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Proposed Settlement Reached in Class Actions Involving Securities of New Oriental Education & Technology Group, Inc. - abc27 WHTM

Proposed Settlement Reached in Class Actions Involving Securities of New Oriental Education & Technology Group, Inc.

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SOURCE Grant & Eisenhofer P.A. and Faruqi & Faruqi, LLP

NEW YORK, July 14, 2014 /PRNewswire-USNewswire/ -- The following is being released by the law firms of Grant & Eisenhofer P.A. and Faruqi & Faruqi, LLP regarding In re New Oriental Education & Technology Group Securities Litigation, No. 12-cv-05724 (JGK) and Tardio v. New Oriental Education & Technology Group, Inc. et al. No. 12-cv-06619 (JGK).

TO:      ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED AMERICAN DEPOSITARY SHARES ("ADS") OF NEW ORIENTAL EDUCATION AND TECHNOLOGY GROUP, INC. ("EDU") FROM OCTOBER 19, 2009 THROUGH JULY 17, 2012, INCLUSIVE ("ADS Class") AND ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED CALL OPTIONS OR SOLD (WROTE) PUT OPTIONS ON EDU ADS FROM AUGUST 19, 2011 THROUGH JULY 17, 2012, INCLUSIVE ("Options Class")

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on September 19, 2014, at 2:30 p.m., before the Honorable John G. Koeltl, at the Daniel Patrick Moynihan United States Courthouse, Courtroom 12B,  500 Pearl Street, New York, NY 10007, for the purpose of determining (1) whether the proposed settlements of the claims in the Actions for the principal amount of $4,500,000 for the ADS Class and $250,000 for the Options Class should be approved by the Court as fair, just, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with prejudice should be entered by the Court dismissing the Actions with prejudice; (3) whether the Plans of Allocation are fair, reasonable, and adequate and should be approved; (4) whether the applications of Lead Counsel for the ADS Class for the payment of attorneys' fees in the amount of 19.5% and expenses not to exceed $250,000, including Lead Plaintiff's application for reimbursement of actual out-of-pocket expenses, incurred in connection with the litigation; and (5) whether the applications of Lead Counsel for the Options Class for the payment of attorneys' fees in the amount of 19.5% and expenses not to exceed $15,000, including Plaintiff Tardio's application for reimbursement of actual out-of-pocket expenses, incurred in connection with the litigation should be approved.

IF YOU PURCHASED OR ACQUIRED AMERICAN DEPOSITARY SHARES OF EDU DURING THE PERIOD FROM OCTOBER 19, 2009 THROUGH JULY 17, 2012, INCLUSIVE, OR PURCHASED OR OTHERWISE ACQUIRED CALL OPTIONS OR SOLD (WROTE) PUT OPTIONS DURING THE PERIOD FROM AUGUST 19, 2011 THROUGH JULY 17, 2012, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.  You may obtain copies of a detailed Notice of Proposed Settlement of Class Action ("Notice") for your respective Class and a copy of the respective Proof of Claim and Release form by writing to In re New Oriental Education & Technology Group Securities Litigation, c/o Rust Consulting, Inc., Claims Administrator, P.O. Box 1922, Faribault, MN 55021-1943, visiting the internet at www.NewOrientalSecuritiesSettlement.com or by calling the Claims Administrator at 1-800-654-8874.  Inquiries other than requests for the above-referenced documents may also be made to Plaintiffs' Lead Counsel:

ADS Class

Daniel L. Berger

GRANT & EISENHOFER P.A.

485 Lexington Avenue

29th Floor

New York, NY 10017

Options Class

Nadeem Faruqi

FARUQI & FARUQI, LLP

369 Lexington Avenue

10th Floor

New York, NY 10017

If you are a Class Member, in order to share in the distribution of the Settlement Funds, you must submit a Proof of Claim and Release form postmarked no later than November 5, 2014, establishing that you are entitled to recovery.  NOTE THAT CLAIMS CALCULATING TO AN AWARD AMOUNT LESS THAN $10.00 WILL NOT BE PAID.

If you purchased or otherwise acquired EDU American Depositary Receipts or purchased or otherwise acquired call options or sold (wrote) put options and you desire to be excluded from a Class, you must submit a request for exclusion postmarked no later than September 5, 2014, in the manner and form explained in the detailed Notice referred to above.  All Class Members who do not timely and validly request exclusion from a Class will be bound by any judgment entered in the Actions pursuant to the applicable Stipulation of Settlement.

Any objection to the Settlements must be mailed to each of the following recipients no later than September 5, 2014.

CLERK OF COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, NY 10007-1312

 

Lead Counsel for ADS Plaintiffs: Lead Counsel for Options Plaintiffs:
GRANT & EISENHOFER P.A. FARUQI & FARUQI, LLP
Daniel L. Berger Nadeem Faruqi
485 Lexington Avenue 369 Lexington Avenue
29th Floor 10th Floor
New York, NY 10017 New York, NY 10017

 

Counsel for Defendants:
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
Scott D. Musoff
Four Times Square
New York, NY 10036

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlements, you may contact Lead Counsel or the Claims Administrator at the addresses listed above.

DATED: July 8, 2014

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

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