Randy Romero v. GrowLife Inc et al

Filing 57

ORDER AWARDING LEAD PLAINTIFF'S COUNSEL ATTORNEYS' FEES AND REIMBURSING EXPENSES by Judge Christina A. Snyder: Upon Plaintiff's Motion 45 , it is hereby ordered that Class Counsel are awarded 25.0% of the Settlement Fund obtained for the Class, specifically $175,000 in cash and $500,000 in Growlife common stock, as attorneys' fees in this Action, together with a proportionate share of the interest earned on the fund, at the same rate as earned by the balance o f the fund, from the date of the establishment of the fund to the date of payment. Class Counsel shall be reimbursed out of the Settlement Fund in the amount of $24,052.55. Lead Plaintiff shall be awarded a total of $1,500 for an incentive fee award and reimbursement for his lost time in connection with his prosecution of this action. See document for further details. (gk)

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UNITED STATES DISTRICT COURT

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CENTRAL DISTRICT OF CALIFORNIA

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Master File No.
CV14-3015-CASJEMx); c/w:
CV14-3183-CAS(JEMx); and
CV14-4112-CAS(JEMx)

RANDY ROMERO; ET AL.,

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Plaintiff,

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v.
CLASS ACTION
GROWLIFE, INC.; ET AL,

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Defendants.
_______________________________

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AND RELATED CASES

[PROPOSED] ORDER
AWARDING LEAD
PLAINTIFF’S COUNSEL
ATTORNEYS’ FEES AND
REIMBURSING EXPENSES
Hon. Christina A. Snyder

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This Document Relates To: All Actions

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WHEREAS, the Court has granted final approval to the Settlement of the
above-referenced class action;

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[Proposed] Order
CV14-3015-CAS(JEMx)

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WHEREAS, Lead Plaintiff's Counsel, The Rosen Law Firm, P.A.,
appointed by the Court as Class Counsel for the purposes of the Settlement, have
petitioned the Court for an award of attorneys’ fees in compensation for the
services provided to Lead Plaintiff and the Class, an award to Lead Plaintiff, and
reimbursement of expenses incurred in connection with the prosecution of this
action, to be paid out of the Settlement Fund established pursuant to the
Settlement; and
WHEREAS, the Court has reviewed the fee application and the supporting
materials filed therewith, and has heard the presentation made by Class Counsel
during the final approval hearing, and due consideration having been had thereon,
NOW, THEREFORE, it is hereby ordered:
1.

Class Counsel are awarded 25.0% of the Settlement Fund

obtained for the Class, specifically $175,000 in cash and $500,000 in Growlife
common stock, as attorneys’ fees in this Action, together with a proportionate
share of the interest earned on the fund, at the same rate as earned by the balance
of the fund, from the date of the establishment of the fund to the date of payment.
2.

Class Counsel shall be reimbursed out of the Settlement Fund

in the amount of $24,052.55.
3.

Except as otherwise provided herein, the attorneys’ fees shall

be paid and reimbursement of expenses shall be made in the manner and
procedure provided for in the Stipulation and Agreement of Settlement dated
March 26, 2015.
4.

Lead Plaintiff shall be awarded a total of $1,500 for an

incentive fee award and reimbursement for his lost time in connection with his
prosecution of this action.

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[Proposed] Order
CV14-3015-CAS(JEMx)

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5.

In making this award of attorneys' fees and reimbursement of

expenses to be paid from the Settlement Fund, the Court has considered and found
that:
(a)

The Settlement has created a fund of $700,000 in cash and $2.0

million worth of Growlife common stock, plus interest to be earned
thereon, and Class members who file timely and valid claims will benefit
from the Settlement created by Lead Plaintiff’s Counsel;
(b)

The Notice made available to putative Class members indicated that

at the August 3, 2015 final approval hearing, Lead Plaintiff’s counsel
intended to seek a fee of up to 25% of the Settlement Fund in attorneys’
fees, reimbursement of their litigation expenses in an amount not to exceed
$30,000, and an award to Lead Plaintiff of $1,500;
(c)

the Summary Notice was published on GlobeNewswire and

Investor's Business Daily as required by the Court,;
(d)

Lead Plaintiff’s Counsel have conducted this litigation and achieved

the Settlement;
(e)

the litigation of this Action involved complex factual and legal issues

and was actively prosecuted since its filing on, and in the absence of
Settlement, the Action would have continued to involve complex factual
and legal questions;
(f)

if Lead Plaintiff’s Counsel had not achieved the Settlement, there

was a risk of either a smaller or no recovery;
(g)

Lead Plaintiff's Counsel has devoted 327.7 hours of professional time

to the prosecution of this Action, with a lodestar value of $173,754;

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[Proposed] Order
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(h)

the amount of attorneys’ fees awarded and expenses reimbursed from

the Settlement Fund are consistent with awards in similar cases; and
(i)

as stated on the record, the objections to are overruled.

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DATED: August 3 2015
_____,

SO ORDERED:

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____________________
Hon. Christina A. Snyder
United States District Judge

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[Proposed] Order
CV14-3015-CAS(JEMx)