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Garcia v. Guo

United States District Court, C.D. California

March 6, 2017

FELIPE GARCIA, Individually and on behalf of all others similarly situated, Plaintiffs,
v.
HETONG GUO, JING YANG, JIANGYU LUO, and LENTUO INTERNATIONAL INC., Defendants.

         CLASS ACTION

          FINAL JUDGMENT

          MICHAEL W. FITZGERALD United States District Judge

         On the 6th day of March, 2017, a hearing having been held before this Court to determine: (1) whether the terms and conditions of the Stipulation and Agreement of Settlement dated September 2, 2016 (the “Stipulation”) are fair, reasonable, and adequate for the settlement of all claims asserted by the Settlement Class against Lentuo International Inc. (“Lentuo”), Hetong Guo, Jing Yang, and Jiangyu Luo (collectively, the “Defendants”); and (2) whether to approve the proposed Plan of Allocation as a fair and reasonable method to allocate the Net Settlement Fund among the Settlement Class Members; and

         The Court having considered all matters submitted to it at the hearing and otherwise; and

         It appearing that the Notice substantially in the form approved by the Court in the Court's Order Granting Motion For Preliminary Approval of Class Action Settlement (“Preliminary Approval Order”) was mailed to all reasonably identifiable Class Members; and

         It appearing that the Summary Notice substantially in the form approved by the Court in the Preliminary Approval Order was published in accordance with that Order and the specifications of the Court;

         Now, therefore, pursuant to Rules 23 and 54 of the Federal Rules of Civil Procedure, IT IS HEREBY ORDERED, ADJUGED AND DECREED THAT:

         1. Unless indicated otherwise, capitalized terms used herein have the same meanings defined in the Stipulation.

         2. The Court has jurisdiction over the subject matter of the Litigation, Lead Plaintiffs, all Class Members, and the Defendants.

         3. The Court finds that the prerequisites for a class action under Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure have been satisfied in that: (a) the number of Settlement Class Members is so numerous that joinder of all members thereof is impracticable; (b) there are questions of law and fact common to the Settlement Class; (c) the claims of the Lead Plaintiffs are typical of the claims of the Settlement Class they seek to represent; (d) Lead Plaintiffs fairly and adequately represents the interests of the Settlement Class; (e) the questions of law and fact common to the members of the Settlement Class predominate over any questions affecting only individual members of the Settlement Class; and (f) a class action is superior to other available methods for the fair and efficient adjudication of this Litigation. The Settlement Class is being certified for settlement purposes only.

         4. Pursuant to Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure, the Court hereby certifies as a settlement class all persons and entities, other than defendants and their affiliates, who purchased or otherwise acquired the American Depositary Shares (“ADS”) of Lentuo International Inc. (“Lentuo”) from May 15, 2014 to March 9, 2015, inclusive (the "Class Period"), and were damaged thereby (the “Class”). Excluded from the Class are all defendants, the present and former officers and directors of Lentuo and any subsidiary thereof, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest. Also excluded from the Class are persons who have a net profit in purchases and sales of Lentuo ADS or otherwise suffered no compensable damages under the securities laws during the Class Period, and those persons who filed valid and timely requests for exclusion.

         5. Pursuant to Rule 23 of the Federal Rules of Civil Procedure, Lead Plaintiffs are certified as the class representatives on behalf of the Settlement Class and the Lead Counsel previously selected by Lead Plaintiffs and appointed by the Court, is hereby appointed as Lead Counsel for the Settlement Class (or “Class Counsel”).

         6. The Court hereby finds that the forms and methods of notifying the Class of the Settlement and its terms and conditions met the requirements of due process and Rule 23 of the Federal Rules of Civil Procedure, Section 21D(a)(7) of the Exchange Act, 15 U.S.C. § 78u-4(a)(7), as amended by the Private Securities Litigation Reform Act of 1995; constituted the best notice practicable under the circumstances; and constituted due and sufficient notice to all persons and entities entitled thereto of these proceedings and the matters set forth herein, including the Settlement and Plan of Allocation, to all persons entitled to such notice. No Class Member is relieved from the terms of the Settlement, including the releases provided for therein, based upon the contention or proof that such Class Member failed to receive actual or adequate notice. A full opportunity has been offered to the Class Members to object to the proposed Settlement and to participate in the hearing thereon. The Court further finds that the notice provisions of the Class Action Fairness Act, 28 U.S.C. § 1715, were fully discharged and that the statutory waiting period has elapsed.

         7. The Settlement is approved as fair, reasonable and adequate, and in the best interests of the Class. Lead Plaintiffs and the Defendants are directed to consummate the Settlement in ...


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