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InterCloud Announces Preliminary Approval of Settlement of Derivative Actions
InterCloud Announces Preliminary Approval of Settlement of Derivative Actions.
About this update from Intercloud Systems Inc
[{"type":"text","content":"\n\n SHREWSBURY, N.J., Sept. 05, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (OTC:ICLD) (the “Company” or “InterCloud”), a provider of networking solutions and services announced today that it has received preliminary approval from the New Jersey District Court of a settlement agreement resolving the stockholder derivative actions entitled Hamdan v. Munro, et al. and Scrutchens v. Munro, et al., Lead Case No. 3:16-cv-03706-PGS (the “New Jersey Action”), and a substantially similar derivative action pending in the Court of Chancery of the State of Delaware (the “Delaware Court”), captioned Sloan v. Munro, et al., Case No. 11878-VCL (the “Delaware Action”) (collectively, with the New Jersey Action, the “Actions”). According to the terms of the settlement agreement, the Company agreed to publish the following notice:   \n NOTICE TO CURRENT INTERCLOUD STOCKHOLDERS TO:      ALL OWNERS OF INTERCLOUD SYSTEMS, INC. (“INTERCLOUD”) COMMON STOCK (TICKER SYMBOL: ICLD) AS OF JUNE 15, 2017, WHO CONTINUE TO OWN SUCH SHARES (“CURRENT INTERCLOUD STOCKHOLDERS”). PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.  YOUR RIGHTS MAY BE AFFECTED.  THIS NOTICE RELATES TO A PROPOSED SETTLEMENT AND DISMISSAL OF STOCKHOLDER DERIVATIVE LITIGATION AND CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS.  YOUR RIGHTS MAY BE AFFECTED BY LEGAL PROCEEDINGS IN THIS ACTION. IF THE COURT APPROVES THE SETTLEMENT AND DISMISSAL OF THE ACTION, STOCKHOLDERS OF INTERCLOUD WILL BE FOREVER BARRED FROM CONTESTING THE APPROVAL OF THE PROPOSED SETTLEMENT AND FROM PURSUING THE SETTLED CLAIMS.  THIS ACTION IS NOT A “CLASS ACTION.”  THUS, THERE IS NO COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT. THE COURT HAS MADE NO FINDINGS OR DETERMINATIONS RESPECTING THE MERITS OF THE ACTION.  THE RECITATION OF THE BACKGROUND AND CIRCUMSTANCES OF THE SETTLEMENT CONTAINED HEREIN DOES NOT CONSTITUTE THE FINDINGS OF THE COURT.  IT IS BASED ON REPRESENTATIONS MADE TO THE COURT BY COUNSEL FOR THE PARTIES. YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure 23.1 and an Order from the Honorable Peter G. Sheridan of the U.S. District Court for the District of New Jersey (the...