The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Securities of Akari Therapeutics, plc -- AKTX
NEW YORK, Aug. 20, 2018 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Akari Therapeutics, plc (NASDAQ:AKTX):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED AKARI THERAPEUTICS PLC SECURITIES FROM APRIL 24, 2017 THROUGH MAY 30, 2017, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on November 28, 2018, at 2:00 p.m. before the Honorable Katherine Polk Failla, United States District Judge of the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 618, New York, New York 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $2,700,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Plaintiffs’ Counsel for an award of attorneys’ fees of up one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $50,000 and an incentive payment of no more than $4,000, in aggregate, or $2,000, each, to Lead Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated August 3, 2018 (the “Settlement Stipulation”).
If you purchased Akari Therapeutics, plc (“Akari”) securities during the period from April 24, 2017 through May 30, 2017, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Akari securities. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator: Akari Therapeutics, plc Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; firstname.lastname@example.org. If you are a member of the Settlement Class, 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 October 15, 2018 to the Claims Administrator, 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 desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than November 7, 2018, in the manner and form explained in the Notice. 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 Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than November 7, 2018, to each of the following:
Clerk of the Court LEAD COUNSEL: COUNSEL FOR DEFENDANTS: United States District Court Southern District of New York THE ROSEN LAW FIRM, P.A. ORRICK, HERRINGTON & SUTCLIFFE LLP 500 Pearl Street Phillip Kim, Esq. James N. Kramer New York, NY 10007 Laurence M. Rosen, Esq. The Orrick Building 275 Madison Avenue, 34th Floor 405 Howard Street New York, NY 10016 San Francisco, CA 94105 MOSKOWITZ & BOOK, LLP Avraham C. Moskowitz 345 7th Avenue, 21st Floor New York, NY 10001 ----------------------------- ------------------------------ ----------------------------------
If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:
THE ROSEN LAW FIRM, P.A. Phillip Kim, Esq. Laurence M. Rosen, Esq. 275 Madison Avenue, 34th Floor New York, New York 10016
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: August 7, 2018
----------------------------- BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK