The Rosen Law Firm, P.A. Announces Class Action Settlement on Behalf of Owners of Common Stock of Westaff, Inc. -- WSTF
21 Janvier 2011 - 2:00PM
The Rosen Law Firm, P.A. announces that the Superior Court of the
State of California County of Contra Costa has approved the
following announcement of a proposed class action settlement that
would benefit owners of common stock of Westaff, Inc.
(Nasdaq:WSTF):
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND
HEARING THEREON
TO: ALL PERSONS WHO OWNED THE COMMON STOCK OF WESTAFF, INC. AND
1) WERE ENTITLED TO VOTE AT A SPECIAL MEETING OF STOCKHOLDERS OF
WESTAFF, INC. ON MARCH 17, 2009 ON THE MERGER BY AND AMONG WESTAFF,
INC., KOOSHAREM CORPORATION, AND SELECT MERGER SUB INC., A
WHOLLY-OWNED SUBSIDIARY OF KOOSHAREM, (THE "MERGER"), OR 2) WHOSE
WESTAFF STOCK WAS CONVERTED INTO THE RIGHT TO RECEIVE $1.25 PER
SHARE IN CASH AS A RESULT OF THE MERGER, AND WHO WERE NOT
AFFILIATED WITH DEFENDANTS AT THE TIME OF THE MERGER (ALL SUCH
PERSONS ARE "CLASS MEMBERS").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Superior
Court for the State of California, County of Contra Costa, that a
hearing will be held on April 27, 2011 at 2:00 p.m. before the
Honorable Barry P. Goode, Superior Court Judge of the Superior
Court for the State of California, County of Contra Costa, 725
Court Street, Dept. 17, Room 301, Martinez, CA 94553 (the
"Settlement Hearing") for the purpose of
determining: (1) whether the proposed Settlement
consisting of the sum of $1,642,500, plus interest, should be
approved by the Court as fair, reasonable, and adequate;
(2) whether the proposed plan to distribute the settlement
proceeds is fair, reasonable and adequate; (3) whether the
application for an award of attorneys' fees of one-third of the
Settlement Amount and reimbursement of expenses of not more than
$90,000 should be approved; and (4) whether the Litigation
should be dismissed with prejudice.
If you owned Westaff, Inc. common stock as of the close of
trading on February 20, 2009 or exchanged your shares for the right
to receive $1.25 in cash in the Merger, your rights may be affected
by the Settlement of this action. If you have not received a
detailed Notice of Pendency and Settlement of Class Action and a
copy of the Proof of Claim and Release, you may obtain copies by
writing to Westaff Securities Litigation, Claims Administrator, c/o
Strategic Claims Services, P.O. Box 230, 600 North Jackson Street,
Suite 3, Media, PA 19063, or by going to the
website, www.rosenlegal.com. If you are a Class Member, in order to
share in the distribution of the Net Settlement Fund, you must
submit a Proof of Claim and Release no later than April 8, 2011,
establishing that you are entitled to recovery. You will be
bound by any judgment rendered in the Litigation whether or not you
make a claim.
Any objection to the Settlement, Plan of Allocation, or the
Request for Award of Attorneys' Fees and Reimbursement of Expenses
must be mailed or delivered such that it is received by each of the
following no later than April 13, 2011:
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Judge Barry P. Goode, Department 17 |
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Superior Court of the State of California,
County of Contra Costa |
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725 Court Street |
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Martinez, CA 94553 |
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Laurence M. Rosen, Esq. |
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THE ROSEN LAW FIRM, P.A. |
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333 South Grand Avenue |
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25th Floor |
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Los Angeles, CA 90071 |
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Lead Plaintiff's Counsel in the
Litigation |
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Erik J. Olson, Esq. |
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MORRISON & FOERSTER LLP |
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755 Page Mill Road |
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Palo Alto, CA 94304 |
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Counsel for Defendants |
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If you have any questions about the
Settlement, you may call or write to Named Plaintiff's
counsel: |
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Laurence M. Rosen, Esq. |
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THE ROSEN LAW FIRM, P.A. |
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333 South Grand Avenue |
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25th Floor |
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Los Angeles, CA 90071 |
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(213) 785-2610 |
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING
THIS NOTICE.
DATED: DECEMBER 22, 2010
BY ORDER OF THE SUPERIOR COURT JUDGE FOR THE SUPERIOR COURT OF
THE STATE OF CALIFORNIA, COUNTY OF CONTRA COSTA
CONTACT: Strategic Claims Services
(610) 565-9202
Fax: (610) 565-7985
600 N. Jackson Street, Suite 3
Media, PA 19063
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