Frequently Asked Questions

  1. Why did I get the Notice?

    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 of 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.

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  2. Why is this a class action?

    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.

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  3. Why is there a Settlement?

    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.

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  4. How do I know if I am part of the Class? Are there exceptions to being included in the Class?

    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 will be any persons or entities who timely and validly seek 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.

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  5. What does the Settlement provide?

    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.

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  6. How can I get a payment?

    To be eligible for a payment, you must submit a timely and valid Claim Form. The Claim Form is enclosed with the Notice. You can also download a copy of the Claim Form here.

    Read the instructions carefully, fill out the Claim Form, and include all the documents the form asks for, sign it, and mail it to the mailing address below or submit it online here. Claim Forms must be postmarked or received online on or before April 26, 2018.

    The mailing address for Claim Forms:

    ARIAD Pharmaceuticals, Inc. Securities Litigation
    c/o Epiq
    Claims Administrator
    P.O. Box 4230
    Portland, OR 97208-4230

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  7. How will my claim be calculated?

    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) to members of the Settlement Class who timely submit valid Claim Form that show a Recognized Claim that are approved for payment by the Court (“Authorized Claimants”). Settlement Class Members who do 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 and what happens in the Action. The Court may approve the Plan of Allocation or modify it without additional notice to the Settlement Class.

    The Plan of Allocation is on pages 10-14 of the Notice, found here.

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  8. How much will my payment be?

    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. Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Claim Forms that Settlement Class Members send in compared to the amount of your claim, all as calculated under the Plan of Allocation explained in the Notice.

    By following the instructions in the Plan of Allocation you can calculate what is called your Recognized Claim. It is unlikely that you will get a payment for all of your Recognized Claim. After all Settlement Class Members have sent in their Claim Forms, the payment you get will be a part of the Net Settlement Fund equal to your Recognized Claim divided by the total of everyone’s Recognized Claim.

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  9. When will I receive payment?

    It is not possible at this time to determine when the Settlement proceeds will be distributed to eligible Settlement Class Members. The Court will hold a Settlement Fairness Hearing on May 10, 2018, to decide whether to approve the Settlement. If the Court approves the Settlement, there might be appeals. It is always uncertain whether appeals can be resolved, and if so, how long it would take to resolve them. It also takes time for all the Claim Forms to be processed. All Claim Forms need to be submitted by April 26, 2018. Once all the Claim Forms are processed and claims are calculated, Co-Lead Counsel, without further notice to the Settlement Class, will apply to the Court for an order distributing the Net Settlement Fund to Settlement Class Members. Updates will be posted to this website. Please be patient.

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  10. What am I giving up to get a payment and by staying in the Settlement Class?

    Unless you exclude 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.

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  11. How do I “opt out” (exclude myself) from the Settlement Class?

    To exclude yourself from the Settlement Class and the Settlement, you must send a signed letter by mail stating that you “request exclusion from the Settlement Class in In re ARIAD Pharmaceuticals, Inc. Securities Litigation, Case No. 1:13-cv-12544 (WGY) (D. Mass.).” Your letter must state the date(s), price(s), and number(s) of shares of all your purchases, acquisitions, and sales of ARIAD publicly traded common stock during the Settlement Class Period (and sales in the 90 days after the Settlement Class Period). In addition, be sure to include your name, address, telephone number, and your signature. You must submit your exclusion request postmarked no later than April 19, 2018 to:

    ARIAD Securities Litigation Exclusions
    c/o Epiq, Claims Administrator
    P.O. Box 4230
    Portland, OR 97208-4230

    You cannot exclude yourself by telephone, by email or on this website. If you ask to be excluded, you will not get any payment from the Settlement, and you cannot object to the Settlement. You will not be legally bound by anything that happens in this lawsuit, and you may be able to sue the Defendants and the other Released Defendant Parties about the Settled Claims in the future.

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  12. If I do not exclude myself, can I sue Defendants or the other Released Defendant Parties for the same thing later?

    No. If you are a Settlement Class Member, unless you exclude yourself, you give 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 exclude yourself from this Action to continue your own lawsuit. Remember, the exclusion deadline is April 19, 2018.

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  13. If I exclude myself, can I get money from the proposed Settlement?

    No. If you exclude yourself, you may 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.

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  14. Do I have a lawyer in this case?

    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.

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  15. How will the lawyers be paid?

    Plaintiffs' Co-Lead Counsel will apply to the Court for an award of attorneys’ fees not to exceed $1,050,000. Plaintiffs' Co-Lead Counsel also intends to apply for reimbursement of litigation expenses in an amount not to exceed $450,000, which may include an application for reimbursement of the reasonable costs and expenses incurred by the Settlement Class Representatives directly related to their representation of the Settlement Class. Such sums as may be approved by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.

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  16. How do I tell the Court that I do not like something about the Settlement?

    If you are a Settlement Class Member, you can object to the proposed Settlement or any of its terms, the proposed Plan of Allocation and/or Plaintiffs' Co-Lead Counsel’s fee and expense application. You may write to the Court setting out your objection. You may give reasons why you think the Court should not approve any or all of the Settlement terms or arrangements. The Court will consider your views if you file a proper objection within the deadline identified, and according to the following procedures.

    To object, you must send 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 include 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 intend to personally appear and/or testify at the Settlement Fairness Hearing; and a list of any persons who may be called to testify at the Settlement Fairness Hearing in support of your objection. Your objection must be filed with the Court and mailed or delivered to all of 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
    Suite 1920
    New York, NY 10119
    John F. Sylvia
    Mintz Levin Cohn Ferris Glovsky
    and Popeo PC
    One Financial Center
    Boston, MA 02111

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  17. What is the difference between objecting and seeking exclusion?

    Objecting is simply telling the Court that you do not like something about the Settlement. You can object only if you stay in the Settlement Class. Excluding yourself is telling the Court that you do not want to be part of the Settlement Class. If you exclude yourself, you cannot object to the Settlement because it does not affect you.

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  18. When and where will the Court decide whether to approve the Settlement?

    The Court will hold a Settlement Fairness Hearing at 2:00 p.m., on Thursday, May 10, 2018, at the United States District Court for the District of Massachusetts, John Joseph Moakley United States Courthouse, 1 Courthouse Way, 5th Floor, Courtroom 18, Boston, MA 02210.

    At the hearing the Court will consider whether the Settlement is fair, reasonable and adequate. The Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Plaintiffs’ Co-Lead Counsel for attorneys’ fees and payment of expenses. The Court will take into consideration any written objections filed in accordance with the instructions in Q&A 15 of the Notice. The Court also may listen to people who have properly indicated, within the deadline identified above, an intention to speak at the hearing; but decisions regarding the conduct of the hearing will be made by the Court. See Q&A 19 of the Notice for more information about speaking at the hearing. The Court may also decide how much to pay to Plaintiffs’ Counsel. After the hearing, the Court will decide whether to approve the Settlement.

    We do not know how long these decisions will take. You should be aware that the Court may change the date and time of the Settlement Fairness Hearing without another notice being sent to Settlement Class Members. If you want to attend the hearing, you should check with Plaintiffs' Co-Lead Counsel before coming to be sure that the date and/or time has not changed.

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  19. Do I have to come to the Settlement Fairness Hearing?

    No. Plaintiffs' Co-Lead Counsel will answer questions the Court may have. But, you are welcome to come at your own expense. If you send an objection, you do not have to come to Court to talk about it. As long as you filed your written objection on time, the Court will consider it. You may also pay your own lawyer to attend, but it is not necessary. Settlement Class Members do not need to appear at the hearing or take any other action to indicate their approval.

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  20. May I speak at the Settlement Fairness Hearing?

    If you object to the Settlement, the Plan of Allocation, or the fee and expense application, you may ask the Court for permission to speak at the Settlement Fairness Hearing. To do so, you must include with your objection a statement saying that it is your “Notice of Intention to Appear in In re ARIAD Pharmaceuticals, Inc. Securities Litigation, Case No. 1:13-cv-12544-WGY (D. Mass.).” Persons who intend to object to the Settlement, the Plan of Allocation, and/or any attorneys’ fees and expenses to be awarded to Plaintiffs' Co-Lead Counsel and desire to present evidence at the Settlement Fairness Hearing must include in their written objections the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the Settlement Fairness Hearing. Your notice of intention to appear must be filed with the Court and mailed or delivered to all of 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
    Suite 1920
    New York, NY 10119
    John F. Sylvia
    Mintz Levin Cohn Ferris Glovsky
    and Popeo PC
    One Financial Center
    Boston, MA 02111

    Unless otherwise ordered by the Court, you cannot speak at the hearing if you excluded yourself from the Settlement Class or if you have not provided written notice of your intention to speak at the Settlement Fairness Hearing by the April 19, 2018 deadline, and in accordance with the procedures described above.

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  21. What happens if I do nothing at all?

    If you do nothing, you will not receive any money from this Settlement. In addition, unless you exclude 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.

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Important Dates

  • December 11, 2012 - December 14, 2012
    Settlement Class Period
  • April 26, 2018
    Deadline to Submit a Claim Form
  • April 19, 2018
    Deadline to Object
  • April 19, 2018
    Deadline to Exclude Yourself from the Settlement Class
  • May 10, 2018 at 2:00 p.m.
    Settlement Fairness Hearing