CLASS ACTION SETTLEMENT REACHED WITH ARTHUR ANDERSEN AND KPMG
September 2, 2010 - Abbey Spanier has reached settlement agreements with accounting firm defendants Arthur Andersen LLP and KPMG LLP pursuant to which they will pay a total of $1.2 million to resolve Blank v. Jacobs, Consolidated Case No. 03-CV-2111, presently pending in the United States District Court for the Eastern District of New York. The court has preliminarily approved the settlements in this securities class action which involves now bankrupt Allou Health & Beauty Care, Inc. The Andersen and KPMG settlements are in addition to prior settlements with another former Allou accounting firm and Allou's outside directors. A fairness hearing will be held on November 19, 2010 at 11:30 a.m. to determine whether the settlements should be finally approved. The settlement is on behalf of a class of all persons who purchased or acquired Class A common stock of Allou Health & Beauty Care, Inc. between June 22, 1998 and April 9, 2003, inclusive.
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