Stockholders v Cheap Tickets, Inc.
Cheap Tickets Settles Securities Action for $1 Million
The parties have reached a tentative $1 million settlement in a class action filed against Cheap Tickets, Inc., on behalf of stockholders who held the company's common stock between August 13, 2001, and October 5, 2001. The action claimed that the defendants violated federal securities laws by breaching their fiduciary duties to shareholders in connection with the sale of Cheap Tickets to Cendant Corporation. Persons eligible to take part in the action must submit claim forms postmarked by July 30, 2004, to receive a share of the settlement.
There were about 24,336,701 shares of stock held on the effective date of the merger and 306,002 shares were not tendered in response to the tender offer. After all class members who did not respond to the tender offer have sent in their claim forms, the payment you get will reflect your pro rata share after deduction of court-approved fees and expenses. If every eligible class member sends in a valid claim form, the average payment will be approximately $1.96 for each share. The number of claimants who send in claims varies widely from case to case. If less than 100% of eligible class members send in a claim form, you could get more money.
Any questions about the settlement may be directed to:
Cheap Tickets Shareholder Litigation
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 8040
San Rafael, CA 94912-8040
The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for June 30, 2004.
