Robbins Geller Rudman & Dowd LLP Announces Notice of Hearing to Determine Approval of Proposed Settlement of Class Action

MELVILLE, N.Y.--(BUSINESS WIRE)--The following is being issued by Robbins Geller Rudman & Dowd LLP pursuant to an order of the United States Court for the District of Puerto Rico:

UNITED STATES DISTRICT COURT
DISTRICT OF PUERTO RICO

SAMUEL HILDENBRAND On Behalf of Himself
and All Others Similarly Situated,

Plaintiff,

vs.

W HOLDING COMPANY, INC., et al.,

Defendants.

Civil Action No. 07-1886(JAG)

(Consolidated)

CLASS ACTION

SUMMARY NOTICE

TO: ALL PERSONS WHO PURCHASED W HOLDING COMPANY, INC. (“W HOLDING” OR THE “COMPANY”) PUBLICLY TRADED SECURITIES BETWEEN APRIL 24, 2006 AND JUNE 26, 2007, INCLUSIVE (THE “CLASS PERIOD”)

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the District of Puerto Rico, a hearing will be held on June 10, 2013, at 1:00 p.m., before the Honorable Jay A. Garcia-Gregory, at the Federico Degetau Federal Building, Courtroom 6, 150 Carlos Chardón Street, San Juan, PR 00918-1767, for the purpose of determining (1) whether the proposed settlement of the Action for the sum of Eight Million Seven Hundred and Fifty Thousand Dollars ($8,750,000.00) in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, thereafter, this Action should be dismissed with prejudice against Defendants as set forth in the Settlement Agreement dated February 13, 2013; (3) whether the Plan of Distribution of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (4) the reasonableness of the application of Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Action, together with interest thereon, and payment to Lead Plaintiff for his expenses incurred representing the Class.

If you purchased W Holding publicly traded securities between April 24, 2006 and June 26, 2007, inclusive, your rights may be affected by this Action and the settlement thereof. If you have not received a detailed Notice of Proposed Settlement, Motion for Attorneys’ Fees and Expenses and Settlement Fairness Hearing and a copy of the Proof of Claim and Release form, you may obtain copies by writing to W Holding Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or by downloading this information at www.gilardi.com. 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 June 14, 2013, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, to the above address, postmarked by May 10, 2013.

Any objection to any aspect of the settlement must be received by the following no later than May 10, 2013:

LEAD COUNSEL

ROBBINS GELLER RUDMAN

& DOWD LLP

Robert M. Rothman

58 South Service Road, Suite 200
Melville, NY 11747

WHATLEY KALLAS, LLC
Joe R. Whatley, Jr.
380 Madison Avenue, 23rd Floor
New York, NY 10017

DEFENDANTS’ COUNSEL

RIVERO MESTRE

Andres Rivero

2525 Ponce de Leon Blvd., Suite 1000

Coral Gables, FL 33134