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The Rosen Law Firm, P.A. and Glancy Prongay & Murray LLP Announce Proposed Class Action Settlement on Behalf of Purchasers of American Depository Shares of iDreamSky Technology Limited -- DSKY

NEW YORK, Dec. 28, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Glancy Prongay & Murray LLP announce that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of American Depository Shares of iDreamSky Technology Limited (NASDAQ:DSKY):

SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF ACTION
AND SETTLEMENT HEARING

/EIN News/ -- TO:    ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED IDREAMSKY TECHNOLOGY LIMITED (“IDS”) AMERICAN DEPOSITARY SHARES (“ADS”) BETWEEN AUGUST 7, 2014 AND MARCH 13, 2015, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on April 3, 2018, at 4:00 p.m. before the Honorable J. Paul Oetken, United States District Judge of the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 706, New York, New York, 10007, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $4,150,000.00 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 Co-Lead Counsel for an award of attorneys’ fees of up to thirty three and one-third percent (33 1/3%) plus interest of the Settlement Amount, reimbursement of expenses of not more than $30,000, and an award of no more than $10,000, in aggregate, or $2,000 each, to Lead Plaintiff and named plaintiffs (“Plaintiffs”), should be approved; (4) whether an order should be entered barring and enjoining Lead Plaintiff and all Class Members from instituting, commencing, assisting, maintaining or prosecuting, either directly, indirectly, or in a representative capacity, any action in any court or tribunal asserting any Released Claims and (5) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated November 28, 2017 (the “Stipulation”).

If you purchased IDS ADSs during the period from August 7, 2014 to March 13, 2015, both dates inclusive (the “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 IDS ADSs.  If you have not received a Notice of (I) Pendency and Proposed Settlement of Class Action; (II) Motion for Attorneys’ Fees and Expenses; and (III) Settlement Fairness Hearing (“Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may obtain copies by writing to or calling the Claims Administrator: iDreamSky Technology Limited Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net, or going to the website, www.strategicclaims.net.  If you are a member of the Settlement Class, to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than March 20, 2018 to the Claims Administrator, establishing that you are entitled to recovery.  Unless you submit a written exclusion request (“Request for Exclusion”), 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 a Request for Exclusion, postmarked no later than March 5, 2018, in the manner and form explained in the detailed Notice to the Claims Administrator.  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.

Any objection to the Settlement, Plan of Allocation, or Co-Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Plaintiffs must be in the manner and form explained in the Notice and filed and served so that it is received no later than March 13, 2018, by each of the following:

Clerk of the Court
United States District Court
Southern District of New York
500 Pearl Street
New York, New York 10007

CO-LEAD COUNSEL:

Jacob A. Goldberg, Esq.
Keith Lorenze
The Rosen Law Firm, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, PA  19046

Joshua L. Crowell, Esq.
GLANCY PRONGAY & MURRAY LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067

COUNSEL FOR IDS:

Scott D. Musoff, Esq.
Robert A. Fumerton, Esq.
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
Four Times Square
New York, NY 10036

COUNSEL FOR THE UNDERWRITER DEFENDANTS:

Peter Eric Kazanoff, Esq.
Sarah Emily Phillips, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, NY 10017

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

Jacob A. Goldberg, Esq.
Keith Lorenze, Esq.
THE ROSEN LAW FIRM, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, PA 19046
Tel.: 215-600-2817

Joshua L. Crowell, Esq.
GLANCY PRONGAY & MURRAY LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Tel.: (619) 238-1333

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

Dated: December 14, 2017    
                                                  BY ORDER OF THE UNITED STATES
    DISTRICT COURT FOR THE SOUTHERN
    DISTRICT OF NEW YORK

Distribution channels: Consumer Goods, Law