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2016-08-29

Altair Nanotechnologies, Inc.: Altair Nanotechnologies Announces Proposed Derivative Settlement and Summary Notice of Hearing

RENO, Nev., Aug. 29, 2016 (GLOBE NEWSWIRE) -- Altair Nanotechnologies, Inc.,
today issued the following statement:

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| UNITED STATES DISTRICT COURT |
| SOUTHERN DISTRICT OF NEW YORK |
| |
| |
| In re Altair Nanotechnologies Shareholder |
| Derivative Litigation |
| CASE NO.: 14-CV-09418-AT |
| |
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SUMMARY NOTICE OF PROPOSED SETTLEMENT OF THE
ALTAIR NANOTECHNOLOGIES, INC. SHAREHOLDER DERIVATIVE LITIGATION

PLEASE BE ADVISED that Plaintiff and the Settling Defendants have reached a
settlement (the "Settlement") to resolve the issues raised in the
above-captioned consolidated derivative action ("Action") (capitalized terms
are defined in the Stipulation of Settlement dated July 22, 2016
("Stipulation")).

PLEASE BE FURTHER ADVISED that pursuant to an Order of the United States
District Court for the Southern District of New York (the "Court"), a hearing
(the "Settlement Hearing") will be held before the Honorable Analisa Torres
in the United States District Court for the Southern District of New York,
500 Pearl Street, Courtroom 15D, New York, New York 10007, at 3:00 p.m. on
January 9, 2017, to determine whether (i) the proposed settlement should be
approved by the Court as fair, reasonable, adequate, and in the best
interests of Altair Nanotechnologies, Inc. ("Altair" or the "Company") and
Altair shareholders; (ii) the Action should be dismissed with prejudice and
all Released Claims against the Released Persons should be released and
extinguished; (iii) the Court should award attorneys' fees and expenses to
Plaintiffs' Counsel and incentive awards to Plaintiffs; and (iv) to consider
such other matters as may properly come before the Court. The Settlement
Hearing may be continued by the Court at the Settlement Hearing, or at any
adjourned session thereof without further notice.

The Action and Settlement address claims alleging that certain current and
former directors and officers of Altair breached their fiduciary duties by
failing to implement and/or maintain adequate internal controls over the
Company's operations and disclosures, by making or approving false statements
to the Company's shareholders, by grossly mismanaging the Company, and by
wasting Altair's assets by causing the Company to incur significant potential
liability for legal costs, penalties, fines and/or legal fees in connection
with the defense of the Individual Defendants' unlawful course of conduct.
The Action further alleges that certain Defendants were unjustly enriched at
the Company's expense. The Settling Defendants deny and continue to deny all
allegations of wrongdoing and deny that Defendants have any liability on the
claims asserted in the Action.

As part of the Settlement, Altair has agreed to adopt and/or maintain certain
corporate governance reforms as set forth in the Stipulation. The terms and
conditions of the proposed Settlement are set forth in the Stipulation and
Addendum thereto. The Stipulation and Exhibits thereto has been filed with
the Court.

Plaintiffs' Counsel will request Court approval of the agreed upon attorneys'
fees and expenses in an amount not to exceed $150,000, which shall include
all attorneys' fees and costs that may be due any counsel (or anyone else)
who has asserted, or participated in the assertion of, derivative claims on
behalf of Altair in any court. Any award of fees and expenses will be paid
by the Company (or its insurer on its behalf). To date, Plaintiffs' Counsel
have neither received any payment for their services in conducting the
Action, nor have counsel been reimbursed for their out-of-pocket expenses
incurred. Plaintiffs will also seek Court approval of an incentive payment
of up to $1,500 each for their participation and efforts in the Action. This
Incentive Amount shall be paid from the attorneys' fees and expenses awarded
by the Court. If the Settlement is approved, the Action will be dismissed
with prejudice and the Defendants will be released by Plaintiffs, Altair, and
its shareholders from all claims that were or could have been alleged in the
Action.

If you are a current Altair Shareholder, you may have certain rights in
connection with the proposed settlement. The full and complete Notice along
with the Stipulation and Exhibits thereto have been made accessible on
Altair's corporate website at http://www.altairnano.com. If you are a
current Altair shareholder and do not take steps to appear in this Action or
to object to the Settlement, you will be bound by the Court's Judgment and
Order of Dismissal, you will forever be barred from raising an objection to
such Settlement in this or any other action or proceeding, and certain claims
that you might have may be released.

PLEASE DO NOT TELEPHONE THE COURT OR ALTAIR REGARDING THIS NOTICE.

Contact:
Karen Werner, kwerner@altairnano.com

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Altair Nanotechnologies, Inc. via Globenewswire

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