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Shepherd, Finkelman, Miller & Shah, LLP Announces Proposed Settlement of Class Action on Behalf of Purchasers of the Securities of PhotoMedex, Inc.

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PHILADELPHIA, March 19, 2015 /PRNewswire/ -- Shepherd, Finkelman, Miller & Shah, LLP announces that the United States District Court for the Eastern District of Pennsylvania has approved the following announcement of a proposed class action settlement that would benefit purchasers of PhotoMedex, Inc. securities (NASDAQ: PHMD).

TO: ALL PERSONS OR ENTITIES WHO PURCHASED THE SECURITIES OF PHOTOMEDEX, INC. ("PHOTOMEDEX") BETWEEN NOVEMBER 6, 2012 AND NOVEMBER 5, 2013, INCLUSIVE (THE "CLASS")

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of Pennsylvania, that this case has been certified as a class action for settlement purposes only, and a settlement with PhotoMedex, Dennis McGrath and Dolev Rafaeli ("Defendants") in the amount of $1,500,000 has been proposed by the Settling Parties.  A hearing will be held before the Honorable Paul S. Diamond, United States District Court for the Eastern District of Pennsylvania, 601 Market Street, Philadelphia, PA, Courtroom 6613 at 9:30 a.m., on July 20, 2015 to determine, among other things: (i) whether the proposed settlement of this class action and the Plan of Allocation of settlement proceeds should be approved by the Court as fair, reasonable, and adequate; (ii) whether, thereafter, this Litigation should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated as of January 9, 2015 (the "Stipulation"); and (iii) to consider the application of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses, and to consider the application for reimbursement of expenses (including lost wages) of the Lead Plaintiff.  The Court has reserved the right to reschedule the hearing without further notice.

All capitalized terms not otherwise defined in this Summary Notice shall have the meanings provided in the Stipulation.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  If you have not yet received the full printed Notice of Pendency and Proposed Settlement of Class Action and a Proof of Claim form, you may obtain copies of these documents by calling (866) 274-4004 or writing to the Claims Administrator at:

PhotoMedex Shareholder Litigation 
Claims Administrator  
c/o Strategic Claims Services  
600 North Jackson Street, Suite 3   
Media, PA 19063

You may also download a claim form from www.strategicclaims.net.

If you are a member of the Settlement Class and wish to share in the Settlement proceeds, you must submit a proper Proof of Claim to the Claims Administrator postmarked or received no later than September 10, 2015 establishing that you are entitled to recovery.  As further described in the Notice, if you are a Class Member and do not exclude yourself from the Class, you will be bound by the Final Judgment of the Court regardless of whether you submit a Proof of Claim.  To exclude yourself from the Class, you must submit a request for exclusion postmarked no later than June 18, 2015 to the Claims Administrator.  If you are a Class Member and do not submit a proper Proof of Claim or elect to exclude yourself from the Class, you will not share in the Settlement, but you nevertheless will be bound by the Final Judgment of the Court. 

Any objection to the Settlement must be filed with the court at the address below and served by hand or first class mail on the attorneys listed below on or before June 18, 2015:

Court:

CLERK OF THE COURT

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF PENNSYLVANIA          

U.S. Courthouse

Room 2609

601 Market Street, 

Philadelphia, PA 19106-1797

Lead Counsel for Plaintiffs:

James C. Shah

Shepherd, Finkelman, Miller & Shah, LLP

35 East State Street

Media, PA 19063

 

Counsel for the Defendants:

William P. Quinn, Jr.

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103-2921

 

Further information may be obtained by directing your inquiry to the Claims Administrator at the same address and telephone number noted above.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE ABOUT THIS NOTICE.

DATED: MARCH 11, 2015                                 

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF PENNSYLVANIA

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shepherd-finkelman-miller--shah-llp-announces-proposed-settlement-of-class-action-on-behalf-of-purchasers-of-the-securities-of-photomedex-inc-300052650.html

SOURCE Shepherd, Finkelman, Miller & Shah, LLP

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