Axesstel

Jul 31, 2015

Shareholder Litigation      July 31, 2015 11:00 ET | Source: Glancy Prongay & Murray LLP SAN DIEGO, July 31, 2015 (GLOBE NEWSWIRE) -- The following statement is being issued by Glancy Prongay & Murray LLP regarding the Axesstel, Inc. Shareholder Litigation: UNITED STATES DISTRICT COURT AMISH PATEL, Individually and on Behalf of All Others Similarly Situated, AXESSTEL, INC., H. CLARK HICKOCK and PATRICK GRAY,     TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED AXESSTEL, INC. COMMON STOCK BETWEEN FEBRUARY 28, 2013, AND OCTOBER 17, 2013, INCLUSIVE. YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of California, that a hearing will be held on October 15, 2015, at 2:00 p.m., before The Honorable Cathy Ann Bencivengo, at the Edward J. Schwartz U.S. Courthouse, 221 West Broadway, Courtroom 4C (4th Floor - Schwartz), San Diego, CA 92101, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the sum of $1.25 million in cash should be approved by the Court as fair, reasonable, and adequate to Members of the Settlement Class; (2) whether to certify the Settlement Class; (3) whether, thereafter, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated June 8, 2015; (4) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable, and adequate and therefore should be approved; (5) whether the application of Plaintiffs' Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with this Litigation should be approved; and (6) whether the Court should grant Lead Plaintiff's reimbursement of his reasonable costs and expenses (including lost wages) directly related to his representation of the Class. If you purchased or acquired Axesstel, Inc. common stock between February 28, 2013, and October 17, 2013, inclusive, your rights may be affected by this Settlement. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Hearing (the "Notice"), and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Axesstel, Inc. Securities Litigation, Claims Administrator, c/o Gilardi & Co LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or you can download a copy at www.Axesstelsecuritieslitigation.com . If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form postmarked no later than October 19, 2015, establishing that you are entitled to recovery. PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Plaintiffs' Lead Counsel at the address listed below: Lionel Z. Glancy, Esq. 1925 Century Park East, Suite 2100 Los Angeles, California 90067