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The Rosen Law Firm, P.A. Announces Class Action Settlement on Behalf of Purchasers of Common Stock of Orient Paper, Inc. -- ONP

2012-11-23 08:00 ET - News Release

LOS ANGELES, Nov. 23, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Orient Paper, Inc. (NYSEAMEX:ONP):

SUMMARY NOTICE OF CLASS ACTION SETTLEMENT

TO:     ALL PERSONS WHO PURCHASED THE PUBLICLY TRADED COMMON STOCK OF ORIENT PAPER, INC. DURING THE PERIOD FROM MARCH 27, 2009 THROUGH AUGUST 13, 2010, 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 February 11, 2013 at 10:00 a.m. in room 8 before the Honorable Manuel L. Real, United States District Judge of the Central District of California, 312 N. Spring Street, Los Angeles, CA 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $2,000,000 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 for an award of attorneys' fees of $500,000 or 25% and reimbursement of expenses of not more than $230,000, and an incentive payment of no more than $10,000 to lead plaintiffs, should be approved; and (4) whether the Litigation should be dismissed with prejudice.

If you purchased common stock of Orient Paper, Inc., during the class period from March 27, 2009 through August 13, 2010, inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to Orient Paper, Inc. Litigation c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3 Media, PA 19063 (866-274-4004 (Tel); 610-565-7985 (Fax); info@strategicclaims.net), 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 no later than January 30, 2013, 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 received no later than January 14, 2013, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, or the Lead Plaintiff's Counsel's request for an award of attorneys' fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than January 22, 2013, to each of the following:

Clerk of the Court Laurence M. Rosen, Esq. Robert Weber, Esq.
United States District Court THE ROSEN LAW FIRM, P.A. DLA PIPER (US) LLP
Central District of California 355 South Grand Avenue  2000 Avenue of the Stars
Western Division Suite 2450 Suite 400, North Tower
312 N. Spring Street Los Angeles, CA 90071 Los Angeles, CA 90067
Los Angeles, CA 90012    
 Lead CounselCounsel for the Orient Paper Defendants

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

Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Tel.: 213-785-2610
Fax: 213-226-4684

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

DATED: NOVEMBER 16, 2012

_______________________________

BY ORDER OF THE UNITED STATES

DISTRICT COURT FOR THE

CENTRAL DISTRICT OF CALIFORNIA

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