Rabkin v. Lion Biotechnologies, Inc., et al
Lion Biotechnologies Securities Litigation Settlement
Case No: 3:17-cv-02086-SI

Frequently Asked Questions

 

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  • The Court directed that the Notice be mailed to you because you or someone in your family or an investment account for which you serve as a custodian may have purchased or otherwise acquired Lion common stock during the Class Period. The Court directed us to send you the Notice because, as a potential Settlement Class Member, you have the right to know about your options in the Settlement. Additionally, you have the right to understand how this class action lawsuit may generally affect your legal rights. The Settlement, the Plan of Allocation (or some other plan of allocation), and the Claims Administrator selected by Lead Plaintiff and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved.

    The purpose of the Notice is to inform you of the existence of this case, that it is a class action, how you might be affected, and how you could have excluded yourself from the Settlement Class if you wished to do so. It is also being sent to inform you of the terms of the Settlement, and of a hearing that was held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the Plan of Allocation, and Lead Counsel’s application for an award of attorneys’ fees and Litigation Expenses (“Settlement Fairness Hearing”). See page 14 of the Notice for details about the Settlement Fairness Hearing, including the date and location of the hearing.

    The issuance of the Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action.

    Payments to Authorized Claimants will be made after any appeals are resolved and after the completion of all claims processing. Please be patient, as this process can take some time to complete.

  • This is a securities class action brought against Lion, its former President and Chief Executive Officer Manish Singh, its former Chief Financial Officer Michael Handelman, and Kamilla Bjorlin, the founder and owner of stock promotion firm Lidingo Holdings, LLC (“Lidingo”). Lead Plaintiff alleges that, during the Class Period, defendants artificially inflated the price of Lion’s common stock by arranging for the publication on investment websites of paid promotional articles designed to appear as unaffiliated investment advice from analysts/investors with no connection to the Company. Lead Plaintiff also alleges that defendants improperly failed to disclose Lion’s retention of the stock promotion firm Lidingo, which facilitated such publications, and actively hid those facts (and in so doing made a number of false and misleading statements to the investing public).

    The Action was commenced on April 14, 2017, with the filing of a putative securities class action complaint in this Court. By Order dated July 26, 2017, the Court appointed Jay Rabkin as Lead Plantiff and approved his selection of Kessler Topaz Meltzer & Check, LLP as Lead Counsel.

    On September 8, 2017, Lead Plaintiff filed the operative complaint in the Action – the Amended Complaint for Violation of the Federal Securities Laws (“Amended Complaint”). The Amended Complaint asserted claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder, as well as §§11(a), 12(a)(2), and 15 of the Securities Act of 1933 (“Securities Act”) against Defendants and Kamilla Bjorlin.

    On November 3, 2017, defendants moved to dismiss the Amended Complaint, challenging all of Lead Plaintiff’s claims. On December 1, 2017, Lead Plaintiff opposed the motions to dismiss, and on December 8, 2017, defendants filed their reply papers in support of their motions. By Order dated February 15, 2018, the Court granted in part and denied in part the motions to dismiss. More specifically, the Court denied the motions to dismiss in all respects, except for Lead Plaintiff’s Securities Act claims, which were dismissed.

    Defendants filed their answers and affirmative defenses to the Amended Complaint on April 9, 2018. Thereafter, the Parties commenced discovery, which included the Company’s production of documents previously produced to the United States Securities and Exchange Commission (“SEC”). Each side also performed alleged damages analyses.

    While discovery was ongoing, the Parties began discussing the possible resolution of the Action. To facilitate their discussions, the Parties scheduled a formal mediation with Jed D. Melnick, Esq. of JAMS for July 10, 2018 in New York, NY. In advance of the mediation, the Parties prepared and exchanged detailed mediation statements. Following a day of hard-fought, arm’s-length negotiations, the Parties reached an agreement in principle to settle the Action at the mediation. Negotiations on the specific terms of the Settlement continued for another forty-five (45) days following the agreement in principle.

    On September 28, 2018, the Parties entered into the Stipulation, which sets forth the final terms and conditions of the Settlement. The Stipulation can be viewed within the important documents section of the website.

    On November 30, 2018, the Court preliminary approved the Settlement, authorized the Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Fairness Hearing to consider whether to grant final approval to the Settlement.

    On April 17, 2019 the Court approved the Settlement. 

  • You are a member of the Settlement Class and, you are subject to the Settlement, unless you timely requested to be excluded from the Settlement Class. The Settlement Class provisionally certified by the Court for purposes of effectuating the Settlement consists of:

    All persons and entities who purchased or otherwise acquired Lion common stock between September 27, 2013 and April 10, 2017, inclusive, and who were damaged thereby.

    Excluded from the Settlement Class are: (i) Defendants, Kamilla Bjorlin and their Immediate Family members; (ii) the current and former officers and directors of the Company, and their Immediate Family members; (iii) the legal representatives, heirs, successors or assigns of any of the foregoing excluded party; and (iv) any entity in which Defendants, Kamilla Bjorlin, or Lidingo Holdings LLC have or had a controlling interest. Also excluded from the Settlement Class are any persons and entities who or which exclude themselves by submitting a request for exclusion that is accepted by the Court. See “What If I Do Not Want To Be A Member Of The Settlement Class? How Do I Exclude Myself,” on page 13 in the Notice for more information.


    PLEASE NOTE: RECEIPT OF THE NOTICE DOES NOT MEAN THAT YOU ARE A SETTLEMENT CLASS MEMBER OR THAT YOU WILL BE ENTITLED TO RECEIVE PROCEEDS FROM THE SETTLEMENT. IF YOU ARE A SETTLEMENT CLASS MEMBER AND YOU WISH TO BE ELIGIBLE TO PARTICIPATE IN THE DISTRIBUTION OF PROCEEDS FROM THE SETTLEMENT, YOU WERE REQUIRED TO SUBMIT THE CLAIM FORM THAT IS BEING DISTRIBUTED WITH THE NOTICE AND THE REQUIRED SUPPORTING DOCUMENTATION AS SET FORTH THEREIN POSTMARKED NO LATER THAN MARCH 22, 2019. THE DEADLINE TO SUBMIT A CLAIM HAS PASSED.

    The deadline to file a claim has now passed. 

  • Lead Plaintiff and Lead Counsel believe that the claims asserted against Defendants have merit; however, they also recognize the substantial risks in continuing to litigate the Action. For example, Defendants have raised a number of arguments and defenses that they did not make false and misleading statements in violation of the federal securities laws and that Lead Plaintiff would not be able to establish that Defendants acted with the requisite intent. Even assuming Lead Plaintiff could establish Defendants’ liability, the amount of damages that could be attributed to the allegedly false statements would be hotly contested. Additionally, Lead Plaintiff and Lead Counsel recognize the significant expense and length of continued proceedings necessary to pursue their claims against Defendants through discovery, further motion practice, trial and appeals. Moreover, with each of the individual Defendants who are parties to this Settlement having indemnification agreements with the Company, any future recovery would likely have to be funded from limited insurance proceeds, which were being used for defense costs and would continue to be depleted if this case was not settled. Thus, there were very significant risks attendant to the continued prosecution of the Action.

    In light of these risks, the amount of the Settlement, and the immediacy of recovery to the Settlement Class, Lead Plaintiff and Lead Counsel believe that the Settlement is fair, reasonable, and adequate, and in the best interests of the Settlement Class. Lead Plaintiff and Lead Counsel believe that the Settlement provides a favorable result for the Settlement Class, namely $3,250,000 in cash (less the various deductions described in the Notice), as compared to the risk that the claims in the Action would produce a smaller, or no recovery after discovery, summary judgment, trial, and appeals, possibly years in the future.

    Defendants have denied the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever. Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation, and the Settlement may not be construed as an admission of any wrongdoing by Defendants.

  • As a Settlement Class Member, you are represented by Lead Plaintiff and Lead Counsel. You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf. See “When And Where Will The Court Decide Whether To Approve The Settlement?" on page 14 of the Notice for more information.

    If you are a Settlement Class Member and did not wish to remain a Settlement Class Member, you may have excluded yourself from the Settlement Class by following the instructions in the section entitled, “What If I Do Not Want To Be A Member Of The Settlement Class? How Do I Exclude Myself?" on page 13 of the Notice for more information.

    If you are a Settlement Class Member and you wanted to object to the Settlement, the Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you did not exclude yourself from the Settlement Class, you may present your objections by following the instructions in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?" on page 14 of the Notice for more information.

    If you are a Settlement Class Member and you did not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court. The Settlement is now approved and the Court will enter a judgment (“Judgment”). This Judgment will dismiss with prejudice the claims against Defendants and will upon April 17, 2019, Lead Plaintiff and each of the other Settlement Class Members, (on behalf of themselves, and their respective Immediate Family members, heirs, trusts, trustees, members, partners, including limited partners, shareholders, executors, estates, administrators, beneficiaries, agents, affiliates, insurers and reinsurers, predecessors, successors, assigns, advisors, corporate parents and subsidiaries in their capacities as such), shall be deemed to have, and by operation of law and of the Judgment shall have fully, finally and forever compromised, settled, released, resolved, relinquished, waived and discharged each and every Released Plaintiffs’ Claim against the Defendant Releasees (as defined below) and shall be permanently barred and enjoined from prosecuting any or all of the Released Plaintiffs’ Claims against any and all of the Defendant Releasees.

    “Released Plaintiffs’ Claims” means any and all claims, rights, duties, controversies, obligations, demands, actions, debts, sums of money, suits, contracts, agreements, promises, damages, losses, judgments, liabilities, allegations, arguments, and causes of action of every nature and description, whether known claims or Unknown Claims, whether arising under federal, state, local, common, statutory, administrative, or foreign law, or any other law, rule or regulation, at law or in equity, whether class or individual in nature, whether fixed or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, whether matured or unmatured, that Lead Plaintiff, any other member of the Settlement Class, or any of Plaintiff Releasees (i) asserted in the Amended Complaint or (ii) could have asserted in any court or forum that arise out of or are based upon the allegations, transactions, facts, matters or occurrences, representations, or omissions set forth in the Amended Complaint and that relate to the purchase or acquisition of shares of Lion common stock during the Class Period. “Released Plaintiffs’ Claims” do not include (i) any claims relating to the enforcement of the Settlement; (ii) any claims that members of the Settlement Class may have solely in a derivative capacity, including without limitation in the action captioned In re Iovance Biotherapeutics, Inc. Stockholder Derivative Litigation, Lead Case No. 1:17-cv-01806-LPS (D. Del.); or (iii) any claims of any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted by the Court. For the avoidance of doubt, “Released Plaintiffs’ Claims” also do not include any claims asserted against Kamilla Bjorlin in this Action.

    “Defendant Releasees” means (i) Defendants and their attorneys; (ii) the Defendants’ respective Immediate Family members, and the Defendants’ and Immediate Family members’ heirs, trusts, trustees, executors, estates, administrators, beneficiaries, entities, agents, affiliates, insurers and reinsurers, predecessors, successors, assigns, advisors, corporate parents and subsidiaries; and (iii) all current and former officers, directors, and employees of Lion, in their capacities as such. For the avoidance of doubt, “Defendant Releasees” does not include Kamilla Bjorlin.

    “Unknown Claims” means any Released Plaintiffs’ Claims which Lead Plaintiff or any other Settlement Class Member does not know or suspect to exist in his, her or its favor at the time of the release of such claims, and any Released Defendants’ Claims which any Defendant does not know or suspect to exist in his or its favor at the time of the release of such claims, which, if known by him, her or it, might have affected his, her or its decision(s) with respect to this Settlement, including, but not limited to, whether or not to object to the Settlement or to the release of the Released Claims. With respect to any and all Released Claims, the Parties stipulate and agree that, upon April 17, 2019, Lead Plaintiff and Defendants shall expressly waive, and each of the Settlement Class Members shall be deemed to have, and by operation of the Judgment or the Alternative Judgment, if applicable, shall have, expressly waived, the provisions, rights, and benefits conferred by any law of any state or territory of the United States, or principle of common law or foreign law, which is similar, comparable, or equivalent to California Civil Code §1542, which provides:

    A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

    The Parties acknowledge that they may hereafter discover facts in addition to or different from those which he, she or it or their counsel now knows or believes to be true with respect to the subject matter of the Released Claims, but, upon April 17, 2019, Lead Plaintiff and Defendants shall expressly settle and release, and each of the other Settlement Class Members and Plaintiff Releasees shall be deemed to have, and by operation of the Judgment or the Alternative Judgment, if applicable, shall have, settled and released, any and all Released Claims without regard to the subsequent discovery or existence of such different or additional facts. Lead Plaintiff and Defendants acknowledge, and each of the other Settlement Class Members shall be deemed by operation of the Judgment or the Alternative Judgment, if applicable, to have acknowledged, that the foregoing waiver was separately bargained for and is a key element of the Settlement of which this release is a part.

    The Judgment will also provide that, upon April 17, 2019, Defendants, on behalf of themselves, and their respective heirs, executors, administrators, predecessors, successors and assigns in their capacities as such, shall be deemed to have, and by operation of law and of the Judgment shall have, fully, finally and forever compromised, settled, released, resolved, relinquished, waived and discharged each and every Released Defendants’ Claim against the Plaintiff Releasees and shall forever be barred and enjoined from prosecuting any or all of the Released Defendants’ Claims against any of the Plaintiff Releasees.

    “Released Defendants’ Claims” means any and all claims, rights, duties, controversies, obligations, demands, actions, debts, sums of money, suits, contracts, agreements, promises, damages, losses, judgments, liabilities, allegations, arguments, and causes of action of every nature and description, whether known claims or Unknown Claims, whether arising under federal, state, local, common, statutory, administrative, or foreign law, or any other law, rule or regulation, at law or in equity, whether class or individual in nature, whether fixed or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, whether matured or unmatured, that arise out of or relate in any way to the institution, prosecution, or settlement of the claims against Defendants. “Released Defendants’ Claims” do not include any claims relating to the enforcement of the Settlement or claims asserted against Kamila Bjorlin in this Action.

    “Plaintiff Releasees” means (i) Lead Plaintiff, his attorneys and all other Settlement Class Members; and (ii) the Immediate Family members, heirs, trusts, trustees, members, partners, including limited partners, shareholders, executors, estates, administrators, beneficiaries, agents, affiliates, insurers and reinsurers, predecessors, successors, assigns, advisors, corporate parents and subsidiaries of each of the Persons listed in (i), in their capacities as such.

  • To have been eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must have timely completed and returned the Claim Form with adequate supporting documentation postmarked no later than March 22, 2019. A Claim Form is included with the Notice, or you may obtain one from the Important Document page of this website. You could have also requested that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-888-337-0001 or by emailing the Claims Administrator at info@LionBiotechnologiesLitigationSettlement.com. Please retain all records of your ownership of and transactions in Lion common stock, as they may be needed to document your Claim. If you requested exclusion from the Settlement Class or did not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.

  • At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.

    Pursuant to the Settlement, Defendants shall pay or cause to be paid $3,250,000 in cash. The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” On April 17, 2019, the “Net Settlement Fund” (that is, the Settlement Fund less (i) all federal, state and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (ii) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (iii) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submitted valid Claim Forms, in accordance with the Plan of Allocation.

    The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired. The Court approved the Settlement on April 17, 2019.

    Neither Defendants nor any other person or entity that paid any portion of the Settlement Amount on their behalf are entitled to get back any portion of the Settlement Fund once the Court’s order or judgment approving the Settlement becomes Final. Defendants shall not have any liability, obligation, or responsibility for the administration of the Settlement, the disbursement of the Net Settlement Fund, or the plan of allocation. The Court approved the Settlement on April 17, 2019.

    Approval of the Settlement was independent from approval of the Plan of Allocation. Any determination with respect to a Plan of Allocation will not affect the Settlement. Unless the Court otherwise orders, any Settlement Class Member who failed to submit Claim Forms postmarked on or before March 22, 2019 shall be fully and forever barred from receiving payments pursuant to the Settlement but will in all other respects remain a Settlement Class Member and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the Releases given. This means that each Settlement Class Member releases the Released Plaintiffs’ Claims against the Defendant Releasees and will be enjoined and prohibited from filing, prosecuting, or pursuing any of the Released Plaintiffs’ Claims against any of the Defendant Releasees whether or not such Settlement Class Member submitted a Claim Form..

    Participants in and beneficiaries of any employee retirement and/or benefit plan (“Employee Plan”) should NOT include any information relating to shares of Lion common stock purchased/acquired through an Employee Plan in any Claim Form they submit in this Action. They should include ONLY those shares of Lion common stock purchased/acquired during the Class Period outside of an Employee Plan. Claims based on any Employee Plan(s)’ purchases/acquisitions of eligible Lion common stock during the Class Period may be made by the Employee Plan(s)’ trustees. To the extent any of the Defendants or any of the other persons or entities excluded from the Settlement Class are participants in an Employee Plan(s), such persons or entities shall not receive, either directly or indirectly, any portion of the recovery that may be obtained from the Settlement by such Employee Plan(s).

    The Court has reserved jurisdiction to allow, disallow, or adjust on equitable grounds the Claim of any Settlement Class Member.

    Each Claimant shall be deemed to have submitted to the jurisdiction of the Court with respect to his, her, or its Claim Form.

    Only Settlement Class Members, i.e., persons and entities who purchased or otherwise acquired Lion common stock during the Class Period and were damaged as a result of such purchases or acquisitions, will be eligible to share in the distribution of the Net Settlement Fund. Persons and entities that are excluded from the Settlement Class by definition or that exclude themselves from the Settlement Class pursuant to request will not be eligible to receive a distribution from the Net Settlement Fund and should not submit Claim Forms.

    Appendix A to the Notice sets forth the Plan of Allocation for allocating the Net Settlement Fund among Authorized Recipients, as by Lead Plaintiff and Lead Counsel. At the Settlement Fairness Hearing, Lead Counsel requested the Court to approve the Plan of Allocation. The Court approved the Plan of Allocation.

  • Lead Counsel has not received any payment for its services in pursuing claims against the Defendants on behalf of the Settlement Class, nor has Lead Counsel been reimbursed for its out-of-pocket expenses. Lead Counsel applied to the Court for an award of attorneys’ fees in an amount not to exceed 25% of the Settlement Fund. Lead Counsel also applied for reimbursement of Litigation Expenses in an amount not to exceed $85,000, which may include an application for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to his representation of the Settlement Class in accordance with 15 U.S.C. §78u-4(a)(4), in an amount not to exceed $5,000. The Court determined the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses. Such sums approved by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.

  • Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a letter requesting exclusion addressed to: Lion Biotechnologies Securities Litigation Settlement, EXCLUSIONS, c/o JND Legal Administration, P.O. Box 91227, Seattle, WA 98111. The request for exclusion must be received no later than March 15, 2019. You will not be able to exclude yourself from the Settlement Class after that date. Each letter requesting exclusion must: (i) state the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities, the name and telephone number of the appropriate contact person; (ii) state that such person or entity “requests exclusion from the Settlement Class in Rabkin v. Lion Biotechnologies, Inc., et al., Case No. 3:17-cv-02086-SI”; (iii) state the number of shares of Lion common stock that the person or entity requesting exclusion purchased/acquired and/or sold during the Class Period (i.e., between September 27, 2013 and April 10, 2017, inclusive), as well as the dates, number of shares, and prices of each such purchase/acquisition and/or sale; and (iv) be signed by the person or entity requesting exclusion or an authorized representative. A letter requesting exclusion shall not be valid and effective unless it provides all the information called for in this paragraph and is received within the time stated is otherwise accepted by the Court.

    If you did not want to be part of the Settlement Class, you must have followed these instructions for exclusion even if you had a pending, or later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiffs’ Claim against any of the Defendant Releasees. Excluding yourself from the Settlement Class is the only option that allows you to be part of any other current or future lawsuit against Defendants or any of the other Defendant Releasees concerning the Released Plaintiffs’ Claims. Please note, however, if you decide to exclude yourself from the Settlement Class, you may be time-barred from asserting the claims covered by the Action by a statute of repose. In addition, Defendants and the other Defendant Releasees will have the right to assert any and all defenses they may have to any claims that you may seek to assert.

    If you asked to be excluded from the Settlement Class, you will not be eligible to receive any payment from the Net Settlement Fund.

    The Company has the right to terminate the Settlement if valid requests for exclusion are received from persons and entities entitled to be members of the Settlement Class in an amount that exceeds an amount agreed to by Lead Plaintiff and the Company. 

    The deadline to be excluded has passed.

  • Settlement Class Members do not need to attend the Settlement Fairness Hearing. The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing.

    Please Note: The date and time of the Settlement Fairness Hearing may change without further written notice to the Settlement Class. If you plan on attending the hearing, please check this website, the Court’s PACER site or contact Lead Counsel to confirm that the date and/or time of the hearing has not changed.

    The Settlement Fairness Hearing was held on April 12, 2019 at 10:00 a.m., before the Honorable Susan Illston at the United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102, Courtroom 1-17th Floor. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Fairness Hearing without further notice to the members of the Settlement Class.

    Any Settlement Class Member may have objected to the Settlement, the Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and Litigation Expenses. The deadline to submit your objections has passed. You can ask the Court to deny approval by filing an objection. You cannot ask the Court to order a different settlement. The Court can only approve or reject the Settlement. If the Court denies approval of the Settlement, no settlement payments will be sent out and the Action will continue. If that is what you want to happen, then you must object. The Settlement was approved on April 17, 2019.

    Any objection to the Settlement must have been in writing and submitted only to the Court. If you submitted a timely written objection, you could have, but were not required to, appear at the Settlement Fairness Hearing, either in person or through your own attorney. If you appear through your own attorney, you are responsible for hiring and paying that attorney. All written objections and supporting papers must: (i) clearly identify the case name and number (Rabkin v. Lion Biotechnologies, Inc., et al., Case No. 3:17-cv-02086-SI); (ii) be submitted to the Court either by mailing them to the Clerk of the Court at the United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102, Courtroom 1-17th Floor, or by filing them in person at any location of the United States District Court for the Northern District of California; and (iii) be filed or postmarked on or before March 15, 2019. The deadline to object has passed.

    Additionally, any objection must have: (i) stated the name, address, and telephone number of the person or entity objecting and be signed by the objector; (ii) stated whether the objector is represented by counsel and, if so, the name, address, and telephone number of the objector’s counsel; (iii) contained a statement of the Settlement Class Member’s objection or objections, and the specific reasons for each objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention; and (iv) included documents sufficient to show membership in the Settlement Class, consisting of documents showing the number of shares of Lion common stock that the objector purchased/acquired and/or sold during the Class Period (i.e., between September 27, 2013 and April 10, 2017, inclusive), as well as the dates, number of shares, and prices of each such purchase/acquisition and/or sale. You may not object to the Settlement, Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class.

    You could have submitted an objection without having to appear at the Settlement Fairness Hearing. You may not, however, appear at the Settlement Fairness Hearing to present your objection unless you first submit a written objection in accordance with the procedures described set forth in the notice, unless the Court orders otherwise.

    If you wanted to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and Litigation Expenses, and if you timely submitted a written objection as described in the notice, you must have also mailed the Notice of appearance to the Clerk of Court at the 1-17th Floor United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102 or file the notice of appearance at any location of the United States District Court for the Northern District of California so that it is filed or postmarked on or before March 15, 2019. Persons who intended to object and desired to present evidence at the Settlement Fairness Hearing must have included in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intended to introduce into evidence at the hearing. Such persons could've been heard orally at the discretion of the Court.

    You were not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Fairness Hearing. However, if you decide to hire an attorney, it will be at your own expense, and that attorney must mail a notice of appearance to the Clerk of Court at the address set forth above or file the notice of appearance at any location of the United States District Court for the Northern District of California so that the notice is filed or postmarked on or before March 15, 2019.

    Unless the Court orders otherwise, any Settlement Class Member who did not object in the manner described set forth in the notice will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the Settlement, the Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. Settlement Class Members did not need to appear at the Settlement Fairness Hearing or take any other action to indicate their approval.

  • If you purchased or otherwise acquired Lion common stock between September 27, 2013 and April 10, 2017, inclusive, for the beneficial interest of persons or organizations other than yourself, you must either (i) within seven (7) calendar days of receipt of the Notice, request from the Claims Administrator sufficient copies of the Notice and Claim Form (the “Notice Packet”) to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Notice Packets forward them to all such beneficial owners; or (ii) within seven (7) calendar days of receipt of the Notice, provide a list of the names and addresses (and e-mail addresses, if available) of all such beneficial owners to Lion Biotechnologies Securities Litigation Settlement, c/o JND Legal Administration, P.O. Box 91227, Seattle, WA 98111. If you choose the second option, the Claims Administrator will send a copy of the Notice Packet to the beneficial owners. Upon full compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought. Copies of the Notice and the Claim Form may also be obtained from the Settlement website in the important document section, or by calling the Claims Administrator toll-free at 1-888-337-0001, or by emailing the Claims Administrator at info@LionBiotechnologiesLitigationSettlement.com.

  • The Notice summarizes the Settlement. For the precise terms and conditions of the Settlement, please see the Important Documents page of this website. A copy of the Stipulation, the Judgement Approving Class Action Settlement and Order Approving Plan of Allocation, and additional information regarding the Settlement can also be obtained by contacting Lead Counsel at the contact information set forth in the Notice (or on the Contact page of this website), by accessing the Court docket in this case, for a fee, though the Court’s PACER system at https://ecf.cand.uscourts.gov, or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays. You may also contact the Claims Administrator at Lion Biotechnologies Securities Litigation Settlement, c/o JND Legal Administration, P.O. Box 91227, Seattle, WA 98111; 1-888-337-0001; info@LionBiotechnologiesLitigationSettlement.com. PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK TO INQUIRE ABOUT THIS SETTLEMENT OR THE CLAIMS PROCESS.

FOR MORE INFORMATION

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Mail

Lion Biotechnologies Securities Litigation Settlement
c/o JND Legal Administration
P.O. Box 91227
Seattle, WA 98111