Adamas Shareholder Settlement

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Adamas Shareholder Settlement
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***IMPORTANT CASE UPDATE***

On December 14, 2021 settlement checks were mailed to all eligible class members.

The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action, (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. 

Please read the Notice carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM NO LATER THAN MAY 8, 2021

The claims filing deadline has passed.

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN MARCH 14, 2021

The deadline to exclude yourself from the Settlement has passed.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION POSTMARKED NO LATER THAN MARCH 14, 2021

The deadline to object to the Settlement has passed.

DO NOTHING

Get no payment.  Give up your rights.

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What is this case about?

Adamas is a pharmaceutical company specializing in products for individuals affected by neurological disease, and its primary product is a drug called Gocovri, which treats dyskinesia (sudden uncontrolled movements) in Parkinson’s disease patients treated with levodopa therapy.  On May 13, 2019, Plymouth filed a complaint in the Court for alleged violations of the Securities Act of 1933 (the “Securities Act”) against Defendants in connection with Adamas’ January 24, 2018 SPO.  The Action alleged that the Registration Statement and Prospectus (the “Offering Documents”) issued in connection with Adamas’ SPO contained materially incorrect or misleading statements and/or omitted material information in violation of Section 11, 12(a)(2) and 15 of the Securities Act.  More specifically, the Amended Complaint alleged that the Offering Materials did not disclose that insurers and healthcare providers had responded negatively to Gocovri.

The Plaintiff moved for class certification on February 14, 2020, and a hearing on that motion was held on October 6, 2020, with a final decision on that motion pending at the time of the Settlement.

On April 22, 2020, the parties attended a mediation session conducted by a third-party neutral mediator, Robert A. Meyer, Esq. (“the Mediator”). Plaintiff and Adamas submitted and exchanged mediation statements summarizing their respective positions.  While Plaintiff and Adamas did not reach an agreement to settle the Action at the mediation, they continued their negotiations through the Mediator.  These efforts culminated with an agreement to settle the Action for $7,500,000 in cash.

The Settlement Benefits  

The Settlement, if approved, will result in the creation of a cash settlement fund of $7,500,000 (the “Settlement Amount”).  The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of this Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to Class Members pursuant to the Plan of Allocation that is described in the next section of this Notice.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:

Claims Administrator:

Adamas Shareholder Litigation Settlement

c/o A.B. Data Ltd.

Milwaukee, WI 53217

(877) 203-8960

info@AdamasShareholderSettlement.com


Plaintiff's Counsel:

Scott+Scott Attorneys at Law LLP

John T. Jasnoch

600 W. Broadway

San Diego, CA 92101

(800) 332-2259

 
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