In re ARIAD Pharmaceuticals, Inc. Securities Litigation, Case No. 1:13-cv-12544 (WGY)
You or someone in your family may have purchased or otherwise acquired shares of ARIAD publicly traded common stock during the period from December 11, 2012, through December 14, 2012, inclusive, and been damaged thereby.
The Court directed that the Notice be sent to Settlement Class Members because they have a right to know about a proposed settlement of a class action lawsuit, and about all their options, before the Court decides whether to approve the Settlement. If the Court approves the Settlement, and after objections and appeals are resolved, an administrator appointed by the Court will make the payments that the Settlement allows.
The Notice explains the lawsuit, the Settlement, Settlement Class Members’ legal rights, what benefits are available, who is eligible for them, and how to get them.Back To Top
In a class action, one or more people called "class representatives" (in this case [i] the City of Fort Lauderdale Police & Fire Retirement System and [ii] William A. Gaul) sue on behalf of people who have similar claims. All these people are a class or class members. Bringing a case, such as this one, as a class action allows adjudication of many similar claims of persons and entities that might be economically too small to bring in individual actions. One court resolves the issues for all class members, except for those who exclude themselves from the class.Back To Top
The Court did not finally decide in favor of plaintiffs or Defendants. Instead, both sides, with the assistance of retired United States District Judge Faith Hochberg acting as a mediator, agreed to a settlement. That way, they avoid the risks and cost of a trial. The Settlement Class Representatives and their attorneys think the Settlement is in the best interest of the Settlement Class.Back To Top
The Court directed, for the purposes of the proposed Settlement, that everyone who fits this description is a Settlement Class Member: All persons and entities that purchased, or otherwise acquired, shares of ARIAD publicly traded common stock during the period from December 11, 2012, through December 14, 2012, inclusive, and were damaged thereby.
There are some individuals and entities that are excluded from the Settlement Class by definition. Excluded from the Settlement Class are: (i) Defendants; (ii) the officers, directors, and affiliates of ARIAD; (iii) members of immediate family of any Individual Defendant; (iv) any entity in which any Defendant has or had a controlling interest; (v) ARIAD’s employee retirement and/or benefit plan(s) and their participants and/or beneficiaries to the extent they purchased or acquired ARIAD common stock through any such plan(s); and (vi) the legal representatives, heirs, successors or assigns of any such excluded person. Also excluded from the Settlement Class are any persons or entities who timely and validly sought exclusion from the Settlement Class in accordance with the requirements explained in Q&A 11 of the Notice.
If one of your mutual funds purchased shares of ARIAD common stock during the Settlement Class Period, that alone does not make you a Settlement Class Member. You are a Settlement Class Member only if you directly purchased or otherwise acquired shares of ARIAD common stock during the Settlement Class Period. If you sold ARIAD common stock during the Settlement Class Period, that alone does not make you a Settlement Class Member. You are a Settlement Class Member only if you purchased or otherwise acquired your shares during the Settlement Class Period. Check your investment records or contact your broker to see if you purchased or otherwise acquired ARIAD common stock during the Settlement Class Period.
If you are still not sure whether you are included, you can ask for free help. You can call 1-888-524-4593 for more information, or you can fill out and return the Claim Form, to see if you qualify.Back To Top
The Settlement provides that, in exchange for the Settlement and release of the Settled Claims against the Released Defendant Parties, Defendants have agreed to create a $3.5 million fund, which will be divided, after deduction of Court-awarded attorneys’ fees, interest, and expenses, settlement administration costs, and any applicable Taxes, among all Settlement Class Members who send in valid Claim Forms pursuant to the Plan of Allocation.
The Plan of Allocation is described in more detail on pages 10–14 of the Notice.Back To Top
To be eligible for a payment, you must have submitted a timely and valid Claim Form.
Claim Forms must have been postmarked or received online on or before April 26, 2018.
The mailing address to send your Claim Form was:
ARIAD Pharmaceuticals, Inc. Securities Litigation
P.O. Box 4230
Portland, OR 97208-4230
The $3,500,000 Settlement Amount, and any interest it earns, is called the “Gross Settlement Fund.” The Gross Settlement Fund, minus all Taxes, approved costs, fees and expenses (the Net Settlement Fund), will be distributed according to the Plan of Allocation (described in the Notice, found here) to members of the Settlement Class who timely submitted a valid Claim Form that shows a Recognized Claim that was approved for payment by the Court (“Authorized Claimants”). Settlement Class Members who did not timely submit valid Claim Forms will not share in the Net Settlement Fund, but will otherwise be bound by the terms of the Settlement in the Action. On July 10, 2019, the Court approved a distribution to eligible claimants and payments were issued on August 15, 2019. If you have any questions about your payment, please contact the Claims Administrator at (888) 524-4593 (Toll-Free).Back To Top
Your share of the Net Settlement Fund depends on several things, including the total amount of claims represented by the valid Claim Forms that Settlement Class Members sent in compared to the amount of your claim, all as calculated under the Plan of Allocation explained in the Notice.
The total amount of the Net Settlement Fund available for the Initial Distribution was approximately $2 million. The total Recognized Claims under the Plan of Allocation for all Authorized Claimants eligible to participate in this distribution of the Net Settlement Fund was approximately $9.5 million. The pro rata share for the Initial Distribution is approximately 22.5%; each Authorized Claimant will receive this percentage of his, her, or its Recognized Claim.Back To Top
On July 10, 2019, the Court approved a distribution to eligible claimants and payments were issued on August 15, 2019. If you have any questions about your payment, please contact the Claims Administrator at (888) 524-4593 (Toll-Free).Back To Top
Unless you excluded yourself, you will stay in the Settlement Class, which means that upon the “Effective Date” you will release all “Settled Claims” against the “Released Defendant Parties.” For additional information and a definition of these terms, please review Q&A 10 of the Notice.Back To Top
The deadline to exclude yourself from the Settlement Class was April 19, 2018. It is no longer possible to opt out of being a part of the Settlement Class.Back To Top
No. If you are a Settlement Class Member, unless you excluded yourself, you gave up any rights to sue the Defendants and the other Released Defendant Parties for any and all Settled Claims. If you have a pending lawsuit against any of the Released Defendant Parties, speak to your lawyer in that case immediately. You must have excluded yourself from this Action to continue your own lawsuit. Remember, the exclusion deadline was April 19, 2018.Back To Top
No. If you excluded yourself, you could not submit a Claim Form to ask for any money. But, you may exercise any right you may have to sue, continue to sue, or be part of a different lawsuit against the Defendants and the other Released Defendant Parties.Back To Top
The Court ordered that the law firms of Bernstein Litowitz Berger & Grossmann LLP, Labaton Sucharow LLP, and Milberg Tadler Phillips Grossman LLP represent the Settlement Class. These lawyers are called "Plaintiffs' Co-Lead Counsel". If you want to be represented by your own lawyer, you may hire one at your own expense.Back To Top
Plaintiffs' Co-Lead Counsel were awarded attorneys' fees of 25% of the Gross Settlement Fund and payment of litigation expenses in the amount of $288,846.02, plus interest, by the Court on May 10, 2018. These sums were paid to Plaintiffs' Co-Lead Counsel from the Gross Settlement Fund. The Order Awarding Attorneys' Fees and Expenses can be found on the Important Documents page here.Back To Top
To object, you must have sent a signed letter saying that you wish to object to the proposed Settlement in “In re ARIAD Pharmaceuticals, Inc. Securities Litigation, Case No. 1:13-cv-12544-WGY (D. Mass.).” The objection must have included the following: the name of this Action; your full name, address, telephone number, and signature; information sufficient to prove membership in the Settlement Class, including the number of shares of ARIAD common stock purchased, acquired, and or sold during the Settlement Class Period; all grounds for the objection, accompanied by any legal support known to you or your counsel; the identity of all counsel who represent you; a statement confirming whether you or any counsel representing you intended to personally appear and/or testify at the Settlement Fairness Hearing; and a list of any persons who may have been called to testify at the Settlement Fairness Hearing in support of your objection. Your objection must have been filed with the Court and mailed or delivered to all the following counsel on or before April 19, 2018:
|Court||Class Counsel||Defendants’ Counsel|
|Clerk of the Court
United States District Court for the
District of Massachusetts
John Joseph Moakley
United States Courthouse
1 Courthouse Way
Boston, MA 02110
|Sanford P. Dumain
Milberg Tadler Phillips Grossman LLP
One Pennsylvania Plaza
New York, NY 10119
|John F. Sylvia
Mintz Levin Cohn Ferris Glovsky
and Popeo PC
One Financial Center
Boston, MA 02111
Objecting is simply telling the Court that you do not like something about the Settlement. You could have objected only if you stayed in the Settlement Class. Excluding yourself is telling the Court that you do not want to be part of the Settlement Class. If you excluded yourself, you could not have objected to the Settlement because it does not affect you.Back To Top
On May 10, 2018, the Court approved the Settlement and entered the Judgment dismissing the Action.
On July 10, 2019, the Court approved a distribution to eligible claimants, and payments were issued on August 15, 2019. If you have any questions about your payment, please contact the Claims Administrator at (888) 524-4593 (Toll-Free).Back To Top
The Settlement Fairness Hearing occurred on May 10, 2018. You did not need to attend. The Court approved the Settlement and entered the Judgment dismissing the Action at this hearing.Back To Top
If you did nothing, you will not receive any money from this Settlement. In addition, unless you excluded yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants and their Released Defendant Parties about the Settled Claims in this case.Back To Top