| [March 09, 2005] |
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Pomerantz Haudek Block Grossman & Gross, LLP Announces Proposed Settlement of Class Action on Behalf of All Persons Who Purchased or Otherwise Acquired Charter Communications, Inc. Common Stock Between November 8, 1999 and August 16, 2002, Inclusive
NEW YORK --(Business Wire)-- March 9, 2005 -- YOU ARE HEREBY NOTIFIED that Plaintiff's Counsel Pomerantz Haudek Block Grossman & Gross, LLP has announced that the Class Action Plaintiff in the action pending in the United States District Court, Eastern District of Missouri entitled, In re Charter Communications, Inc. Securities Litigation, MDL Docket No. 1506 (CAS), has entered into Stipulations of Settlement, dated as of January 24, 2005 with Settling Class Action Defendants Charter Communications, Inc., Paul G. Allen, Jerald L. Kent, Carl E. Vogel, Kent Kalkwarf, David G. Barford, Paul E. Martin, David L. McCall, Bill Shreffler, Chris Fenger, James H. Smith III, and Arthur Andersen LLP to resolve the issues raised in the Class Action as against the Settling Class Action Defendants.
PLEASE BE FURTHER ADVISED that the Settlement Hearing will be held on May 23, 2005, at 10:00 a.m., before the Honorable Charles A. Shaw, Judge of the United States District Court, at the United States Courthouse, 111 South 10th Street, Suite 12.148, St. Louis, MO 63102 to determine: (1) whether the settlement of claims in the Class Action against the Settling Class Action Defendants for $146,250,000, consisting of cash in the amount of $66.25 million (plus accrued interest), Charter common stock having an aggregate value of $40 million and warrants to purchase Charter common stock having an aggregate value of $40 million subject to a potential upward adjustment, (as well as the adoption of certain corporate governance provisions), should be approved as fair, just, reasonable and adequate to all members of the Settlement Class; (2) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (3) whether the application of Class Action Plaintiff's Counsel for an award of attorneys' fees and expenses should be approved; (4) whether the Class Action Plaintiff should be granted a Compensatory Award; and (5) whether the Class Action should be dismissed with prejudice as set forth in the Stipulations filed with the Court.
If you purchased or otherwise acquired Charter common stock during the period from November 8, 1999 through and including August 16, 2002, your rights may be affected by the settlement of this Class Action, including through the release and extinguishment of claims you may possess relating to your purchase or acquisition of Charter common stock during the class period. To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim and Release form postmarked on or before June 24, 2005.
If you desire to be excluded from the Class, you must file a request for exclusion postmarked on or before April 29, 2005, in the manner and form explained in the detailed Notice referred to below. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Class Action pursuant to the settlement agreement.
Any objection to the settlement, plan of allocation, or the application for fees, costs and expenses to be awarded to Class Action Plaintiff's Counsel, or the request for a grant of a compensatory award to Class Action Plaintiff must be filed postmarked no later than April 29, 2005 and show due proof of service on each of the following: Clerk of the Court, United States District Court, Eastern District of Missouri, 111 S. 10th Street, Suite 3.300, St. Louis, MO 63102; Stanley Grossman, Esq. or Marc Gross, Esq., Pomerantz Haudek Block Grossman & Gross LLP, 100 Park Avenue, New York, NY 10017 (Plaintiff's Lead Counsel); David Siegel, Esq., David Schwarz, Esq. or Craig Varnen, Esq., Irell & Manella LLP, 1800 Avenue of the Stars, Suite 900, Los Angeles, CA 90067 and Roman P. Wuller, Esq. and Stephen B. Higgins, Esq., Thompson Coburn LLP, One US Bank Plaza, St. Louis, MO 63101 (Attorneys for Defendant Charter Communications, Inc.); and Jonathan C. Medow, Esq. or John J. Tharp, Jr., Esq., Mayer, Brown, Rowe & Maw LLP, 190 South LaSalle Street, Chicago, IL 60603-3441 (Attorneys for Defendant Arthur Andersen LLP).
If you are a Member of the Settlement Class and have not received a detailed printed Notice of Pendency and Proposed Settlement of Class Action and a Proof of Claim and Release form, you may obtain copies by contacting: Charter Securities Litigation, c/o Berdon Claims Administration LLC, P.O. Box 9014, Jericho, NY 11753-8914; Telephone: 800/766-3330; Fax: 516/931-0810 or downloading these documents at www.berdonllp.com/claims. You may also download the Stipulation and other documents at the site. These documents are also available for review at the Court.
PLEASE DO NOT TELEPHONE OR OTHERWISE CONTACT THE COURT, THE CLERK'S OFFICE, CHARTER, ANDERSEN OR ANY OTHER SETTLING CLASS ACTION DEFENDANT FOR INFORMATION.
Any inquiries about the Class Action can be made in writing to Class Action Plaintiff's Counsel: Pomerantz Haudek Block Grossman & Gross LLP, 100 Park Avenue, New York, NY 10017.
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