SOURCE: Strategic Claims Services

April 30, 2009 08:00 ET

Notice of Pendency and Settlement of Class Action on Behalf of Those Who Purchased or Otherwise Acquired the Common Stock of Industrial Enterprises of America, Inc. Announced by The Rosen Law Firm, P.A.

NEW YORK, NY--(Marketwire - April 30, 2009) - The Rosen Law Firm, P.A. Announces the Notice of Pendency and Settlement of Class Action Involving Industrial Enterprises of America, Inc. (PINKSHEETS: IEAM).

UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK

ANNMARIE MALLOZZI, individually and on behalf of all others similarly situated, Plaintiffs,

v.

INDUSTRIAL ENTERPRISES OF AMERICA, INC.; JOHN MAZZUTO; JORGE YEPES; DENNIS O'NEILL; and JAMES MARGULIES, Defendants.

CASE No.: 07-CV-10321 (GBD)

SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION

TO ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED the common stock ("Stock") of Industrial Enterprises of America, Inc. ("IEAM") during the period from December 4, 2006 though and including November 7, 2007 (the "Class Period") and were damaged thereby.

IF YOU PURCHASED OR OTHERWISE ACQUIRED THE ABOVE STOCK DURING THE CLASS PERIOD YOU ARE A MEMBER OF THE "CLASS" IN THIS FEDERAL CLASS ACTION (hereafter, the "Litigation").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the above Court, that a hearing will be held on July 29, 2009 at 10:00 a.m., in Courtroom 15D, United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007-1312 to determine: (1) whether this Litigation should be certified as a class action for the purposes of settlement; (2) whether the proposed settlement (the "Settlement") of the Litigation for $3,800,000 plus accrued interest (the "Settlement Amount") should be approved by the Court as fair, reasonable, and adequate; (3) whether the motion of Lead Plaintiffs' Counsel for an award of attorneys' fees, not to exceed one-third the Settlement Amount, and reimbursement of reasonable expenses, not to exceed $75,000 should be approved; and (4) whether the Litigation should be dismissed with prejudice.

If You Acquired Any Stock of IEAM During the Class Period Described Above, Your Rights May Be Affected by the Settlement of this Litigation. To Share in the Distribution of the Settlement Fund, You Must Establish Your Rights by Mailing a Proof of Claim and Release Form, Postmarked No Later Than July 8, 2009.

If you have not yet received the Notice of Pendency and Settlement of Class Action ("Notice"), which more completely describes the Settlement and your rights thereunder, and a Proof of Claim and Release form, you may obtain copies of these documents by identifying yourself as a member of the Class and by writing to, telephoning, or visiting on the Internet:

Industrial Enterprises of America, Inc. Securities Litigation
Claims Administrator
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 3
Media, PA 19063
Tel: (866) 274-4004
www.strategicclaims.net

Inquiries should NOT be directed to IEAM or the Clerk of the Court.

If you desire to be excluded from the Class, you must submit a written request for exclusion, postmarked no later than June 15, 2009, in the manner and form explained in the Notice. All members of the Class who have not requested exclusion from the Class will be bound by the Settlement and any Judgment entered in the Litigation even if they do not timely file a Proof of Claim and Release form.

DATED:  April 16, 2009

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK

Contact Information

  • Contact:
    Phillip Kim, Esq.
    Timothy W. Brown, Esq.
    Laurence M. Rosen, Esq.
    THE ROSEN LAW FIRM, P.A.
    350 5th Avenue, Suite 5508
    New York, New York 10118
    Telephone: (212) 686-1060
    Facsimile: (212) 202-3827