Wolf Popper LLP Announces a Proposed Class Action Settlement for all Persons Who Purchased or Otherwise Acquired ImmunoCellular Therapeutics, Ltd. (“IMUC”) Common Stock
NEW YORK, March 22, 2019 (GLOBE NEWSWIRE) --
UNITED STATES DISTRICT COURTCENTRAL DISTRICT OF CALIFORNIA
ARTHUR KAYE IRA FCC AS CUSTODIAN DTD Case No. 2:17-cv-03250-FMO 6-8-00 and HAYDEN LEASON, Individually and On Behalf of All Others Similarly (SKx) Situated, Plaintiffs, CLASS ACTION v. IMMUNOCELLULAR THERAPEUTICS, LTD., DAVID FRACTOR, MANISH SINGH, LAVOS, LLC, LIDINGO HOLDINGS, LLC, KAMILLA BJORLIN, ANDREW HODGE, and BRIAN NICHOLS, Defendants. ----------------------------------------------------------------------------
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
To: All persons who purchased or otherwise acquired ImmunoCellular Therapeutics, Ltd. (“IMUC”) common stock on the open market between May 1, 2012 and May 30, 2014, inclusive, and were damaged thereby (the “Settlement Class”).
A hearing will be held at 10:00 a.m. on August 22, 2019, before the Honorable Fernando M. Olguin at the United States District Court for the Central District of California, Western Division, 350 W. 1st Street, Los Angeles, CA 90012, to determine whether (1) the proposed Settlement of the action titled Kaye v. ImmunoCellular Therapeutics, Ltd. et al., Case No. 2:17-cv-03250-FMO-SK (the “Action”), for the sum of $1,150,000 should be approved by the Court as fair, reasonable, and adequate; (2) the Court should approve the Plan of Allocation of Settlement proceeds as fair, reasonable, and adequate; (3) Co-Lead Counsel should be awarded up to $287,500 in attorneys’ fees (25% of the $1,150,000 settlement amount) and reimbursed for up to $80,000 of litigation expenses, and Plaintiffs should be awarded their reasonable costs incurred in the representation of the Class, including lost wages, not to exceed $2,500 per Plaintiff; and (4) the Court should enter the Judgment dismissing the Action with prejudice. The Court may change the hearing date without further notice to the Class.
If you purchased IMUC common stock between May 1, 2012 and May 30, 2014, inclusive, your rights may be affected by this Settlement. You may obtain, free of charge, a detailed Notice of Proposed Class Action Settlement (the “Notice”), a copy of the Proof of Claim and Release form, and a copy of the Exclusion Form at the Claims Administrator’s website, www.imucsecuritieslitigation.com, or by contacting the Claims Administrator by toll free phone at 800-391-9724 or by mail at ImmunoCellular Therapeutics, Ltd. Sec. Litig., c/o A.B. DATA, LTD. – CLASS ACTION ADMINISTRATION, P.O. Box 173054, Milwaukee, WI 53217.
If you are a Settlement Class Member and wish to share in the Settlement proceeds, you must complete and submit a Proof of Claim and Release form to the Claims Administrator, mailed and postmarked no later than July 24, 2019, establishing that you are entitled to recovery. If you fail to submit a valid Proof of Claim and Release by this deadline in accordance with the instructions in the form, you will not recover from the Net Settlement Fund, but you will nevertheless be bound by the Settlement and releases provided for therein and by the Court’s Judgment dismissing the Action with prejudice.
If you are a Settlement Class Member and wish to object to any aspect of the Settlement, the Plan of Allocation, or Co-Lead Counsel’s Fee and Expense Application, you must submit your written objection in the manner set forth in the Notice so that it is received no later than June 4, 2019. Only Settlement Class Members who have submitted valid and timely written objections and provided notice of their intent to appear in accordance with the instructions in the Notice will be entitled to be heard at the hearing on August 22, 2019.
Notwithstanding any objection you may submit, you will be bound by the Settlement and releases provided for therein and by the Court’s Judgment dismissing the Action unless you request to be excluded from the Settlement Class. To request exclusion, you must submit an Exclusion Form or written request in the manner set forth in the Notice mailed and postmarked no later than June 4, 2019. If you submit a timely and valid request to be excluded from the Settlement Class, you will not be required to waive or release any claims against Defendants, you will not receive any payment or other benefit in the Settlement, and you will not be bound by the Settlement or any other order or Judgment that may be entered by the Court.
Inquiries, other than requests for the Notice, may be made to Co-Lead Counsel for the Class at Robert C. Finkel, Esq., Wolf Popper LLP, 845 Third Avenue, 12th Floor, New York, New York 10022, Tel.: (212) 759-4600.
PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, DEFENDANTS, OR THEIR COUNSEL REGARDING THIS NOTICE.
DATED: March 22, 2019 BY ORDER OF THE COURT
Source: Wolf Popper LLP
Contact: Robert C. Finkel, Esq. 212-759-4600