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 proposed 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 proposed 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, if approved by the Court, 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 submit 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 proposed plan of allocation (“Plan of Allocation”) is attached to the Notice as Appendix A.
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and 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.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT
|SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN MARCH 22, 2019.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 28 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 29 of the Notice), so it is in your interest to submit a Claim Form.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN MARCH 15, 2019.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS FILED OR POSTMARKED NO LATER THAN MARCH 15, 2019.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.
|GO TO A HEARING ON APRIL 12, 2019 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS FILED OR POSTMARKED NO LATER THAN MARCH 15, 2019.
||Filing a written objection and notice of intention to appear by March 15, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the propose Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
||If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
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.