Aclaris Therapeutics Announces Proposed Settlement and Settlement Hearing of Stockholder Derivative Action
August 27 2021 - 4:01PM
Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage
biopharmaceutical company focused on developing novel drug
candidates for immuno-inflammatory diseases, today announced that a
settlement hearing (the “Settlement Hearing”) will be held on
November 30, 2021 at 11:00 a.m. ET, before the Honorable Lewis J.
Liman at the U.S. District Court for the Southern District of New
York, 500 Pearl Street, New York, NY 10007 (the “Court”) in the
matter of In re Aclaris Therapeutics, Inc. Derivative Litigation,
Lead Case No. 1:19-cv-10641-LJL (the “Consolidated Derivative
Action”).
On August 18, 2021, Judge Liman granted preliminary approval of
the proposed settlement of the Consolidated Derivative Action (the
“Proposed Settlement”) as set forth in the Stipulation and
Agreement of Settlement dated July 29, 2021 (the “Stipulation”),
approved the form and manner of the Notice of Pendency and Proposed
Settlement of Stockholder Derivative Action (the “Notice”), and
scheduled the Settlement Hearing. The Proposed Settlement involves
Aclaris implementing certain corporate governance reforms and for
attorneys’ fees to be paid to plaintiffs’ counsel by Aclaris’
insurer. The Settlement Hearing is being held to determine, among
other things, whether the terms of the Stipulation are fair,
reasonable, and adequate. A copy of the Notice can be accessed on
the “Investor Overview” page of the “Investors” section of Aclaris’
website, www.aclaristx.com.
Stockholders have the right to object to the Proposed
Settlement. The deadline for the submission by stockholders of an
objection to the Proposed Settlement is November 16, 2021, fourteen
(14) calendar days prior to the Settlement Hearing. To object, the
stockholder must follow the procedures outlined in the Notice.
There can be no assurance that the Proposed Settlement will
receive final approval from the Court. Please refer to the Notice
for more information about the Proposed Settlement and Settlement
Hearing.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical
company developing a pipeline of novel drug candidates to address
the needs of patients with immuno-inflammatory diseases who lack
satisfactory treatment options. The company has a multi-stage
portfolio of drug candidates powered by a robust R&D engine
exploring protein kinase regulation. For additional information,
please visit www.aclaristx.com.
Aclaris Contact
investors@aclaristx.com
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