Adamas announces settlement agreement of previously disclosed class action litigation
November 02 2020 - 9:25AM
Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS), a company dedicated to
developing and delivering medicines that make a meaningful
difference to people affected by neurological diseases, today
announced it has signed a Memorandum of Understanding to settle one
of the previously disclosed securities class-action lawsuits,
Plymouth v. Adamas Pharmaceuticals, Inc., et al., Case No.
RG19018715, pending in the California Superior Court for the County
of Alameda.
The proposed settlement calls for a payment of
$7.5 million to eligible settlement class members in resolution of
claims asserted against the Company, its officers, directors and
the other defendants. The settlement will be paid by Adamas’
Director & Officer liability insurance. Adamas and the other
defendants continue to deny each of the plaintiff’s claims and all
liability. Adamas has agreed to the settlement to resolve the
disputes, avoid the costs and risks of further litigation, and
avoid further distractions to management. This settlement remains
subject to final documentation and approval by the court. A final
non-appealable closure of this court action is expected in
mid-2021.
About Adamas Pharmaceuticals,
Inc.At Adamas, our purpose and vision are clear: deliver
innovative medicines that make a clinically meaningful difference
for patients, caregivers and society. We are a fully integrated
company focused on growing a portfolio of therapies that address a
range of neurological diseases. For more information, please
visit www.adamaspharma.com.
Forward-looking
statementsStatements contained in this press release
regarding matters that may occur in the future are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including but not limited to, statements
contained in this press release regarding Adamas’ expectations of
the described settlement agreement. Such statements are subject to
risks and uncertainties, and actual results may differ materially
from those expressed or implied by such forward-looking statements.
In particular, the settlement agreement is an agreement in
principal and is subject to Court approval. For a description of
risks relating to Adamas’ business in general, see Adamas’
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on August 6, 2020, particularly under the
caption “Risk Factors.” Investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release. Adamas undertakes no obligation to
update any forward-looking statement in this press release, except
as required by law.
Contact:
Media:Sarah MathiesonVice President, Corporate
Communications510-450-3528smathieson@adamaspharma.com |
Investors:Peter VozzoManaging Director,
Westwicke443-213-0505peter.vozzo@westwicke.com |
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