Robbins Geller Rudman & Dowd LLP and Pomerantz LLP Announce Proposed Settlement of Sientra, Inc. Shareholder Litigation

LOS ANGELES--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Pomerantz LLP regarding the Sientra, Inc. Shareholder Litigation:

 

UNITED STATES DISTRICT COURT

CENTRAL DISTRICT OF CALIFORNIA

     
JOHN M. FLYNN, Individually and on Behalf of All

:

Others Similarly Situated,

:

No. 2:15-cv-07548-SJO-RAO
Plaintiff, :
v. :
SIENTRA, INC., HANI ZEINI, MATTHEW :
PIGEON, NICHOLAS SIMON, TIMOTHY :
HAINES, R. SCOTT GREER, KEVIN O’BOYLE, :
JEFFREY NUGENT, PIPER JAFFRAY & CO., :
STIFEL, NICOLAUS & CO., INC., LEERINK :
PARTNERS LLC, and WILLIAM BLAIR & CO., :
L.L.C., :
Defendants. :
  :
 

SUPERIOR COURT OF THE STATE OF CALIFORNIA

COUNTY OF SAN MATEO

 

OKLAHOMA POLICE PENSION &

)

Master File No. CIV 536013

RETIREMENT SYSTEM, Individually and on

)

CLASS ACTION

Behalf of All Others Similarly Situated,

)

Plaintiff,

)

vs.

)

SIENTRA, INC., et al.,

)

Defendants.

)

 

)

 

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTIONS

 

TO:

ALL PERSONS OR ENTITIES (“PERSONS”) THAT PURCHASED OR OTHERWISE ACQUIRED SIENTRA, INC. (“SIENTRA” OR THE “COMPANY”) COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY’S SEPTEMBER 2015 SECONDARY OFFERING OR THAT PURCHASED OR OTHERWISE ACQUIRED SIENTRA COMMON STOCK DURING THE PERIOD MAY 14, 2015 THROUGH AND INCLUDING OCTOBER 28, 2015 (THE “CLASS”)

 

THIS NOTICE WAS AUTHORIZED BY TWO COURTS. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

 

YOU ARE HEREBY NOTIFIED that a hearing will be held on May 22, 2017, at 10:00 a.m., before the Honorable S. James Otero at the United States District Court for the Central District of California, Courtroom 10C, 350 W. 1st Street, Los Angeles, CA 90012, and a hearing will be held on May 31, 2017 at 9:00 a.m., before the Honorable Marie S. Weiner at the Superior Court of the State of California, County of San Mateo, Department 2, Courtroom 2E, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement as set forth in the Stipulation of Settlement dated December 2, 2016 (“Stipulation”) of the above-captioned actions (“Actions”) for $10,900,000 in cash should be approved by the Courts as fair, reasonable and adequate; (2) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Actions (“Notice”), which is discussed below); and (3) the Plan of Allocation should be approved by the Courts, as fair, reasonable and adequate.

The Actions are securities class actions brought on behalf of those Persons who purchased or otherwise acquired the common stock of Sientra pursuant or traceable to the Registration Statement and Prospectus (“Registration Statement”) issued in connection with Sientra’s September 2015 secondary public offering and/or who purchased or acquired Sientra common stock during the period May 14, 2015 through and including October 28, 2015 (“Class Members”), against Sientra, certain of its key executives and directors, and Underwriters of the secondary offering (collectively, “Defendants”) for allegedly misstating and omitting material facts concerning alleged particle contamination on Sientra’s primary products, silicone breast implants, at Sientra’s Silimed manufacturing plant in Brazil. Federal Plaintiffs alleged claims under §§11 and 15 of the Securities Act of 1933 and §§10(b) and 20(a) of the Securities Exchange Act of 1934. State Plaintiffs alleged claims under §§11, 12(a)(2) and 15 of the Securities Act of 1933. Defendants deny all of Plaintiffs’ allegations.

IF YOU PURCHASED OR OTHERWISE ACQUIRED SIENTRA COMMON STOCK (1) PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE COMPANY’S SEPTEMBER 2015 OFFERING, OR (2) DURING THE PERIOD MAY 14, 2015 THROUGH AND INCLUDING OCTOBER 28, 2015, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THESE ACTIONS.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim by mail (postmarked no later than May 8, 2017) or by submitting electronically no later than May 8, 2017. Your failure to submit your Proof of Claim by May 8, 2017, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the settlement of the Actions. If you are a member of the Class and do not request exclusion, you will be bound by the Settlement and any judgment and release entered in the Actions, including, but not limited to, the Judgments, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or exclude yourself from the Settlement), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.sientrashareholderlitigation.com, or by writing to:

 

Sientra Shareholder Litigation

Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 30252
College Station, TX 77842-3252
Phone: 1-866-801-6780
 

Inquiries should NOT be directed to Defendants, the Courts, or the Clerks of the Courts. Inquiries may also be made to a representative of Plaintiffs’ Counsel:

                   
ROBBINS GELLER RUDMAN POMERANTZ LLP
& DOWD LLP Leigh Handelman Smollar, Esq.
Shareholder Relations 10 South LaSalle Street, Suite 3505
Rick Nelson Chicago, IL 60603
655 West Broadway, Suite 1900
San Diego, CA 92101
Phone: 800-449-4900
 

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN APRIL 24, 2017, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE JUDGMENTS ENTERED IN THE ACTIONS EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, AND/OR THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES. ANY OBJECTIONS MAY BE FILED WITH EITHER COURT AND MUST BE SENT TO PLAINTIFFS’ COUNSEL AND THE CLAIMS ADMINISTRATOR BY MAY 8, 2017, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

                   
DATED: February 6, 2017 BY ORDER OF THE UNITED STATES DISTRICT
COURT
FOR THE CENTRAL DISTRICT OF CALIFORNIA
HONORABLE S. JAMES OTERO
 
BY ORDER OF THE SUPERIOR COURT OF
CALIFORNIA, COUNTY OF SAN MATEO
HONORABLE MARIE S. WEINER
 

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson, 800-449-4900

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson, 800-449-4900