AVEO Oncology Announces Proposed Settlement and Settlement Hearing in 2014 Stockholder Litigation
September 30 2016 - 4:01PM
Business Wire
AVEO Oncology (NASDAQ:AVEO) today announced that a settlement
hearing will be held on December 19, 2016 at 3:00 p.m., before the
Honorable Denise J. Casper, United States Courthouse, Courtroom No.
11 of the John Joseph Moakley U.S. Courthouse, 1 Courthouse Way,
Boston, Massachusetts 02210 in the matter of Karen J. van Ingen v.
AVEO Pharmaceuticals, Inc., et al., Civil Action No.
1:14-cv-11672-DJC (D. Mass.) (the “Settlement Hearing”).
As previously disclosed by the Company, the parties have reached
an agreement in principle to settle this matter (the “Proposed
Settlement”). On September 16, 2016, Judge Casper granted
preliminary approval for the Proposed Settlement and scheduled the
Settlement Hearing on December 19, 2016, which is being held to
determine whether: (i) the terms of the Proposed Settlement are
fair, reasonable, and adequate, and in the best interests of AVEO;
(ii) whether, and, if so, in what amount, attorneys’ fees and
expenses should be awarded to Plaintiff’s Counsel; and (iii)
whether any incentive award to Plaintiff should be approved. The
Company expects that any attorney’s fees and expenses awarded to
Plaintiff’s Counsel and/or incentive award to Plaintiff will be
paid by insurance.
Any AVEO shareholder may appear at the Settlement Hearing and
show cause, if he, she, or it has any reason why the Settlement of
the Action, as described in the Company’s filing today with the
U.S. Securities and Exchange Commission on Form 8-K, should not be
approved as fair, reasonable, and adequate, or why judgment should
or should not be entered hereon, or why attorney’s fees and
expenses should not be awarded to Plaintiff’s Counsel, or why an
incentive award to Plaintiff should not be awarded. To object, the
shareholder must follow the procedures outlined in the Notice of
Pendency and Proposed Settlement of Shareholder Derivative
Action.
There can be no assurance that the settlement will receive final
approval from the court. Please refer to the Notice of Pendency and
Proposed Settlement of Shareholder Derivative Action for more
important information about the Proposed Settlement and the
Settlement Hearing.
About AVEO
AVEO Oncology (AVEO) is a biopharmaceutical company dedicated to
advancing a broad portfolio of targeted therapeutics for oncology
and other areas of unmet medical need. The company is focused on
developing and commercializing its lead candidate tivozanib, a
potent, selective, long half-life inhibitor of vascular endothelial
growth factor 1, 2 and 3 receptors, in North America as a treatment
for Renal Cell Carcinoma and other cancers. AVEO is leveraging
multiple partnerships to develop and commercialize tivozanib in
non-oncologic indications worldwide and oncology indications
outside of North America, as well as to progress its pipeline of
novel therapeutic candidates in cancer and cachexia (wasting
syndrome). For more information, please visit the company’s website
at www.aveooncology.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of AVEO
that involve substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. The words “anticipate,”
“believe,” “expect,” “intend,” “may,” “plan,” “could,” “should,”
“seek,” or the negative of these terms or other similar
expressions, are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Actual results or events could differ materially
from the plans, intentions and expectations disclosed in the
forward-looking statements that AVEO makes due to a number of
important factors, including the risks discussed in the section
titled “Risk Factors” in AVEO’s most recent Annual Report on Form
10-K, its quarterly reports on Form 10-Q and its other filings with
the SEC. The forward-looking statements in this press release
represent AVEO’s views as of the date of this press release. AVEO
anticipates that subsequent events and developments may cause its
views to change. While AVEO may elect to update these
forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so. You should,
therefore, not rely on these forward-looking statements as
representing AVEO’s views as of any date other than the date of
this press release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160930005463/en/
Company, Media and Investor Contact:Argot PartnersDavid Pitts,
212-600-1902aveo@argotpartners.com
AVEO Pharmaceuticals (NASDAQ:AVEO)
Historical Stock Chart
From Mar 2024 to Apr 2024
AVEO Pharmaceuticals (NASDAQ:AVEO)
Historical Stock Chart
From Apr 2023 to Apr 2024