Robbins Umeda LLP* Announces Preliminary Approval of Class Action Settlement of Genoptix, Inc.
September 14, 2011 (San Diego, CA) – Robbins Umeda LLP, a shareholder rights litigation firm announces that on August 31, 2011, the Honorable Jacqueline M. Stern, Judge of the Superior Court of the State of California, County of San Diego (the “Court”), preliminarily approved the class action captioned In re Genoptix, Inc. Shareholder Litigation, Lead Case No. 37-2011-00050762-CU-BT-NC.
The full terms and conditions of the Settlement, including definitions used in this announcement may be found in the Stipulation and Agreement of Settlement, dated August 3, 2011, and in the Notice of Proposed Settlement and Hearing.
A settlement hearing shall be held before the Court on December 2, 2011, at 1:30 p.m., in Department 27, 325 South Melrose, Vista, California 92081, to determine: (i) whether the Settlement Class should be certified for settlement purposes; (ii) whether the Settlement of the Action on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Settlement Class and should be approved by the Court; (iii) whether a Judgment as provided in paragraph 1.8 of the Stipulation, and attached as Exhibit D thereto, should be entered herein; and (iv) whether the Court should approve Plaintiffs’ application for an award of attorneys’ fees and expenses (the “Settlement Hearing”). The Court may adjourn the Settlement Hearing without further notice to members of the Settlement Class.
Any member of the Settlement Class may, but is not required to, enter an appearance in the Action, at his, her, or its own expense, individually or through counsel of his, her, or its own choice. Any member of the Settlement Class who does not enter an appearance will be represented by Plaintiffs’ Co-Lead Counsel.
Any member of the Settlement Class may object to the Settlement. Any such Person should submit a written notice of objection, mailed or hand delivered such that it is received no later than November 4, 2011 by each of the following:
CLERK OF THE COURT
San Diego Superior Court
325 South Melrose
Vista, CA 92081
ROBBINS UMEDA LLP
Attn: Stephen J. Oddo
600 B Street, Suite 1900
San Diego, CA 92101
Plaintiff’s Co-Lead Counsel
Written notices of objection should: (i) demonstrate the objecting Person’s membership in the Settlement Class; (ii) contain a statement of the objection(s) and the reasons for the objection(s); and (iii) contain a statement of intent to be heard if the objecting person or his/her/its lawyer requests to address the Court at the Settlement Hearing, a description of any law or case supporting the objection, and copies of any documents sought to be presented in support of the objection. Plaintiffs’ Co-Lead Counsel will provide copies of any objections received to Defendants’ Counsel.
Any member of the Settlement Class may, upon request, be excluded from the Settlement. Any such person must submit to Plaintiffs’ Co-Lead Counsel (Robbins Umeda LLP), at the address listed above, a request for exclusion (“Request for Exclusion”) no later than November 4, 2011. A Request for Exclusion must be signed by the Person requesting exclusion and state: (i) the name, address, and telephone number of the Person requesting exclusion; and (ii) that the Person wishes to be excluded from the Settlement Class. Copies of all Requests for Exclusion, including supporting documentation (if any) submitted therewith, that are received by Plaintiffs’ Counsel shall be delivered to Defendants’ Counsel within two business days of receipt thereof. All Persons who submit valid and timely Requests for Exclusion in the manner set forth in this paragraph shall have no rights under the Stipulation.
Any member of the Settlement Class who does not make his, her, or its objection to the Settlement before or at the Settlement Hearing shall be deemed to have waived such objection and shall be forever foreclosed from making any objection to the Settlement.
All members of the Settlement Class (and his, hers, or its successors, predecessors, and assigns) shall be bound by all determinations and judgments in the Action concerning the Settlement, whether favorable or unfavorable to the Settlement Class.
* The firm name changed from Robbins Umeda LLP to Robbins Arroyo LLP on January 1, 2013.