TORONTO, ONTARIO -- (Marketwired) -- 06/19/13 -- This notice is to all individuals and entities, wherever they may reside or be domiciled (other than Excluded Persons as defined below), who purchased shares of easyhome Ltd. ("EH") during the period from April 8, 2008 through October 14, 2010 (the "Class Period").
READ THIS NOTICE CAREFULLY AS IT MAY AFFECT YOUR LEGAL RIGHTS. YOU MAY NEED TO TAKE PROMPT ACTION.
Please note: This is a summary notice, produced for publication purposes, announcing Court approval of the settlement reached in this litigation. A Long Form Notice, containing additional detail is available on the Administrator's website: NPT RicePoint or Class Counsel's website: http://www.classaction.ca.
COURT APPROVAL OF THE CLASS ACTION SETTLEMENT
In October 2010, the Plaintiff Andrew Sorensen commenced a class proceeding against easyhome and certain of easyhome's officers and directors (the "Defendants") in the Ontario Superior Court of Justice (the "Court"). The class action arises out of easyhome's announcement of its discovery of an employee fraud which required the company to restate certain of its financial statements for the period during which the fraud happened. Following this announcement, easyhome's share price declined significantly. On March 26, 2012, the Court certified this proceeding as a class action on consent. Certification by the Court is not a decision on the merits of the class action.
On June 10, 2013, the Court approved the Settlement Agreement between the class action parties, dated February 19, 2013 (the "Settlement"). The Settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, all of whom have denied, and continue to deny, the allegations against them.
The Settlement provides for the payment of CAD$2,250,000 (the "Settlement Amount") in consideration for full and final settlement of the claims of Class Members, including legal fees, disbursements, taxes and administration expenses in return for releases and a dismissal of the class action. Certain persons and entities related to easyhome and or its current or past directors and officers (the "Excluded Persons"), are not permitted to participate in the Settlement.
ADMINISTRATION OF THE SETTLEMENT AGREEMENT
The Court has appointed NPT RicePoint as the Administrator of this Settlement. The Administrator will oversee the claims and opt-out processes (described below) and will manage and distribute the Settlement Amount.
Those Class Members who wish to receive compensation from the Net Settlement Amount must mail or otherwise submit a completed Claim Form and any supporting documents to the Administrator, no later than Tuesday, September 17, 2013, (the "Claims Bar Deadline") at the following address:
NPT RicePointeasyhome Claims AdministratorP.O. Box 3355London, Ontario N6A 4K3
The Class Members who do not opt out (as discussed below) and who file a valid claim will be paid a pro rata share of the balance of the Settlement Amount after payment of fees, expenses, and taxes (the "Net Settlement Amount"). The Long Form Notice contains the complete details of the process for filing a Claim Form and how the Net Settlement Amount will be distributed.
All Class Members will be bound by the terms of the Settlement Agreement unless they "opt out." This means that Class Members who do not validly opt out will not be able to bring or continue any other claim or legal proceeding against the Defendants, or any other person released by the Settlement Agreement in relation to the matters alleged in the class action. If you do not want to be bound by the Settlement Agreement you must opt out. Please note however, that by opting out you will be barred from making a claim and receiving compensation from the Settlement Amount.
If you wish to opt out you must submit a fully completed Opt-Out Form along with the documents identified therein to the Administrator, no later than Monday, August 19, 2013 (the "Opt-Out Deadline").
For further information regarding the terms of the Settlement Agreement, the Plan of Allocation, filing a claim and/or opting out, or to obtain a Claim Form or request to opt out, visit the Administrator's website at www.nptricepoint.com or contact the Administrator by calling 1-866-432-5534.
The law firm of Siskinds LLP is appointed by the Court as Counsel to the Class in the class proceeding, and can be reached by telephone, toll free, at 1-800-461-6166 ext. 2380, by email at email@example.com, or on the internet at www.classaction.ca.
PLEASE DO NOT CONTACT THE COURT WITH INQUIRIES ABOUT THE CLASS ACTION OR THE SETTLEMENT. All inquiries should be directed to the Administrator or Siskinds LLP.
PUBLICATION OF THIS NOTICE HAS BEEN AUTHORIZED BY THE ONTARIO SUPERIOR COURT OF JUSTICE
Toll free: 1-800-461-6166 ext. 2380