The Rosen Law Firm, P.A. announced that the United States District Court Central District of California Western Division has approved the announcement of a proposed class action settlement that would benefit purchasers of common stock of National Lampoon Inc. The hearing is for the purpose of determining: whether the proposed Settlement consisting of the sum of $1,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; whether the application for an award of attorneys' fees of one-third of the Settlement amount and reimbursement of expenses of not more than $50,000, and an incentive payment of $1,500 to each of the three lead plaintiffs, should be approved; and whether the Litigation should be dismissed with prejudice.