RADNOR, Pa., Aug. 17, 2020 /PRNewswire/ --
UNITED STATES DISTRICT COURT
DISTRICT OF ARIZONA
Richard Di Donato, Individually and On
Insys Therapeutics, Inc.; Michael L. Babich;
SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT WITH DEFENDANT
MICHAEL L. BABICH; (II) SETTLEMENT FAIRNESS HEARING; AND
(III) MOTION FOR LITIGATION EXPENSES
TO: All persons and entities who purchased or otherwise acquired Insys Therapeutics, Inc. ("Insys") common stock during the period from March 3, 2015, through January 25, 2016, and were damaged thereby ("Class"). Certain persons and entities are excluded from the Class as set forth in detail in the Stipulation and Agreement of Settlement between Lead Plaintiff and Defendant Michael L. Babich dated July 21, 2020 ("Stipulation") and the Settlement Notice described below.
PLEASE READ THIS NOTICE CAREFULLY;
YOUR RIGHTS WILL BE AFFECTED BY A
CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Arizona ("Court"), that the Court-appointed Lead Plaintiff and Class Representative Clark Miller ("Class Representative"), on behalf of himself and the Court-certified Class in the above-captioned securities class action ("Action"), has reached a proposed settlement of the Action with defendant Michael L. Babich ("Defendant Babich") for $250,000 in cash that, if approved, will resolve all claims in the Action against Defendant Babich only. Please Note: This settlement does not resolve any of the claims asserted against the other defendants in the Action; those claims are being resolved through separate settlements.
A hearing will be held on November 18, 2020 at 1:30 p.m., before the Honorable Neil V. Wake at the Sandra Day O'Connor United States Courthouse, 401 W. Washington St., Phoenix, AZ 85003, Courtroom 401, to determine whether: (i) the proposed Settlement of the Action with Defendant Babich should be approved as fair, reasonable, and adequate; (ii) the Action should be dismissed with prejudice against Defendant Babich, and the releases specified and described in the Stipulation (and in the Settlement Notice described below) should be entered; (iii) the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) Class Counsel's motion for litigation expenses should be approved.
If you are a member of the Class, your rights will be affected by the pending Action and the Settlement of the Action with Defendant Babich, and you may be entitled to share in the Settlement Fund. This notice provides only a summary of the information contained in the detailed Notice of (I) Proposed Settlement with Defendant Michael L. Babich; (II) Settlement Fairness Hearing; and (III) Motion for Litigation Expenses ("Settlement Notice"). You may obtain a copy of the Settlement Notice, along with the Claim Form, on the website for the Action, www.InsysRXSecuritiesLitigation.com. You may also obtain a copy of the Settlement Notice and the Claim Form by writing to the Claims Administrator at Insys Therapeutics, Inc. Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 170999, Milwaukee, WI 53217; by calling toll free 1-866-905-8102; or by sending an email to info@InsysRXSecuritiesLitigation.com.
If you previously submitted or plan to submit a Claim Form in connection with the settlement of the Action with defendant Darryl S. Baker ("Baker Settlement") or the settlement of the Action with defendant John N. Kapoor ("Kapoor Settlement"), it is not necessary to resubmit a Claim Form for this Settlement. The Claim Form you submitted or plan to submit for the Baker and/or Kapoor Settlements will be processed in connection with this Settlement. If you did not previously submit or are not planning to submit a Claim Form in connection with the Baker and/or Kapoor Settlements and you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement with Defendant Babich, you must submit a Claim Form postmarked (if mailed), or online, no later than November 7, 2020, in accordance with the instructions set forth in the Claim Form. If you are a Class Member and do not submit a valid Claim Form either in connection with this Settlement or in connection with the Baker and/or Kapoor Settlements, you will not be eligible to share in the distribution of the net proceeds of the Settlement of the Action with Defendant Babich, but you will nevertheless be bound by any releases, judgments, or orders entered by the Court in the Action.
Any objections to the proposed Settlement of the Action with Defendant Babich, the proposed Plan of Allocation, and/or Class Counsel's motion for litigation expenses, must be filed with the Court and delivered to Class Counsel and Defendant Babich's Counsel such that they are received no later than October 28, 2020, in accordance with the instructions set forth in the Settlement Notice. As this Class was previously certified and, in connection therewith, Class Members had the opportunity to exclude themselves from the Class, the Court has exercised its discretion not to allow a second opportunity for exclusion in connection with the settlement proceedings.
PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANT BABICH, OR DEFENDANT BABICH'S COUNSEL REGARDING THIS NOTICE. All questions about this notice, the Settlement of the Action with Defendant Babich, or your eligibility to participate in the Settlement with Defendant Babich should be directed to the Claims Administrator or Class Counsel.
Requests for the Settlement Notice and Claim Form should be made to the Claims Administrator:
All other inquiries should be made to Class Counsel:
KESSLER TOPAZ MELTZER
& CHECK, LLP
Johnston de F. Whitman, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
Telephone: (610) 667-7706
Facsimile: (610) 667-7056
DATED: August 17, 2020
BY ORDER OF THE COURT
United States District Court
District of Arizona
SOURCE Kessler Topaz Meltzer & Check, LLP