Publication Notice of Pendency of Class Action and Proposed Settlement With All Defendants, Motion for Attorneys’ Fees, and Settlement Fairness Hearing for In re Virgin Mobile USA IPO Litigation

NEW ORLEANS, Sept. 10 /PRNewswire/ — The following statement is being issued by Kahn Swick & Foti, LLC regarding the In re Virgin Mobile USA IPO Litigation.

                             UNITED STATES DISTRICT COURT
                                DISTRICT OF NEW JERSEY

                                           Civil Action No. 07- 5619 (SDW)

                                                    SUMMARY NOTICE
    IN RE VIRGIN MOBILE USA IPO LITIGATION
    --------------------------------------

        ALL PERSONS AND ENTITIES (INCLUDING THEIR BENEFICIARIES) WHO PURCHASED
        OR OTHERWISE ACQUIRED THE PUBLICLY-TRADED COMMON STOCK OF VIRGIN
        MOBILE USA, INC. ("VIRGIN MOBILE") (TRADING SYMBOL NYSE: VM) BETWEEN
        OCTOBER 10, 2007, AND MARCH 12, 2008, INCLUSIVE, ALL PERSONS AND
        ENTITIES (INCLUDING THEIR BENEFICIARIES) WHO PURCHASED OR OTHERWISE
        ACQUIRED CALL OPTIONS ON THE COMMON STOCK OF VIRGIN MOBILE BETWEEN
        OCTOBER 10, 2007, AND MARCH 12, 2008, INCLUSIVE, AND ALL PERSONS AND
        ENTITIES (INCLUDING THEIR BENEFICIARIES) WHO SOLD OR OTHERWISE
        DISPOSED OF PUT OPTIONS ON THE COMMON STOCK OF VIRGIN MOBILE BETWEEN
    TO: OCTOBER 10, 2007, AND MARCH 12, 2008, INCLUSIVE:

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on December 8, 2010, at 11:00 a.m., before the Honorable Susan D. Wigenton at the Martin Luther King, Jr. Federal Building and United States Courthouse, 50 Walnut St., Courtroom 5C, Newark, NJ 07101, for the purpose of determining: (1) whether the proposed Class(fn 1) can be certified for settlement purposes only, pursuant to Federal Rule of Civil Procedure 23; (2) whether the proposed Settlement for the sum of $19,500,000 in cash should be approved by the Court as fair, reasonable and adequate; (3) whether, after the hearing, this Action should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated as of July 23, 2010; (4) whether the Plan of Allocation is fair, reasonable and adequate and should be approved; (5) whether the application of Lead Counsel for the payment of attorneys’ fees and reimbursement of expenses incurred in this Action should be approved; and (6) whether the application of Lead Plaintiffs for the payment of reasonable time, costs, and expenses should be approved.

If you purchased or otherwise acquired (including as a beneficiary) the publicly-traded common stock of Virgin Mobile (trading symbol NYSE: VM) between October 10, 2007, and March 12, 2008, inclusive, or purchased or otherwise acquired (including as a beneficiary) call options on the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive, or sold or otherwise disposed of (including as a beneficiary) put options on the common stock of Virgin Mobile between October 10, 2007, and March 12, 2008, inclusive, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement with All Defendants, Motion for Attorneys’ Fees, and Settlement Fairness Hearing (“Notice”) and a copy of the Proof of Claim and Release (“Claim Form”), you should obtain copies by writing to In re Virgin Mobile USA IPO Litigation, c/o The Garden City Group, Inc., PO Box 9661, Dublin, OH 43017-4961 or by visiting the website of the Claims Administrator at www.gardencitygroup.com. The Notice contains details about this Action and Settlement, including what you must do to exclude yourself from the Settlement, object to the terms of the Settlement, or file a Claim Form. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Claim Form and Release postmarked no later than December 31, 2010, establishing that you are entitled to recovery.

If you desire to be excluded from the Class, you must submit a Request for Exclusion to be received by November 15, 2010, in the manner and form explained in the detailed Notice referred to above. All Class Members who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation. Your objection(s) must be hand delivered or sent by first class mail to be received on or before Monday, November 15, 2010, to: the Court; Kahn Swick & Foti, LLC on behalf of the Lead Plaintiffs; and Counsel for the Defendants, at the following addresses:

     COURT:
         Clerk of the Court
         Martin Luther King, Jr. Federal Building and United States Courthouse
         50 Walnut Street
         Newark, New Jersey 07101

     FOR LEAD PLAINTIFFS:
         Lewis S. Kahn
         KAHN SWICK & FOTI, LLC
         206 Covington Street
         Madisonville, Louisiana 70447

         Lead Counsel for Lead Plaintiffs and the Class

     FOR DEFENDANTS:
         James Gamble
         Linda H. Martin
         SIMPSON THACHER & BARTLETT LLP
         425 Lexington Avenue
         New York, New York 10017

         Counsel for Defendants Virgin Mobile USA, Inc.,
         Daniel H. Schulman, John D. Feehan, Jr.,
         Frances Brandon-Farrow, Mark Poole,
         Robert Samuelson, and Corvina Holdings Limited

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel for Lead Plaintiffs and the Class at the address listed above.

    DATED: September 10, 2010                 BY ORDER OF THE COURT
                                              UNITED STATES DISTRICT COURT
                                              DISTRICT OF NEW JERSEY

(fn 1) All capitalized terms not otherwise defined in this document shall have the meaning provided in the Stipulation of Settlement, dated July 23, 2010.

SOURCE Kahn Swick & Foti, LLC