Hagens Berman Sobol Shapiro LLP and The Rosen Law Firm, P.A. Announce Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of SAExploration Holdings, Inc. - SAEX

HOUSTON, March 29, 2021 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP and The Rosen Law Firm, P.A. announce that the United States District Court for the Southern District of Texas has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of SAExploration Holdings, Inc.                      

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:  ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED SAEXPLORATION HOLDINGS, INC. COMMON STOCK FROM MARCH 15, 2016, THROUGH FEBRUARY 7, 2020, BOTH DATES INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on August 12, 2021, at 9:00 a.m., before the Honorable Andrew S. Hanen, at the United States District Court, Southern District of Texas, Courtroom 9110, 515 Rusk Street, Houston, Texas 77002, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $3,550,000 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 of Plaintiffs’ Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $50,000, and an award of no more than $10,000, in aggregate, or $5,000 each, to Lead Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated January 15, 2021 (“Stipulation”). The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.

If you purchased SAExploration Holdings, Inc. (“SAExploration”) Common Stock during the period from March 15, 2016, through February 7, 2020, both dates inclusive (“Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in SAExploration Common Stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to, calling, or contacting the Claims Administrator: SAExploration Holdings, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; (email) info@strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form electronically or postmarked no later than June 24, 2021 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 Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than June 24, 2021, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.

Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than June 24, 2021, by each of the following:

CLERK OF THE COURT:

United States District Court
Southern District of Texas
515 Rusk Street, Room 9110
Houston, TX 77002

PLAINTIFFS’ COUNSEL:

Reed R. Kathrein, Esq.
HAGENS BERMAN SOBOL SHAPIRO LLP
715 Hearst Avenue, Suite 202
Berkeley, CA 94710

Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016

DEFENDANTS’ COUNSEL:

Yvette Ostolaza, Esq.
SIDLEY AUSTIN LLP
2021 McKinney Avenue, Suite 2000
Dallas, TX 75201

Jeffrey S. Johnson
VINSON & ELKINS LLP
1001 Fannin Street, Suite 2500
Houston, TX 77002

Robert Manley
McKOOL SMITH, P.C.
300 Crescent Court, Suite 1500
Dallas, TX 75201

Samy Khalil
GERGER KHALIL HENNESSY & McFARLANE LLP
First City Tower
1001 Fannin Street, Suite 2450
Houston, TX 77002

John Kinchen
HUGHES ARRELL KINCHEN LLP
1221 McKinney, Suite 3150
Houston, TX 77010

If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:

Reed R. Kathrein, Esq.
HAGENS BERMAN SOBOL SHAPIRO LLP
715 Hearst Avenue, Suite 202
Berkeley, CA 94710
Telephone: (510)725-3000
Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Telephone: (212) 686-1060

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

Dated: March 16, 2021

____________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF TEXAS


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