SOURCE: Brower Piven, A Professional Corporation

April 11, 2011 11:57 ET

Deadline to File Proof of Claim to Share in the Recovery in the Smart Online, Inc. Securities Litigation Partial Settlement Expires on April 25, 2011

All Persons Who Purchased or Acquired Smart Online, Inc. ("SMART ONLINE") (OTC BB: SOLN.OB) Publicly Traded Securities During the Period Beginning MAY 2, 2005 Through September 28, 2007, Inclusive

STEVENSON, MD--(Marketwire - Apr 11, 2011) - Pursuant to an Order of the United States District Court for the Middle District of North Carolina, a hearing is scheduled to be held in the matter of MARY JANE BEAUREGARD, On Behalf of Herself and All Others Similarly Situated, Lead Plaintiff vs. SMART ONLINE, INC., et al., Defendants, Civ. No. 07-CV-00785-WO-PTS ("Action"), on May 11, 2011, at 10:00 a.m., before the Honorable William L. Osteen, Jr. at the United States Courthouse, 324 West Market Street, Suite 401, Greensboro, North Carolina, for the purpose of, among other things, determining (1) whether the proposed partial settlement of the claims in the Action for the combined sum of $462,500.00 in cash and 1,500,000 shares of Smart Online (OTCBB: SOLN) common stock together with the assignment of claims and/or recoveries by Smart Online against certain non-settling defendants should be approved by the Court as fair, reasonable and adequate; and (2) whether, thereafter, the Action should be partially dismissed with prejudice as set forth in the Stipulation and Agreement of Partial Class Settlement ("Stipulation").

If you purchased or acquired Smart Online securities during the period May 2, 2005 through September 28, 2007, inclusive, your rights may be affected by the settlement of this Action and you may be entitled to share in the recovery. If you have not received a detailed Notice of Pendency, Proposed Partial Settlement of Class Action, Settlement Hearing and Request For Awards of Attorneys' Fees and Reimbursement of Litigation Expenses and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Smart Online Securities Litigation, c/o The Garden City Group, Inc., P.O. Box 9349, Dublin, OH 43017-4249 or by going to http://www.gcginc.com/pages/case_details.php?id=1745.

If you are a Settlement 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 April 25, 2011, establishing that you are entitled to recovery.

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 Lead Plaintiff's Counsel at BROWER PIVEN, A Professional Corporation, 488 Madison Avenue, 8th Floor, New York, NY 10022.

Contact Information

  • Media Contact:
    Brower Piven
    A Professional Corporation
    David A.P. Brower, Esq.
    (212) 501-9000