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

Welcome to the Lion Biotechnologies Securities Litigation Settlement Website

Important Update - Please Read
The Court has approved the distribution of the net settlement funds to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. In accordance with the Court's Order Modifying and Approving Distribution Plan, the initial distribution of the net settlement funds took place on August 12, 2021.

If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:

Lion Biotechnologies Securities Litigation Settlement
c/o JND Legal Administration
P.O. Box 91227
Seattle, WA 98111
1-888-337-0001
info@LionBiotechnologiesLitigationSettlement.com

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.

Post-Distribution Accounting

Rabkin v. Lion Biotechnologies, Inc., et al., Case No. 3:17-cv-02086-SI (N.D. Cal.)
All figures are actual amounts as of September 1, 2021
% Total Settlement
Settlement Amount $3,286,813.97 100%
Method of Notice: By direct first-class mail based on addresses provided by Lion Biotechnologies, Inc.’s counsel, brokers and nominees, and publication over the PR Newswire and on the case website.
Notices Mailed: 21,240
     Notices Undeliverable: 524 (2.5%)
Claim Forms received: 4,692 (22.1% of notices mailed)
Damaged shares in all claims received: 234,983,251
Number of Opt-Outs: 2 (0.0094% of notices mailed)
Number of Objections: 0 (0% of notices mailed)
Payments to Settlement Class Members $2,226,079.16 67.73%
Number of Payments: 532
Method of Payment: By check mailed first-class or wire transfer.
Average recovery per claimant: $3,831.46
Average payment per eligible claimant: $4,184.36
Median payment per eligible claimant: $207.38
Largest payment: $522,866.11
Smallest payment: $5.00
Uncashed checks: Number (94), Value ($1,262,682.72)
Attorneys' Fees Awarded $759,650.47 23.11%
Lodestar Multiplier 0.84
Attorney litigation costs $56,398.10 1.72%
PSLRA Award $5,000.00 0.15%
Notice and Administrative Costs $239,686.24 7.29%
Cy Pres $0 0%

 

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.

 

FOR MORE INFORMATION

Visit this website often to get the most up-to-date information.

Mail

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