Adamas Shareholder Settlement

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Adamas Shareholder Settlement
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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 only way to get a payment.

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

Get no payment.  This is the only option that allows you to ever be part of any other lawsuit against the Defendants and their Related Persons relating to this case.

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

Write to the Court about why you don’t like the Settlement.

ATTEND A HEARING ON APRIL 13, 2021 AT 3:00 PM

Speak in Court about the fairness of the Settlement.

DO NOTHING

Get no payment.  Give up your rights.


The Settlement Fairness Hearing

The Court will hold a Settlement Fairness Hearing on APRIL 14, 2021, at 3:00 p.m., before the Honorable Brad Seligman at the Superior Court of California, County of Alameda, 1221 Oak Street Oakland, CA 94612, for the purpose of determining whether: (1) the Settlement of the Litigation for $7,500,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) to award Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund; (3) to pay Plaintiff for its time and expenses incurred in representing the Class; (4) the Plan of Allocation should be approved by the Court; and (5) to ender the final Judgment as provided under the Stipulation.  The Court may adjourn or continue the Settlement Fairness Hearing without further notice to Members of the Class.  If you want to attend the hearing, you should check with Plaintiff’s Counsel or the settlement website beforehand to be sure that the date and/or time have not changed.

Any Class Member may appear at the Settlement Fairness Hearing and be heard on any of the foregoing matters.

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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