Gainey McKenna & Egleston Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of NetSol Technologies, Inc. -- NTWK

LOS ANGELES, April 18, 2016 -- Gainey McKenna & Egleston announces that the United States District Court for the Central District of California Western Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of NetSol Technologies, Inc. (NASDAQ:NTWK):

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO PURCHASED NETSOL TECHNOLOGIES, INC. COMMON STOCK BETWEEN OCTOBER 24, 2013 AND NOVEMBER 8, 2013, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on June 27, 2016 at 1:30 p.m. before the Honorable Percy Anderson, United States District Judge of the Central District of California, 312 North Spring Street, Los Angeles, CA 90012-4701 (the “Settlement Hearing”) for the purpose of determining:  (1) whether the proposed Settlement consisting of the sum of $850,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; (3) whether the application for an award of attorneys’ fees of $212,500 or 25% of the settlement amount and reimbursement of case-related expenses of not more than $75,000 and a case contribution award payment of no more than $1,000 to the Plaintiff, should be approved; and (4) whether the Litigation should be dismissed with prejudice. A portion of the Settlement Fund also will be used to pay taxes due on any interest earned by the Settlement Fund, if necessary, and any notice and claims administration expenses permitted by the Court.

If you purchased NetSol common stock between October 24, 2013 and November 8, 2013, inclusive (the “Class Period”), your rights may be affected by the Settlement of this action.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator: NetSol Technologies, Inc. Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, PA 19063, or going to the website www.strategicclaims.net. If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than June 13, 2016 to the Claims Administrator, establishing that you are entitled to recovery.  Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim.  If you desire to be excluded from the Class, you must submit a request for exclusion postmarked no later than June 13, 2016, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, or the Plaintiff’s Counsel’s request for an award of attorneys’ fees and reimbursement of case-related expenses must be in the manner and form explained in the detailed Notice and received no later than June 6, 2016, to each of the following:

Clerk of the Court
United States District Court
Central District of California
312 North Spring Street, Room G-8
Los Angeles, CA 90012

Thomas J. McKenna
GAINEY McKENNA & EGLESTON
440 Park Avenue South, 5^th Floor
New York, New York 10016
Tel: (212) 983-1300
Fax: (212) 983-0383
Class Counsel

Sean T. Prosser
PERKINS COIE LLP
11988 El Camino Real, Suite 350
San Diego, CA  92130
Tel:  (858) 720-5700
Fax:  (858) 720-5799
Counsel for Defendants

If you have any questions about the Settlement, you may call or write Class Counsel.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.