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Summary Notice of Proposed Settlement and Settlement Hearing in Re Martek Biosciences Corp., Securities Litigation
Date:2/7/2008

RADNOR, Pa., Feb. 7 /PRNewswire/ -- The following release was issued today jointly by Schiffrin Barroway Topaz & Kessler, LLP and Milberg Weiss LLP:

UNITED STATES DISTRICT COURT

DISTRICT OF MARYLAND

(NORTHERN DIVISION)

IN RE MARTEK BIOSCIENCES CORP. (Ticker: MATK) SECURITIES LITIGATION

Civil Action No. MJG 05-1224

SUMMARY NOTICE OF PROPOSED SETTLEMENT AND SETTLEMENT HEARING

TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED MARTEK BIOSCIENCES CORPORATION COMMON STOCK DURING THE PERIOD DECEMBER 9, 2004, THROUGH APRIL 28, 2005, INCLUSIVE.

YOU ARE HEREBY NOTIFIED that the above-captioned action has been certified as a class action and that a settlement for Six Million Dollars ($6,000,000) has been proposed. A hearing will be held before the Honorable Marvin J. Garbis in the United States District Court for the District of Maryland, United States Courthouse, 101 W. Lombard Street, Baltimore, MD 21201, at 10:00 a.m., on April 4, 2008, to determine whether (1) the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (2) Plaintiffs' Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved; (3) Lead Plaintiffs should be reimbursed for their reasonable costs and expenses (including lost wages) directly related to their representation of the Class in the litigation; and (4) the claims against the Defendants should be dismissed with prejudice.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action and Motion for Attorneys' Fees and Expenses (the "Settlement Notice") and Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by visiting MartekSecuritiesSettlement.com or by contacting:

Martek Biosciences Corp. Securities Litigation

Claims Administrator

c/o A.B. Data, Ltd.

Post Office Box 170500

Milwaukee, WI 53217

(866) 963-9978

Inquiries, other than requests for copies of the Settlement Notice and Claim Form, may be made to Plaintiffs' Co-Lead Counsel:

Katharine M. Ryan, Esq.

Schiffrin Barroway Topaz & Kessler, LLP

280 King of Prussia Road

Radnor, PA 19087

Janine L. Pollack, Esq.

Todd S. Kussin, Esq.

Milberg Weiss LLP

One Pennsylvania Plaza

New York, NY 10119

To participate in the Settlement, you must submit a Claim Form no later than May 15, 2008. If you are a member of the Class and do not submit a proper Claim Form, you will not share in the Settlement but you nevertheless will be bound by the Final Judgment and Order of Dismissal of the Court. As more fully described in the Settlement Notice, the deadline for submitting objections and requests for exclusion is March 21, 2008.

Further information may also be obtained by directing your inquiry in writing to the Claims Administrator, A.B. Data, Ltd., at the address listed above or call toll free (866) 963-9978.

By Order of The Court


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SOURCE Schiffrin Barroway Topaz & Kessler, LLP
Copyright©2008 PR Newswire.
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