NEW YORK, June 30, 2008 (LAWFUEL) — Lead Counsel Pomerantz
Haudek Block Grossman & Gross LLP is pleased to announce completion of
claims processing for the previously approved partial settlement in In
re American Italian Pasta Corp. Securities Litigation, which was
brought on behalf of investors in American Italian Pasta Corp. (Pink
Sheets:AITP) for the period January 22, 2002 through August 17, 2005,
pursuant to which the claims against the AITP-related defendants were
released in exchange for cash and stock. Papers will be filed with the
Court in the near future seeking entry of an Order of Distribution.
The precise number of shares issued pursuant to the settlement will
depend upon the average price of AITP shares during the 10 trading days
prior to entry of the Order of Distribution. Depending on such price,
930,000 common shares of AITP could be distributed in the near future
to claimants on the Settlement Fund.
The cash portion of the settlement will also be distributed to
claimants in the near future. These monies were paid by the Company’s
insurance carriers.
There is also presently pending a $3,500,000 proposed settlement of
claims asserted on behalf of Class members against the sole remaining
defendant, Ernst & Young, LLP. A hearing for final approval of that
settlement is scheduled for August 5, 2008.
The Pomerantz Firm, which has offices in New York, Chicago, Washington,
D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as
one of the premier firms in the areas of corporate, securities, and
antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class members.
