Robbins Geller Rudman & Dowd LLP Announces a Proposed Settlement of Class Action in the Osmotica Pharmaceuticals plc Securities Litigation

SAN DIEGO--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Osmotica Pharmaceuticals plc Securities Litigation:

LEO SHUMACHER, Individually and on
Behalf of All Others Similarly Situated,

Plaintiff,

vs.

OSMOTICA PHARMACEUTICALS PLC, et al.,
Defendants.

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SUPERIOR COURT OF NEW JERSEY
LAW DIVISION: SOMERSET COUNTY
DOCKET NO. SOM-L-000540-19
(Consolidated)

CIVIL ACTION

JEFFREY TELLO and JASON GELLATI,
Individually and on Behalf of All Others
Similarly Situated,

Plaintiffs,

vs.

OSMOTICA PHARMACEUTICALS PLC,
BRIAN MARKISON, ANDREW EINHORN,
DAVID BURGSTAHLER, SRIRAM VENKATARAMAN,
CARLOS SIELECKI, JUAN VERGEZ, JEFFERIES LLC,
BARCLAYS CAPITAL INC., RBC CAPITAL MARKETS, LLC,
and WELLS FARGO SECURITIES, LLC,

Defendants

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SUPERIOR COURT OF NEW JERSEY
LAW DIVISION: SOMERSET COUNTY
DOCKET NO. SOM-L-617-19

 

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SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO ACQUIRED OSMOTICA PHARMACEUTICALS PLC (“OSMOTICA” OR THE “COMPANY”) COMMON STOCK PURSUANT AND/OR TRACEABLE TO OSMOTICA’S OCTOBER 2018 INITIAL PUBLIC OFFERING (“IPO”) OR THE REGISTRATION STATEMENT ISSUED IN CONNECTION WITH OSMOTICA’S IPO

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 November 9, 2021, at 9:00 a.m., before the Honorable Michael F. O’Neill, Superior Court of New Jersey, Law Division: Somerset County, 20 North Bridge Street, Somerville, NJ 08876, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Stipulation of Settlement (“Stipulation”)1 for $5,250,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as attached to the Stipulation should be entered; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below), and, if so, in what amount; (4) to award Plaintiffs for representing the Settlement Class out of the Settlement Fund and, if so, in what amounts; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.2

This Action is a securities class action brought on behalf of those persons who acquired Osmotica common stock pursuant and/or traceable to the Registration Statement or IPO, against Osmotica and others (collectively, “Defendants”), which alleges that the Defendants made allegedly materially untrue statements or materially misleading omissions in the Registration Statement. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s stock, resulting in damage to Settlement Class Members when the purported truth was revealed. Defendants deny all of Plaintiffs’ allegations and deny that they engaged in any wrongdoing whatsoever, and the Settlement is not an admission of any wrongdoing or liability on the part of the Defendants.

IF YOU ACQUIRED OSMOTICA COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE REGISTRATION STATEMENT OR IPO, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than September 30, 2021) or electronically (no later than September 30, 2021). Your failure to submit your Proof of Claim by September 30, 2021, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Settlement Class and do not request exclusion therefrom in accordance with the procedures set by the Court, 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.

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), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used herein) and other Settlement documents, online at www.OsmoticaSecuritiesSettlement.com, or by writing to:

Osmotica Securities Settlement
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 43345
Providence, RI 02940-3345

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

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 1-800-449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY AUGUST 31, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS IN THE MANNER AND FORM EXPLAINED IN THE NOTICE WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE AWARDS TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY AUGUST 31, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: June 11, 2021

   

BY ORDER OF THE SUPERIOR COURT OF NEW JERSEY

LAW DIVISION: SOMERSET COUNTY


1 The Stipulation can be viewed and/or obtained at www.OsmoticaSecuritiesSettlement.com. All terms used herein shall have the same meaning as set forth in the Stipulation.
2 The Coronavirus (COVID-19) pandemic is a fluid situation that creates the possibility that the Court may decide to conduct the Settlement Fairness Hearing by video or telephonic conference, or otherwise allow Settlement Class Members to appear at the hearing virtually without further notice to the Settlement Class. In order to determine whether the date and time of the Settlement Fairness Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Settlement website, www.OsmoticaSecuritiesSettlement.com, before making any plans to attend the Settlement Fairness Hearing. Any updates and information for accessing a telephonic or video Settlement Fairness Hearing will be posted to the Settlement website, www.OsmoticaSecuritiesSettlement.com. Also, if the Court requires or allows Settlement Class Members to participate in the Settlement Fairness Hearing by telephone, the phone number for accessing the telephonic conference will be posted to the Settlement website. You will not receive another notice such as this one regarding such changes; they will only be posted to the Settlement website.

Contacts

Media Contact:
Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1-619-231-1058

Release Summary

TO: All Persons Who Acquired Osmotica Pharmaceuticals Plc (“Osmotica” or the “company”) Common Stock.

Contacts

Media Contact:
Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1-619-231-1058