SOURCE: Strategic Claims Services

February 17, 2011 09:00 ET

The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP Announce Class Action Settlement on Behalf of Purchasers of the Common Stock of Industrial Enterprises of America, Inc.

NEW YORK, NY--(Marketwire - February 17, 2011) - The Rosen Law Firm, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP announce that the United States District Court for the Southern District of New York has approved the following proposed class action settlement that would benefit purchasers of the common stock of Industrial Enterprises of America, Inc. (PINKSHEETS: IEAM):

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 through 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") UNLESS EXPLICITLY EXCLUDED AS SET FORTH IN THE SECOND AMENDED COMPLAINT.

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 May 18, 2011 at 10:00 a.m., in Courtroom 21D, 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 $3,400,000 (comprised of $100,000 for previously incurred notice costs that were paid by Defendants' Insurer, a $2,300,000 Payment Fund and a $1,000,000 Holdback Fund) (the "Settlement Fund") 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 Payment Fund, 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 April 27, 2011.

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 May 4, 2011, 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: FEBRUARY 3, 2011

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

Contact Information

  • Contact:
    Strategic Claims Services
    (610) 565-9202
    Fax: (610) 565-7985
    600 N. Jackson Street, Suite 3
    Media, PA 19063