The Court has granted preliminary approval to the proposed settlement of $29.4 million (plus the cost of providing notice to the class) in Middlesex Retirement System v. Quest Software, Inc., et al., CV06-6863 DOC (RNBx) (C.D. Cal.). Plaintiff Middlesex Retirement System, a Massachusetts public pension fund, in its class action complaint, sued Quest Software, Inc., and certain of its senior officers and directors, alleging improper accounting in connection with defendants’ backdating of stock options. The Court has scheduled a final Settlement Hearing for March 15, 2010 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. In granting preliminary approval, the court stated: “once again on the record . . .I want to compliment counsel for working extraordinarily hard; . . .this appears to be an extraordinarily fair settlement for all parties concerned. * * * [Y]ou really have the court’s profound congratulations and compliments.”