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Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Menlo Therapeutics Inc. Securities Settlement - Odessa American: Business

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Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Menlo Therapeutics Inc. Securities Settlement

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Posted: Friday, May 22, 2020 7:31 am

SAN DIEGO--(BUSINESS WIRE)--May 22, 2020--

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Menlo Therapeutics Inc. Securities Settlement:

SUPERIOR COURT OF THE STATE OF CALIFORNIA

COUNTY OF SAN MATEO

In re MENLO THERAPEUTICS INC. SECURITIES

)

Lead Case No. 18CIV06049

LITIGATION

)

 

 

)

CLASS ACTION

This Document Relates To:

)

 

)

)

SUMMARY NOTICE OF PROPOSED

ALL ACTIONS.

)

SETTLEMENT OF CLASS ACTION

)

TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED MENLO THERAPEUTICS INC. (“MENLO” OR THE “COMPANY”) COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS FILED IN CONNECTION WITH MENLO’S INITIAL PUBLIC OFFERING (“IPO”) ON OR ABOUT JANUARY 29, 2018 1

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 August 14, 2020, at 2:00 p.m., before the Honorable Richard H. DuBois at the Superior Court of California, County of San Mateo, Department 16, Courtroom 7A, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Stipulation of Settlement (“Stipulation”) 2 for $9,500,000.00 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under 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 Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; (4) to pay Plaintiffs for representing the Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

This Action is a consolidated securities class action brought on behalf of those Persons who purchased or acquired Menlo common stock pursuant or traceable to the Registration Statement and Prospectus for Menlo’s IPO, against Menlo and certain of its officers, directors, and underwriters of Menlo’s IPO (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s stock, resulting in damage to Class Members when the truth was revealed. Defendants deny all of Plaintiffs’ allegations.

IF YOU PURCHASED OR ACQUIRED MENLO COMMON STOCK BETWEEN JANUARY 25, 2018 THROUGH AND INCLUDING JULY 24, 2018, 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 August 17, 2020) or online (no later than August 17, 2020). Your failure to submit your Proof of Claim by August 17, 2020, will subject your claim to rejection and 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 therefrom, 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 in this Summary Notice) and other settlement documents, online at www.MenloSecuritiesLitigation.com, or by writing to:

Menlo Securities Litigation Settlement

c/o Gilardi & Co. LLC

P.O. Box 43350

Providence, RI 02940-3350

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 Plaintiffs’ Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP

James I. Jaconette

655 West Broadway, Suite 1900

San Diego, CA 92101

Telephone: (800) 449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY JULY 24, 2020, 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 EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A 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 PAYMENT TO PLAINTIFFS FOR THEIR TIME AND EXPENSES. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO PLAINTIFFS’ COUNSEL BY JULY 24, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: APRIL 24, 2020

BY ORDER OF THE SUPERIOR COURT OF

CALIFORNIA, COUNTY OF SAN MATEO

 

 

THE HONORABLE RICHARD H. DUBOIS

 

1 For purposes of this Settlement only, the Class includes all persons or entities who purchased or otherwise acquired Menlo common stock between January 25, 2018 and July 24, 2018, inclusive.

2 The Stipulation can be viewed and/or obtained at www.MenloSecuritiesLitigation.com. All capitalized terms used herein have the same meaning as the terms defined in the Stipulation.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200522005001/en/

CONTACT: Media Contact:

Robbins Geller Rudman & Dowd LLP

Shareholder Relations

Rick Nelson­­

1- 619-231-1058

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins Geller Rudman & Dowd LLP

Copyright Business Wire 2020.

PUB: 05/22/2020 08:30 AM/DISC: 05/22/2020 08:31 AM

http://www.businesswire.com/news/home/20200522005001/en

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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