TORONTO--(BUSINESS WIRE)--If you are a Canadian-resident person or entity, other than an “Excluded Person”, who acquired common stock of Endo International plc (“Endo”) during the period from January 11, 2016 to and including June 8, 2017, on any stock exchange, and who held some or all of those securities at the close of trading on May 5, 2016, or on June 8, 2017 (defined as the “Class”), then this notice is for you.
In 2017, a proposed securities class action was commenced against Endo and two of its former officers, in the Ontario Superior Court of Justice (the “Court”). It is alleged that during the period from January 11, 2016 to and including June 8, 2017 (the “Class Period”), Endo made misrepresentations and omissions regarding: (1) certain antitrust investigation and the corresponding risk to Endo’s pro forma revenues therefrom; (2) the deterioration of Endo’s generic pharmaceutical business; and (3) the abuse of Endo’s product Opana ER and the corresponding risk to Endo’s pro forma revenues from the withdrawal of that product from the market. The parties have reached a proposed settlement of the class action, which is subject to approval by the Court (the “Agreement”). The Defendants do not admit any wrongdoing or liability. The Agreement is a compromise of disputed claims. This Notice provides a summary of the proposed settlement.
Under the Agreement, the Defendants will pay or cause to be paid CAD $700,000 (the “Settlement Amount”) in full and final settlement of all claims against them, including Class Counsel’s fees, applicable taxes and expenses, and interest, in exchange for a full release and a dismissal of the class action. Due to the limited monetary amount of the settlement, settlement funds will not be distributed to Class Members, but rather any amounts remaining after amounts approved by the Court to be paid to the Plaintiff and Class Counsel, will be provided cy près to the Investor Protection Clinic at Osgoode Hall Law School, and to start an Investor Protection Clinic at McGill University’s Faculty of Law.
Investors can opt-out of the proposed settlement and pursue their own action with their own lawyer at their own expense. A copy of the long-form notice providing greater detail about the settlement, including about Class Counsel’s fees that will be requested of the Court, your right to oppose the settlement, the hearing of the motion to approve the settlement, and the right to opt-out is available at https://morgantico.com/endo-international-plc/.
There will be a hearing (the “Approval Hearing”) in which Class Counsel will request the Court to approve (i) the Agreement; and (ii) their legal fees and expenses. The Approval Hearing shall take place on September 23, 2020. The Approval Hearing is scheduled to take place in person at the Courthouse at Osgoode Hall, 130 Queen St W., Toronto, ON., but due to the COVID pandemic may need to be conducted via video-conferencing methods such as Zoom or by conference call, as directed by further order of the Court.
At the Approval Hearing, the Court will determine whether the Agreement is fair, reasonable, and in the best interests of the Class. At the Approval Hearing, Class Counsel will also seek Court approval of their request for fees equal to 28% of the Settlement Amount plus reimbursement of their relevant expenses. Class Counsel has been working under a contingency-fee agreement and has not been paid as the matter has proceeded, and has paid all the expenses of conducting the litigation. Class Counsel will be requesting that the legal fees and disbursements be deducted from the Settlement Amount.
Any Class Member may participate in the Approval Hearing to object to the Agreement or comment on the Agreement or Class Counsel’s request for fees, so long as they email any objections or comments to Class Counsel at email@example.com no later than September 11, 2020 at 11:59pm. Class Members who do not email an objection or comment by September 11, 2020 will not be permitted to participate in the Approval Hearing.
The Ontario Superior Court of Justice has authorized distribution of this Notice.
Questions about this Notice should NOT be directed to the Court.