Pittsburgh, PA: (Mar-04-08) A class action securities lawsuit was brought against GMH Communities Trust Securities. In a public announcement, company spokespersons stated that a settlement had been reached in the case in which GMH Communities Trust Securities agreed to pay $8.75 million in cash to resolve allegations. The suit, filed in the United States District Court for the Eastern District of Pennsylvania, was under the oversight of Honorable Petrese B. Tucker. The court has announced that a hearing has been scheduled to determine whether the proposed settlement of the Litigation should be approved by the Court as fair, reasonable and adequate; and whether the suit should be dismissed with prejudice against the defendants.
The class would include anyone who purchased GMH securities between May 5, 2005 and March 10, 2006. Company sources stated that if one is a Class Member, in order to share in the distribution of the Net Settlement Fund, one must submit a Proof of Claim and Release no later than May 26, 2008, establishing proof of entitlement. [