Scott+Scott Attorneys at Law LLP Announce a Notice of Proposed Settlement of Class Action for the Adamas Shareholder Litigation

SAN DIEGO--()--Scott+Scott Attorneys at Law LLP:

SUPERIOR COURT OF THE STATE OF CALIFORNIA

FOR THE COUNTY OF ALAMEDA

PLYMOUTH COUNTY CONTRIBUTORY
RETIREMENT SYSTEM, Individually and on
Behalf of All Others Similarly Situated,

 

Plaintiff,

 

vs.

 

ADAMAS PHARMACEUTICALS, INC.;
WILLIAM ERICSON; MARTHA J. DEMSKI;
IVAN LIEBERBURG; GREGORY T. WENT;
MICHAEL F. BIGHAM; DAVID L. MAHONEY;
JOHN MACPHEE; RAJIV PATNI; JENNIFER J. RHODES;
ALFRED G. MERRIWEATHER;
CHRISTOPHER B. PRENTISS; RICHARD KING;
MARDI C. DIER; MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED;
LEERINK PARTNERS LLC; and EVERCORE GROUP L.L.C.,

 

Defendants.

Case No. RG19018715

 

CLASS ACTION

 

Assigned for All Purposes to Dept. 23

 

SUMMARY NOTICE OF PROPOSED
SETTLEMENT OF CLASS ACTION

 

 

Honorable Brad Seligman

Dept. 23

Date Action Filed: May 13, 2019

 

 

TO: ALL PERSONS OR ENTITIES THAT PURCHASED ADAMAS PHARMACEUTICALS, INC. (“ADAMAS” OR THE “COMPANY”) COMMON STOCK DIRECTLY IN ADAMAS’ JANUARY 24, 2018, SECONDARY PUBLIC OFFERING (“SPO”) PURSUANT TO ADAMAS’ NOVEMBER 21, 2016, REGISTRATION STATEMENT AND JANUARY 24, 2018, PROSPECTUS SUPPLEMENT AND ALL MATERIALS INCORPORATED THEREIN (COLLECTIVELY, THE “OFFERING DOCUMENTS”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. 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 April 13, 2021 at 3:00 p.m., before the Honorable Brad Seligman at the Superior Court of California, County of Alameda, 1221 Oak Street, Oakland, CA 94612, to determine whether: (1) the proposed Settlement as set forth in the Stipulation of Settlement dated November 23, 2020 (“Stipulation”), of the above-captioned action (“Action”) for $7,500,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate; (3) to award Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action (“Notice”), which is discussed below), and if so in what amount; (4) to reimburse Plaintiff for its time and expense in representing the Class, and if so in what amount; and (5) to enter the Judgment as provided under the Stipulation.

This Action is a securities class action brought on behalf of those Persons or Entities who purchased the common stock of Adamas directly in Adamas’ January 24, 2018, SPO against Adamas, certain of its officers and directors, and the SPO Underwriters for allegedly making materially untrue or misleading statements in the Offering Documents filed with the U.S. Securities and Exchange Commission (“SEC”) in connection with the SPO, which allegedly damaged Class Members. Defendants deny all of Plaintiff’s allegations.

IF YOU PURCHASED OR ACQUIRED ADAMAS COMMON STOCK DIRECTLY IN THE JANUARY 24, 2018, SPO, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release (“Proof of Claim”) by mail (postmarked no later than May 8, 2021) or submitted electronically at www.AdamasShareholderSettlement.com no later than May 8, 2021. Your failure to submit your Proof of Claim by May 8, 2021, will subject your claim to possible rejection and may preclude you from receiving any of the recovery in connection with the Settlement of this Action. 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 Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim. Plaintiff’s Counsel represent you and other Members of the Class. If you want to be represented by your own lawyer, you may hire one at your own expense.

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 Class), 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.AdamasShareholderSettlement.com, or by writing to:

Adamas Shareholder Litigation Settlement
Claims Administrator
c/o A.B. Data, Ltd.
P.O. Box 173028
Milwaukee, WI 53217
Phone: (877) 203-8960
www.AdamasShareholderSettlement.com

Inquiries may also be made to a representative of Plaintiff’s Counsel:

SCOTT+SCOTT ATTORNEYS AT LAW LLP
John T. Jasnoch
600 W. Broadway, Suite 3300
San Diego, CA 92101
Phone: (800) 332-2259

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN MARCH 12, 2021, 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 SETTLEMENT ENTERED IN THE LITIGATION 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 PLAINTIFF’S COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES. ANY WRITTEN OBJECTIONS MAY BE SENT TO THE CLAIMS ADMINISTRATOR NO LATER THAN MARCH 12, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. HOWEVER, IT IS NOT NECESSARY TO FILE A WRITTEN OBJECTION IN ORDER TO APPEAR AT THE HEARING TO PRESENT YOUR OBJECTION TO THE COURT.

DATED: JANUARY 14, 2021

BY ORDER OF THE SUPERIOR COURT OF CALIFORNIA,
COUNTY OF ALAMEDA
HONORABLE BRAD SELIGMAN

 

Contacts

John T. Jasnoch
800-332-2259

Release Summary

Scott+Scott Attorneys at Law LLP Announce a Notice of Proposed Settlement of Class Action for the Adamas Shareholder Litigation.

Contacts

John T. Jasnoch
800-332-2259