The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Tarena International, Inc. American Depositary Shares – TEDU
BROOKLYN, N.Y., Oct. 02, 2023 (GLOBE NEWSWIRE) — The Rosen Law Firm, P.A. announces that the United States District Court for the Eastern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of Tarena International, Inc. American Depositary Shares (NASDAQ: TEDU):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE AMERICAN DEPOSITARY SHARES OF TARENA INTERNATIONAL, INC. (“TARENA”) FROM AUGUST 16, 2016 THROUGH NOVEMBER 1, 2019, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of New York, that a hearing will be held on January 18, 2024 at 10:00 a.m. before the Honorable Pamela K. Chen, United States District Judge of the Eastern District of New York, 225 Cadman Plaza East, Courtroom 4F North, Brooklyn, NY 11201 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $3,500,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $40,000 and a service payment of no more than $15,000 in total to Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Second Amended Stipulation of Settlement, dated August 18, 2023 (the “Settlement Stipulation”). The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.
If you purchased Tarena’s American Depositary Shares (“ADSs”) during the period from August 16, 2016 through November 1, 2019, both dates inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Tarena ADSs. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator: Tarena International, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; [email protected]. You can also download copies of the Notice and submit your Proof of Claim and Release Form online at www.strategicclaims.net/Tarena/. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form electronically or postmarked no later than December 28, 2023 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than December 28, 2023, in the manner and form explained in the Notice. 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 pursuant to the Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than December 28, 2023, by each of the following:
|Clerk of the Court
United States District Court
Eastern District of New York
225 Cadman Plaza East
Brooklyn, NY 11201
|Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Ave
New York, NY 10016
|Robert A. Fumerton, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
One Manhattan West
New York, NY 10001
Counsel for Tarena
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Ave
New York, NY 10016
Tel: (212) 686-1060
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: SEPTEMBER 5, 2023
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK