, 2003 and October 8, 2009, inclusive, and were damaged thereby, who are otherwise not excluded from the MRV class action settlement.
An MRV class action settlement hearing is scheduled to be held at 9:30 a.m. on November 15, 2010, in Courtroom 740 of the Roybal Federal Building, the United States District Court for the Central District of California, 255 East Temple Street, Los Angeles, California, 90012, for the Court to consider, among other things, whether the settlement is fair, reasonable and adequate.
For more information on the MRV stock option grant securities class action lawsuit settlement and potential settlement benefits, call the settlement administrator at 800-766-3330, or visit the MRV Communications Securities Litigation website.
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