PLEASE NOTE: The Settlement Hearing scheduled for March 31, 2022 at 2:00 p.m. PT will be held via Zoom. Please click on the following link to join the hearing https://cand-uscourts.zoomgov.com/j/1607976056?pwd=aW5IeE14UkJRbkdPTGJFWFUrRG1Cdz09. Webinar ID: 160 797 6056 and Password: 129759. Additional information is available here https://www.cand.uscourts.gov/judges/gilliam-haywood-s-hsg/.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action
The Notice relates to a proposed Settlement of a class action lawsuit pending against the following defendants: Impax, George Frederick Wilkinson, Dr. Larry Hsu, Dr. Carole Ben-Maimon, and Bryan M. Reasons. The proposed Settlement, if approved by the Court, will apply to the following Class: all Persons that purchased or acquired Impax common stock or 2% Convertible Senior Notes during the Class Period. Excluded from the Class are: (i) Defendants; (ii) members of the immediate families of the Individual Defendants; (iii) Impax’s subsidiaries; (iv) the officers and directors of Impax during the Class Period; (v) any entity in which any Defendant has a controlling interest; and (vi) the legal representatives, heirs, successors and assigns of any such excluded person or entity. Also excluded from the Class will be any Person who timely and validly seeks exclusion from the Class. Anyone with questions as to whether or not they are excluded from the Class may call the Claims Administrator toll-free at 1-833-823-0051.
Subject to Court approval, and as described more fully in paragraphs 44-50 in the Notice, Plaintiffs, on behalf of the Class, have agreed to settle all Released Claims (as defined in paragraph 45 in the Notice) against Defendants and other Released Defendant Parties (as defined in paragraph 47 in the Notice) in exchange for a settlement payment of $33 million in cash to be deposited into an escrow account. The Net Settlement Fund will be distributed in accordance with a plan of allocation that will be approved by the Court and will determine how the Net Settlement Fund shall be distributed to members of the Class. The objective of the Plan of Allocation is to equitably distribute the Net Settlement Fund to those Class Members who suffered economic losses as a proximate result of the alleged wrongdoing. The proposed Plan of Allocation is included in the Notice and may be modified by the Court without further notice.
The Class is defined as:
All Persons that purchased or acquired Impax common stock or 2% Convertible Senior Notes between February 20, 2014 and August 9, 2016, inclusive
Payments to eligible claimants will be made only after approval of the Settlement and 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:
||Get no payment. Remain a Class Member. Give up your rights.
|REMAIN A MEMBER OF THE CLASS AND SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN
MARCH 21, 2022
|This is the only way to be potentially eligible to receive a payment. If you wish to obtain a payment as a member of the Class, you will need to file a claim form (the “Claim Form” or “Proof of Claim Form”), which is included with the Notice, postmarked no later than March 21, 2022.
|EXCLUDE YOURSELF FROM THE CLASS (OPT OUT) BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN
MARCH 4, 2022
|Receive no payment pursuant to this Settlement. This is the only option that allows you to ever potentially be part of any other lawsuit against any of the Defendants or the other Released Defendant Parties concerning the Released Claims. Should you elect to exclude yourself from the Class, you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose.
|OBJECT TO THE SETTLEMENT SO THAT IT IS RECEIVED NO LATER THAN MARCH 4, 2022
||Write to the Court about your view on the Settlement, or why you don’t think the Settlement is fair to the Class.
If you do not exclude yourself from the Class, you may object to the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses. You must still submit a Claim Form in order to be potentially eligible to receive any money from the Settlement Fund.
|ATTEND THE HEARING ON MARCH 31, 2022, AT 2:00 P.M. PT, AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN MARCH 4, 2022
||Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and litigation expenses.
How do I obtain more information?
Detailed information about 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 1-833-823-0051 or emailing info@ImpaxSecuritiesSettlement.com or mailing a letter to:
Impax Securities Settlement
c/o JND Legal Administration
P.O. Box 91417
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.