Breaking Legal News - POSTED: 2007/08/16 12:05
Brodsky & Smith, LLC announces that a Court has preliminarily approved a class action settlement in TDH Partners v. The Ryland Group, Inc., et. al. involving all persons who purchased or otherwise acquired common stock of the Ryland Group, Inc. (NYSE: RYL) ("RYLAND"), between October 3, 2003 and January 7, 2004, inclusive, ("the Settlement Class"). This case is pending in the United States District Court for the Northern District of Texas.
Pursuant to a Court Order, a hearing will be held in this case (the "Action") on December 11, 2007 at 10:00 A.M. before United States District Judge Jane Boyle, at the United States Courthouse, 1100 Commerce Street, Dallas, Texas 75242, to determine: (1) whether the settlement of claims asserted in this Action in return for payment of One Million, Two Hundred Thousand Dollars ($1,200,000.00) in cash plus accrued interest (the "Settlement Fund"), from which all administrative expenses, taxes owed and Court-awarded attorneys' fees and expenses will be paid, should be approved by the Court as fair, reasonable and adequate to the members of the Settlement Class; (2) whether the proposed plan of allocation for the Settlement Fund after payment of all administrative expenses, taxes owed and Court-awarded attorneys' fees and expenses (the "Plan of Allocation") is fair, reasonable and adequate to the members of the Settlement Class; (3) whether and in what amount to approve an incentive award to the Lead Plaintiff and whether to approve the application of the Class' Lead Counsel for an award of attorneys' fees not in excess of 33% and expenses not in excess of $150,000.00 should be approved; and (4) whether the Action should be dismissed with prejudice as set forth in the Settlement Agreement dated as of March 15, 2007 and filed with the Court.
Persons who purchased or otherwise acquired the common stock of RYLAND during the period from October 3, 2003 through January 7, 2004, inclusive (the "Settlement Class Period"), may be affected by the settlement of this Action, including the release and extinguishment of claims they may possess relating to the purchase or other acquisition of the common stock of RYLAND during the Settlement Class Period. To share in the distribution of the Settlement Fund, eligible shareholders must establish their rights by mailing a Proof of Claim Form on or before November 15, 2007.
Shareholders who desire to be excluded from the Settlement Class must file a request for exclusion by November 15, 2007, in the manner and form explained in the detailed Notice of Pendency and Proposed Settlement of Class Action. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action.