RALEIGH, N.C.--(BUSINESS WIRE)--The following statement is being issued by Pomerantz LLP in regard to a proposed class action settlement.
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NORTH CAROLINA
|PHILLIP J. SINGER, Individually and on Behalf of All Other||:|
|Persons Similarly Situated,||:|
|TRANS1 INC., KENNETH REALI, JOSEPH P. SLATTERY, RICHARD||:|
RANDALL, and MICHAEL LUETKEMEYER,
NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE SECURITIES OF BAXANO SURGICAL, INC. F/K/A TRANS1, INC.1 (“TRANS1”) BETWEEN FEBRUARY 23, 2009 AND OCTOBER 17, 2011, BOTH DATES INCLUSIVE.
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 Eastern District of North Carolina, Southern Division, that a hearing will be held on November 19, 2018, at 2:00 p.m. before the Honorable James C. Dever III, Chief United States District Judge of Eastern District of North Carolina at the United States courthouse, 310 New Bern Avenue, Raleigh, North Carolina 27611 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of three million two hundred fifty thousand ($3,250,000.00) in U.S. dollars (“USD”) (the “Settlement Amount”) should be approved by the Court as fair, reasonable, and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether Lead Counsel’s application for an award of attorneys’ fees of up to 30% plus interest of the Settlement Amount, reimbursement of out-of-pocket expenses of not more than seventy-five thousand dollars ($75,000.00), and a compensatory award for Plaintiff of not more than three thousand dollars ($3,000.00), all to be paid from the Settlement Fund, should be approved; and (4) whether this Action should be dismissed with prejudice against the Defendants, as set forth in the Stipulation and Agreement of Settlement dated May 18, 2018 (the “Stipulation”) filed with the Court.
You are receiving this Notice because the Court has certified a class of investors for settlement purposes only (“Settlement Class”) and you may be a member of the certified class (“Settlement Class Member”). The proposed Settlement Class will consist of all Persons who purchased or acquired TranS1 securities (including through the exercise of warrants or options) between February 23, 2009 and October 17, 2011, both dates inclusive (the “Class Period”) who were allegedly damaged thereby. Excluded from the Settlement Class are (i) the Defendants; (ii) the officers and directors of TranS1 during the Class Period; (iii) members of the immediate families of the Individual Defendants and the officers and directors of TranS1 during the Class Period; (iv) any entity in which any Defendant had a controlling interest during the Class Period; and (v) the successors, heirs, and assigns of any such excluded Person. Also excluded from the Settlement Class are those Persons who timely and validly seek exclusion from the Settlement Class.
If you purchased TranS1 securities during the Class Period, your rights may be affected by this Action and the Settlement thereof, including the release and extinguishment of claims you may possess relating to your ownership interest in TranS1 securities. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys’ Fees and Expenses, and Settlement Fairness Hearing (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by contacting the Claims Administrator at:
Singer v. TranS1, Inc., et al.
c/o Epiq Class Action & Claims Solutions, Inc.
PO Box 5270
Portland, OR 97208-5270
This case has been litigated since January 24, 2012. Plaintiff alleges, that in violation of the U.S. federal securities laws, TranS1’s securities were inflated during the Class Period. Plaintiff alleges, among other things, that the Defendants made false and/or misleading statements and/or omissions during the Class Period regarding TranS1’s reimbursement policies and compliance with federal healthcare fraud and abuse laws, including the Federal False Claims Act. Plaintiff further alleges that partial disclosures and events revealed Defendants’ fraud, thereby injuring Plaintiff and the Settlement Class of investors. Defendants deny these allegations. The Settlement will resolve the lawsuit and claims as to the Defendants and the Released Parties. Plaintiff and the Settlement Class are represented by Lead Counsel who may be reached by contacting: Jeremy A. Lieberman, Pomerantz LLP, 600 Third Avenue, 20th Floor, New York, NY 10016 (212) 661-1100.
If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than January 2, 2019, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any Judgment rendered in the Action whether or not you make a claim.
If you want to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, in accordance with the procedures set forth in the Notice, so that it is received no later than October 29, 2018. If you decide to exclude yourself from the Settlement Class, and wish to file your own individual lawsuit, Defendants may argue that you face a time bar under applicable statutes of limitation or repose, risks that you should discuss with an appropriate legal advisor. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any Judgment entered in the Action pursuant to the Stipulation.
If you are a Settlement Class Member and do not exclude yourself, you can object to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and compensatory award to Plaintiff in the manner and form explained in the detailed Notice and received no later than October 29, 2018.
Any questions regarding the Settlement should be directed to Lead Counsel for the Settlement Class.
PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
|DATED: February 23, 2018||
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
|EASTERN DISTRICT OF NORTH CAROLINA|
1 On November 12, 2014, Baxano Surgical, Inc. petitioned for bankruptcy relief in the United States Bankruptcy Court for the District of Delaware. On July 24, 2015, the bankruptcy court confirmed Baxano’s bankruptcy plan, which provided for the dissolution of Baxano upon the effective date of the plan. The plan went into effect on August 10, 2015.