The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of Electronic Game Card, Inc.

SANTA ANA, Calif., Sept. 19, 2016 (GLOBE NEWSWIRE) — The Rosen Law Firm, P.A. announces that the United States District Court for the Central District of California Southern Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Electronic Game Card, Inc.:

SUMMARY NOTICE OF CLASS ACTION SETTLEMENT

TO:     ALL PERSONS WHO PURCHASED THE COMMON STOCK OF ELECTRONIC GAME CARD, INC. DURING THE PERIOD FROM APRIL 5, 2007 THROUGH MAY 18, 2010, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on January 9, 2017 at 8:30 a.m. before the Honorable David O. Carter, United States District Judge of the Central District of California, 411 West Fourth Street, Santa Ana, California 92701 (the “Settlement Hearing”) for the purpose of determining:  (1) whether the proposed Settlement consisting of the sum of $1.755 million 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 for an award of attorneys’ fees of $438,750 or 25% and reimbursement of expenses of not more than $550,000, and an incentive payment of no more than $5,000 to each Class Representative, should be approved; and (4) whether the Litigation should be dismissed with prejudice as to the settling defendants.

If you purchased common stock of Electronic Game Card, Inc., during the class period from April 5, 2007 through May 18, 2010, inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator at: Electronic Game Card, Inc. Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3, P.O. Box 230, Media, PA 19063, (Tel:866-274-4004, Fax:610-565-7985, Email: info@strategicclaims.net), or going to the website, www.strategicclaims.net.  If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than November 28, 2016 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 Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion postmarked no later than December 20, 2016, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, or the Class Counsel’s request for an award of attorneys’ fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and postmarked no later than December 20, 2016, to each of the following:

Clerk of the Court
United States District Court
Central District of California – Southern Division
411 West Fourth Street
Santa Ana, California 92701

Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071

Class Counsel for Plaintiffs

Jeffrey S. Boxer, Esq.
CARTER LEDYARD & MILBURN LLP
2 Wall Street
New York, NY 10005

Counsel for Defendant Estate of Lord Steinberg

Jerome S. Fortinsky, Esq.
SHEARMAN & STERLING LLP
599 Lexington Avenue
New York, NY 10022

Counsel for Defendants Eugene Christiansen and Kevin Donovan

Alexander H. Cote
Scheper Kim & Harris LLP
601 West Fifth Street, 12th Floor
Los Angeles, CA 90071-2025

Counsel for Defendant Paul Farrell

John R. Armstrong, Esq.
HORWITZ & ARMSTRONG LLP
26475 Rancho Parkway South
Lake Forest, CA 92630

Counsel for Defendants Bill Torres, Cindy E. Gonzalez, Henry Mendoza, James Francis Berger, and Timothy Quintanilla

If you have any questions about the Settlement, you may call or write to Class Counsel:

Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Tel.: (213) 785-2610
Fax: (213) 226-4684

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: SEPTEMBER 13, 2016

__________________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE CENTRAL
DISTRICT OF CALIFORNIA