The Rosen Law Firm, P.A and Pomerantz LLP Announce Proposed Settlement of Galena Biopharmaceutical Securities Litigation - GA...
March 09 2016 - 7:46PM
UNITED STATES DISTRICT
COURTDISTRICT OF OREGON
IN RE GALENA BIOPHARMA, INC.
SECURITIES LITIGATION,
Case
No.:3:14-cv-00367-SI
SUMMARY NOTICE OF PROPOSED PARTIAL
SETTLEMENT OF CLASS ACTION, MOTION FOR ATTORNEYS’ FEES AND
EXPENSES,AND FINAL APPROVAL HEARING
TO: ALL
PERSONS AND ENTITIES THAT PURCHASED GALENA BIOPHARMA, INC.,
(“GALENA”) COMMON STOCK DURING THE PERIOD FROM AUGUST 6, 2013
THROUGH MAY 14, 2014, BOTH DATES INCLUSIVE (THE “CLASS
PERIOD”).
EXCLUDED FROM THE CLASS ARE DEFENDANTS, THE
OFFICERS AND DIRECTORS OF GALENA, AND THEIR FAMILIES AND
AFFILIATES.
YOU ARE HEREBY NOTIFIED, pursuant
to Rule 23 of the Federal Rules of Civil Procedure and an Order of
the United States District Court for the District of Oregon, that a
hearing will be held on June 23, 2016, at 3:30 p.m., before the
Honorable Michael H. Simon, United States District Judge, at the
courthouse for the United States District Court, District of
Oregon, Portland Division, 1000 Southwest Third Avenue, Portland,
Oregon 97204, for the purpose of determining, among other things,:
(1) whether the proposed Settlement of the Class’s claims against
the Settling Defendants for $19 million in cash and $1 million in
Galena common stock should be approved as fair, reasonable and
adequate; (2) whether the Plan of Allocation is fair and
reasonable, and should be approved; (3) whether the application by
Co-Lead Counsel for an award of attorneys’ fees and expenses in the
amount of 25% of the settlement amount ($4.75 million in cash and
$250,00 in Galena common stock) should be approved; (4) whether the
Lead Plaintiff’s application for reimbursement of costs and
expenses in an amount not to exceed $475,000 should be granted; (5)
whether the Lead Plaintiffs’ application for an incentive award in
the amount of $5,000 for each one of the four Lead Plaintiffs
should be granted and (6) whether the Action should be dismissed
with prejudice against the Settling Defendants as set forth in the
Settlement Stipulation filed with the Court.
If you purchased or otherwise acquired Galena
common stock between August 6, 2013 and May 14, 2014, both dates
inclusive, your rights may be affected by this Action and the
Settlement thereof. If you have not received the detailed Notice Of
Proposed Partial Settlement Of Class Action, Motion For Attorneys’
Fees And Expenses, And Final Approval Hearing (the “Notice”) and
Proof of Claim and Release Form, you may obtain them free of charge
by contacting the Claims Administrator, by mail at: In re Galena
Biopharma Inc. Securities Litigation, c/o KCC Class Action
Services, PO Box 40007, College Station, TX 77842-4007; by
telephone at (844) 830-5235; or by visiting the website
at: www.galenasecuritieslitigation.com
If you are a member of the Class and wish to share
in the Settlement money, you must submit a Proof of Claim no later
than April 16, 2016 establishing that you are entitled to recovery.
As further described in the Notice, you will be bound by any
judgment entered in the Action, regardless of whether you submit a
Proof of Claim, unless you exclude yourself from the Class, in
accordance with the procedures set forth in the Notice, by no later
than June 2, 2016.
You have the right to object to the Settlement,
Plan of Allocation or the request for attorneys’ fees and expenses
and incentive awards to Lead Plaintiffs. Any objections to the
Settlement, Plan of Allocation, or requests for attorney’s fees and
expenses or incentive awards to Lead Plaintiffs must be filed with,
or mailed to, the Court, in accordance with the procedures set
forth in the Notice, no later than June 9, 2016.
Inquiries, other than requests for the Notice, may
be made to Co-Lead Counsel for the Class: Laurence M. Rosen, Esq.,
The Rosen Law Firm, P.A., 275 Madison Avenue, 34th Floor, New York,
NY 10016, lrosen@rosenlegal.com; or Leigh Handelman Smollar, Esq.
Pomerantz LLP, 10 South La Salle Street, Suite 3505, Chicago, IL
60603, lsmollar@pomlaw.com.
INQUIRIES SHOULD NOT BE DIRECTED TO THE
COURT, THE CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’
COUNSEL
DATED: February 16,
2016
BY ORDER OF THE UNITED STATESDISTRICT
COURT FOR DISTRICT OF OREGON
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