SOURCE: ShoreTel

ShoreTel

November 19, 2010 09:00 ET

ShoreTel Issues Notice Regarding Settlement of Shareholder Action

SUNNYVALE, CA--(Marketwire - November 19, 2010) - ShoreTel® (NASDAQ: SHOR), today announced the issuance of the following notice of settlement of a shareholder action.

SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF SHAREHOLDER ACTION AND OF SETTLEMENT HEARING

TO ALL HOLDERS OF SHORETEL, INC. COMMON STOCK AS OF SEPTEMBER 7, 2010 ("SHORETEL SHAREHOLDERS")

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the Superior Court of the State of California, County of Santa Clara, a hearing will be held on February 18, 2011, at 9:00 a.m., before the Honorable Joseph Huber, at the Downtown Superior Court, 191 N. First Street, San Jose, California 95113, for the purpose of determining whether the proposed settlement in the shareholder action captioned In re ShoreTel, Inc. Shareholder Derivative Litigation, Case No. 1-08-CV-104623 (the "Action"), should be approved as fair, reasonable, and adequate, and whether judgment dismissing the Action should be entered.

Plaintiff in the Action is a ShoreTel Shareholder who filed certain claims against the defendants derivatively on behalf of ShoreTel, alleging breaches of fiduciary duty, gross mismanagement, waste of corporate assets, unjust enrichment and violations of California's insider trading laws.

The proposed Settlement provides for ShoreTel to take certain corporate governance actions in consideration for the dismissal of the Action.

The proposed Settlement further provides for the payment of fees and expenses for Plaintiff's Counsel in the Action and reimbursement of the Plaintiff's costs and expenses.

IF YOU WERE AN OWNER OF SHORETEL COMMON STOCK AS OF SEPTEMBER 7, 2010 YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION. A more detailed form of notice describing the Settlement has been filed by the company with the SEC in a Form 8-K and posted on the Milberg LLP website, www.milberg.com.

You have a right to appear in person or through counsel at the Settlement Hearing to object to the terms of the proposed Settlement. You may also object to the terms of the proposed Settlement in writing. Any written objection to the Settlement of the Action must set forth the objector's status as a ShoreTel Shareholder, and be delivered by first-class or overnight mail no later than February 15, 2011 to the Attorneys for Plaintiff John Strahl:

Jeff S. Westerman
Michelle Furukawa
MILBERG LLP
One California Plaza
300 S. Grand Avenue, Suite 3900
Los Angeles, California 90071

Inquiries may be made to the Attorneys for Plaintiff John Strahl.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK OF THE COURT REGARDING THIS NOTICE.

BY ORDER OF THE COURT
SUPERIOR COURT OF THE STATE OF CALIFORNIA
SANTA CLARA COUNTY

Contact Information

  • Contact:
    Tonya Chin
    Director, Investor Relations
    Phone +1 (408) 962-2573
    Email: tchin@shoretel.com