Glancy & Binkow LLP Announces Fairness Hearing regarding Proposed Settlement Against Nanophase Technologies

Business Wire,  Sept 27, 2003  

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Business Editors/Legal Writers

CHICAGO--(BUSINESS WIRE)--Sept. 27, 2003

The following statement is being issued by Glancy & Binkow LLP regarding Nanophase Technologies Securities Litigation.

                  IN THE UNITED STATES DISTRICT COURT
                 FOR THE NORTHERN DISTRICT OF ILLINOIS
                           EASTERN DIVISION

GEORGE TATZ, individually and on     Civil Action No. 01 C 8440
behalf of all others similarly
situated,

            Plaintiff,

    vs.
                                     Magistrate Judge Martin C. Ashman

NANOPHASE TECHNOLOGIES
CORPORATION, JOSEPH CROSS, JESS
JANKOWSKI, DANIEL S. BILICKI, and
GINA KRITCHEVSKY,

            Defendants.


TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR ACQUIRED THE COMMON
    STOCK OF NANOPHASE TECHNOLOGIES CORPORATION ("NANOPHASE") DURING
    THE PERIOD BEGINNING APRIL 5, 2001 TO OCTOBER 24, 2001, AND WERE
    ALLEGEDLY DAMAGED THEREBY, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of Illinois, Eastern Division, that a hearing will be held on November 12, 2003 at 10:00 a.m., before the Honorable Martin C. Ashman, in Courtroom 1386 of the United States Court House for the Northern District of Illinois, Eastern Division, 219 S. Dearborn Street, Chicago, IL 60604, for the purpose of determining: (1) whether the proposed settlement of the federal securities law claims raised in the Litigation, for the sum of $2,500,000 (plus interest accruing since August 29, 2003), should be approved by the Court as fair, just, reasonable and adequate; (2) whether, thereafter, this Litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated as of July 25, 2003; (3) whether the Plan of Allocation is fair, just, reasonable and adequate and therefore should be approved; and (4) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and reimbursement of costs and expenses incurred in connection with this Litigation should be approved.

If you purchased or acquired the common stock of Nanophase during the period beginning April 5, 2001 through October 24, 2001, inclusive, your rights may be affected by settlement of this Litigation. If you have not received a detailed Notice of Proposed Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to: In re Nanophase Technologies Securities Litigation, c/o The Garden City Group, Inc., Claims Administrator, P.O. Box 9000 #6137, Merrick, NY 11566-9000, or by calling 1-866-512-4137 (toll free). Complete information concerning the action may be obtained from the court files on this matter.

If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than December 18, 2003, establishing that you are entitled to recovery. If you desire to be excluded from the Class, you must submit to the Claims Administrator a Request for Exclusion, postmarked by October 29, 2003, in the manner and form explained in the detailed Notice referred to above. All members of the Class who have not requested exclusion from the Class will be bound by a judgment entered in the Action pursuant to the Stipulation of Settlement, whether or not you make a claim.

Any objection to the Settlement must be filed with the Court and served on the respective parties (as set forth below), to be postmarked by October 29, 2003 to all of the following:

                          CLERK OF THE COURT
                     UNITED STATES DISTRICT COURT
                 FOR THE NORTHERN DISTRICT OF ILLINOIS
                           EASTERN DIVISION
                219 S. Dearborn Street, Courtroom 1386
                           Chicago, IL 60604

                          GLANCY & BINKOW LLP
                           LIONEL Z. GLANCY
                  1801 Avenue of the Stars, Suite 311
                         Los Angeles, CA 90067
                       Telephone:(310) 201-9150
                       Facsimile:(310) 201-9160

                      Lead Counsel for Plaintiffs

                    WILDMAN, HARROLD, ALLEN & DIXON
                          DAVID L. WEINSTEIN
                         225 West Wacker Drive
                        Chicago, IL 60606-1229
                       Telephone:(312) 201-2000
                       Facsimile:(312) 201-2555

                        Counsel for Defendants

  PLEASE DO NOT CONTACT THE COURT OR THE CLERK OF THE COURT REGARDING
                             THIS NOTICE.

DATED: September 27, 2003       BY ORDER OF THE COURT
                                UNITED STATES DISTRICT COURT
                                FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

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