Subject: LAW

Glancy Prongay & Murray LLP, RoscaLaw, LLC and the Kehoe Law Firm, P.C. Announce Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of United Development Funding IV and United Development Funding Income Fund V - UDFI

DALLAS, Nov. 5, 2018 /PRNewswire/ -- Glancy Prongay & Murray LLP, RoscaLaw, LLC and the Kehoe Law Firm, P.C. announce that the United States District Court for the Northern District of Texas has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of United Development Funding IV and United Development Funding Income Fund V (OTCMKS: UDFI):

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING;
AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of Texas (the "Court"), that the above-captioned litigation (the "UDF Class Actions"), consolidated for the purpose of presenting the proposed settlements to the Court, has been certified, for settlement purposes only, as a class action on behalf of the Settlement Classes, except for certain persons and entities who are excluded from the Settlement Classes by definition as set forth in the Internet Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Internet Notice").  You may review and obtain a copy of the Internet Notice in the manner described below.

YOU ARE ALSO NOTIFIED that Plaintiffs and the Defendants in the UDF Class Actions have reached a proposed settlement that, if approved, will resolve all claims in the UDF Class Actions, in return for a payment to the UDF IV Settlement Class of $7,041,437 in cash, and a contingent payment of $3,000,000, and to the UDF V Settlement Class, a payment of $3,394,288 in cash (the "Settlement").

A hearing will be held on February 15, 2019 at 9:00 a.m., before the Honorable Barbara M.G. Lynn at the United States District Court for the Northern District of Texas, United States Courthouse, Courtroom 1570, 1100 Commerce Street, Dallas, TX 75242, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated August 13, 2018 (and in the Internet Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of a Settlement Class, your rights will be affected by the Court's rulings in these cases and the proposed Settlement, and you may be entitled to share in the Settlement Fund.  You may obtain copies of the Internet Notice and Claim Form by contacting the Claims Administrator at UDF IV and UDF V Settlements, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063, Tel: 866-274-4004, Fax: 610-565-7985; [email protected].  Copies of the Internet Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.strategicclaims.net.

If you are a member of a Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than February 21, 2019 to the Claims Administrator.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the UDF Class Actions.

If you are a member of a Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than January 25, 2019, in accordance with the instructions set forth in the Internet Notice.  If you properly exclude yourself from a Settlement Class, you will not be bound by any judgments or orders entered by the Court in the UDF Class Actions and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Plaintiff's Counsel and Defendants' Counsel so that they are received no later than January 25, 2019, in accordance with the instructions set forth in the Internet Notice.

Please do not contact the Court, the Clerk's office, UDF, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Internet Notice and Claim Form should be made to:

UDF IV and UDF V Settlements
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063
866-274-4004
www.strategicclaims.net

Inquiries, other than requests for the Internet Notice and Claim Form, should be made to Lead Counsel:

GLANCY PRONGAY & MURRAY LLP
Leanne Solish, Esq.
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(888) 773-9224
[email protected]

By Order of the Court

 

SOURCE Glancy Prongay & Murray LLP

News published on 5 november 2018 at 08:00 and distributed by: