SAN JOSE, Calif.--(BUSINESS WIRE)--The following statement is being issued by Monteverde & Associates PC and Wolf Popper LLP in regard to a proposed class action settlement.
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, SETTLEMENT HEARING, AND RIGHT TO APPEAR
TO: RECORD AND BENEFICIAL HOLDERS OF HANSEN MEDICAL, INC.’S (“HANSEN MEDICAL”) COMMON STOCK AS OF JULY 27, 2016, THE DATE OF THE CONSUMMATION OF HANSEN MEDICAL’S MERGER WITH AURIS SURGICAL ROBOTICS, INC. (THE “MERGER”), INCLUDING ANY AND ALL OF THEIR RESPECTIVE SUCCESSORS-IN-INTEREST, SUCCESSORS, PREDECESSORS-IN-INTEREST, PREDECESSORS, REPRESENTATIVES, TRUSTEES, EXECUTORS, ADMINISTRATORS, ESTATES, HEIRS, ASSIGNS AND TRANSFEREES, IMMEDIATE AND REMOTE, AND ANY PERSON OR ENTITY ACTING FOR OR ON BEHALF OF, OR CLAIMING UNDER, ANY OF THEM, AND EACH OF THEM, TOGETHER WITH THEIR PREDECESSORS-IN-INTEREST, PREDECESSORS, SUCCESSORS-IN-INTEREST, SUCCESSORS, AND ASSIGNS (THE “CLASS”).
THE PARTIES TO A SHAREHOLDER CLASS ACTION SUIT CONCERNING THE MERGER HAVE AGREED TO A PROPOSED SETTLEMENT. YOU MAY BE ENTITLED TO COMPENSATION AS A RESULT OF THE PROPOSED SETTLEMENT IN THE ACTION CAPTIONED:
IN RE HANSEN MEDICAL INC. SHAREHOLDER LITIGATION, Lead Case No. 16-CV-294288
YOU ARE HEREBY NOTIFIED, pursuant to California Code of Civil Procedure Section 382 and an Order of the Court, that the above-captioned action has been provisionally certified as a class action and that a settlement for $7,500,000 has been proposed (the “Settlement”). Under the Settlement, the settlement amount, minus any Court-approved attorneys’ fees (not to exceed one third of the total Settlement Fund), incentive awards (not to exceed $1,000.00 per named Plaintiff), expenses (approximately $60,000.00), and notice and administrative costs estimated to be approximately $65,000.00), will be distributed on a per share basis to Class members who owned shares of Hansen Medical common stock as of July 27, 2016, the date of the consummation of the Merger. The expected payment, assuming the Court approves Plaintiffs’ Counsel’s request for attorneys’ fees will be approximately $.76 per share, but may vary based upon the amount of other Court-approved deductions and costs.
If a dispute arises regarding an Eligible Class Member’s participation and/or recovery in the Settlement, the Eligible Class Member shall contact the claims administrator at 877-253-3661 and provide the claims administrator with documents sufficient to show the total number of Hansen Medical shares that he or she owned as of July 27, 2016 (the date on which the Merger was consummated). The claims administrator shall contact Class Counsel regarding any such dispute. Based upon the documentation presented, within fourteen (14) calendar days, Class Counsel shall make a determination whether payment (or an additional payment) is owed to the Eligible Class Member. If the Eligible Class Member disputes this determination, Class Counsel shall request a hearing with the Court to address that dispute.
A hearing will be held before the Honorable Brian C. Walsh in the Santa Clara County Superior Court, Department 1, located at 191 North First Street San Jose, CA 95113, at 9:00 AM on July 12, 2019 to determine whether the Settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiffs’ Counsel for attorneys’ fees and reimbursement of expenses and incentive awards for the named Plaintiffs (the “Settlement Hearing”).
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THIS SETTLEMENT. IF THE COURT APPROVES THE SETTLEMENT, YOU WILL BE FOREVER BARRED FROM PURSUING THE RELEASED CLAIMS. You may obtain copies of the Stipulation of the Agreement of Settlement, Compromise, and Release, a detailed Notice of Pendency of Class Action, Proposed Settlement, Settlement Hearing, and Right to Appear (the “Notice”), and instructions concerning your right to appear and object to the Settlement or award of attorneys’ fees by visiting the website www.HansenMedicalLitigation.com or contacting Plaintiffs’ Counsel:
Monteverde & Associates PC
Juan E. Monteverde
The Empire State Building
350 Fifth Avenue, Suite 4405
New York, NY 10118
WOLF POPPER LLP
Carl L. Stine
Adam J. Blander
845 Third Avenue
New York, NY 10022
As described more fully in the Notice, you need not file a written objection in order to object and may appear at the Settlement Hearing personally to make an oral objection. In the event there is a written objection it shall be filed with the Court and served upon Plaintiff’s counsel above such that they are received no later than twenty-one (21) calendar days prior to the Settlement Hearing, or no later than June 21, 2019. If you want to be excluded from the Class and Settlement, you must make a request in writing no later than twenty-one (21) calendar days prior to the Settlement Hearing, or no later than June 21, 2019.
Further information may be obtained by contacting the Plaintiffs’ counsel listed above.
PLEASE DO NOT CALL THE COURT.
By Order of The Court