Xerium Technologies Inc. Case 11/03/2006

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Company Name(s): 
Xerium Technologies
Case Name: 
Xerium Technologies Inc. Case 11/03/2006
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NYSE: XRM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/07/2006
Class Period Begin: 
05/16/2005
Class Period End: 
11/15/2005
Court of Filing: 
U.S. District Court for the District of Massachusetts
Date Settled: 
11/14/2008
Settlement Amount: 
$3,600,000
Deadline to Participate in Settlement: 
03/10/2009
Summary: 

According to a press release by a law firm the proposed class action settlement and settlement hearing in the Xerium Technologies Inc class action has been announced. All investors who purchased the common stock of Xerium Technologies Inc. pursuant and/or traceable to Xerium’s initial public offering of common stock between May 16, 2005 and November 15, 2005 are notified by the press release pursuant to an order of the United States District Court for the District of Massachusetts, that a hearing will be held on February 25, 2009, at 2:00 p.m., before the Honorable Rya W. Zobel at the John Joseph Moakley United States Courthouse, One Courthouse Way, Courtroom 12, Boston, Massachusetts 02210, for the purpose of determining:
(1) whether the proposed settlement of the claims in the litigation described in the detailed Notice of Pendency and Settlement of Class Action (the “Notice”) for the sum of $3,600,000 in cash (the “Settlement Fund”) should be approved by the Court as fair, reasonable and adequate;

(2) whether, thereafter, this litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated as of November 3, 2008 (the “Stipulation”);

(3) whether the plan of allocation is fair, reasonable and adequate and therefore should be approved; and

(4) whether the application of Plaintiffs’ Counsel for the payment of attorneys’ fees and expenses incurred in connection in this litigation should be approved.

If you purchased Xerium common stock pursuant and/or traceable to its initial public offering during the period beginning May 16, 2005 through November 15, 2005, your rights may be affected by the settlement of this litigation. If you have not received the Notice and a copy of the Proof of Claim and Release, you may obtain copies by Claims Administrator or you can contact the Shareholders Foundation, Inc. at mail@ShareholdersFoundation.com

According to the press release if you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than March 10, 2009, establishing that you are entitled to recovery or if you desire to be excluded from the Settlement Class, you must submit a request for exclusion postmarked by February 11, 2009, in the manner and form explained in the detailed Notice referred to above and all Settlement Class Members who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the litigation pursuant to the Stipulation. Finally any objection to the settlement must be mailed or delivered such that it is received by each of the following no later than February 11, 2009.