Court Grants Final Approval To Tag-It Pacific, Inc. Settlement
The Honorable Manuel L. Real granted final approval to the proposed settlement of the securities fraud action against Tag-It Pacific, Inc. in Huberman v. Tag-It Pacific, Inc., et al., Case No. 2:05-cv-07352-R(Ex) (C.D. Cal.). During the litigation, Wolf Popper, among other things, defeated defendants’ motions to dismiss the complaint and obtained a reversal of the district court’s grant of summary judgment for defendants from the Ninth Circuit Court of Appeals (Huberman v. Tag-It Pac., Inc., 314 Fed. Appx. 59 (9th Cir.Cal. 2009)). Proof of claim forms must be postmarked by January 21, 2010.
Court Preliminarily Approves Settlement of Securities Class Action Against Tag-It Pacific, Inc.
Wolf Popper represents investors in this securities class action who allege that defendants caused Tag-It to issue numerous press releases and file reports with the SEC, materially misstating its financial condition, accounts receivable, accounts payable, and inventory, and falsely stating that the company, notwithstanding the loss of its largest customers, was expanding its customer base and continuing sales growth. A settlement has been reached in the case, entitled Huberman v. Tag-It Pacific, Inc., et al., Case No. 2:05-cv-07352-R(Ex) (C.D. Cal.), in the amount of $5.75 million plus interest earned, which has been preliminarily approved by the Court.
The Court will hold a Settlement Hearing at 10:00 a.m. on December 7, 2009 before the Honorable Manuel L. Real at the United States District Court for the Central District of California, located at 312 North Spring Street, Los Angeles, CA 90012, in Courtroom 8, to determine:
(a) Whether the proposed Settlement is fair, reasonable and adequate and should be approved by the Court;
(b) Whether the proposed Plan of Allocation for distributing the Settlement to Class Members is fair and reasonable and should be approved; and
(c) Whether the application by Plaintiff’s Counsel for an award of attorneys’ fees and reimbursement of litigation expenses, including payment to Lead Plaintiff, should be approved.