Court Grants Final Approval of $6.5 Million Settlement in Prospect Medical Case
On January 21, 2016, Wolf Popper LLP, along with co-lead counsel in In re Prospect Medical Holdings, Inc. Shareholders Litigation, CA No. 5760-VCN (the “Action”), obtained final approval of the stipulation of settlement with defendants. The final order resolves all claims asserted in the Action against the defendants and establishes a common fund of $6.5 million (the “Fund”) for the benefit of the class. The Action resolves the claims related to the going-private transaction announced on August 16, 2010, pursuant to which entities sponsored by Leonard Green & Partners, L.P. and certain members of Prospect Medical Holdings, Inc. (“Prospect”) management (who previously controlled more than half of the voting power of the company) acquired the outstanding shares of Prospect. The Fund represents an impressive recovery of approximately 38% of the potential damages available according to Plaintiff’s financial expert.
Former Prospect Medical shareholders who held Prospect shares at the time the transaction was consummated n December 15, 2010, should submit a Proof of Claim form, which must be postmarked no later than March 22, 2016. Click on the following to review the Class Notice and the Proof of Claim Form.