Robbins Geller Rudman & Dowd LLP and Abraham, Fruchter & Twersky, LLP Announce Notice of Hearing to Determine Approval of Proposed Settlement of Class Action on Behalf of Purchasers of iStar Financial Inc. Common Stock

SAN DIEGO--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Abraham, Fruchter & Twersky, LLP regarding iStar Financial Securities Litigation:

     
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
 

CITILINE HOLDINGS, INC., Individually and On Behalf of All

Civil Action No. 1:08-cv-03612-RJS
Others Similarly Situated,
Plaintiff, (Consolidated)
vs.

CLASS ACTION

ISTAR FINANCIAL INC., et al.,
Defendants.
 

SUMMARY NOTICE

TO: ALL PERSONS WHO PURCHASED ISTAR FINANCIAL INC. (“ISTAR”) COMMON STOCK FROM DECEMBER 6, 2007 THROUGH MARCH 6, 2008, INCLUSIVE

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 April 5, 2013, at 11:30 a.m., before the Honorable Richard J. Sullivan, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York, for the purpose of determining (1) whether the proposed settlement of the claims in the Litigation for the principal amount of $29 million, plus accrued interest, should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Litigation with prejudice; (3) whether the Plan of Allocation is fair, reasonable and adequate, and therefore should be approved; and (4) whether the application of Co-Lead Counsel for the payment of attorneys’ fees and expenses should be approved.

If you purchased iStar common stock during the period from December 6, 2007 through March 6, 2008, inclusive, your rights may be affected by the settlement of this Litigation. 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 iStar Financial Securities Litigation, Claims Administrator, c/o GCG, P.O. Box 35025, Seattle, WA 98124-1025, or on the internet at www.GCGInc.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form postmarked no later than March 19, 2013, establishing that you are entitled to recovery.

If you desire to be excluded from the Class, you must submit a request for exclusion postmarked by March 8, 2013, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Settlement Agreement dated September 5, 2012 (the “Stipulation”).

Any objection to the settlement must be received by the following no later than March 8, 2013:

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

Co-Lead Counsel for Plaintiffs:

ROBBINS GELLER RUDMAN & DOWD LLP
ROBERT M. ROTHMAN
58 South Service Road, Suite 200
Melville, NY 11747

And

ABRAHAM, FRUCHTER & TWERSKY, LLP
JACK G. FRUCHTER
One Pennsylvania Plaza, Suite 2805
New York, NY 10119

Counsel for Defendants iStar Financial Inc., Jay Sugarman, Nicholas A. Radesca, Catherine D. Rice, and Timothy J. O’Connor:

DECHERT LLP
DAVID H. KISTENBROKER
115 S. LaSalle Street, Suite 2600
Chicago, IL 60603

Counsel for Defendants Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as successor by merger to Banc of America Securities LLC, Deutsche Bank Securities Inc., and UBS Securities LLC:

SIDLEY AUSTIN LLP
DOROTHY J. SPENNER
787 7th Avenue, 22nd Floor
New York, NY 10019

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact Co-Lead Counsel at the addresses listed above.

DATED: DECEMBER 5, 2012
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

Contacts

Robbins Geller Rudman & Dowd LLP
Robert M. Rothman, 631-367-7100