The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses; and (III) Settlement Fairness Hearing ("Notice"). Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice, and this website relate to a Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants Lion Biotechnologies, Inc. (n/k/a Iovance Biotherapeutics, Inc.) (“Lion” or the “Company”), Manish Singh and Michael Handelman (collectively, “Defendants”) violated the federal securities laws by making false and misleading statements regarding Lion. Defendants deny all allegations of wrongdoing or liability whatsoever.
The Settlement, reached between Court-appointed Lead Plaintiff Jay Rabkin, on behalf of himself and the Settlement Class, and Defendants, will resolve the Action captioned Rabkin v. Lion Biotechnologies, Inc., et al., Case No. 3:17-cv-02086-SI, pending in the United States District Court for the Northern District of California, for $3,250,000 in cash (“Settlement Amount”). The Settlement will settle and release all claims asserted against Defendants in the Action.
The Settlement Class consists of:
All persons and entities who purchased or otherwise acquired Lion Biotechnologies, Inc. common stock between September 27, 2013 and April 10, 2017, inclusive (“Class Period”), and were damaged thereby, except for certain persons and entities who are excluded from the Settlement Class by definition (see paragraph 19 of the Notice).
If you are a member of the Settlement Class, your legal rights will be affected whether you act or do not act. Please read the Notice to fully understand your rights and options.
If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment from the Settlement, you must have submitted a Claim Form postmarked no later than March 22, 2019. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (“Settlement Fund”) less (i) any Taxes and Tax Expenses; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; and (iv) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The plan of allocation (“Plan of Allocation”) is attached to the Notice as Appendix A.
Payments to eligible claimants will be made only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-888-337-0001; or emailing info@LionBiotechnologiesLitigationSettlement.com; or mailing a letter to:
Lion Biotechnologies Securities Litigation Settlement
c/o JND Legal Administration
P.O. Box 91227
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.