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) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to a proposed settlement of claims in a pending securities class action brought by investors alleging, among other things, that OPKO and its Chairman and CEO, Dr. Phillip Frost (“Defendants”) violated United States and Israeli securities laws by making false and misleading statements and material omissions during the Class Period. A more detailed description of the Action is set forth in paragraphs 11-22 of the Notice. The Defendants have denied, and continue to deny, each and every claim and contention alleged in the Action and any wrongdoing whatsoever. The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class, as defined in paragraph 23 of the Notice.
Subject to Court approval, Lead Plaintiff, on behalf of itself and the Settlement Class, has agreed to settle the Action in exchange for $16,500,000 in cash (the “Settlement Amount”) to be deposited into an escrow account.
The Court held a hearing to consider approval of the Settlement and related matters on December 15, 2020. The motions for Court approval of the Settlement, approval of the Plan of Allocation, and approval of Lead Plaintiff’s application for attorneys’ fees and expenses are still pending before the Court.
The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; (iv) any attorneys’ fees awarded by the Court; and (v) any other costs or fees approved by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court. The proposed plan of allocation (the “Plan of Allocation”) is set forth in Appendix A at the end of the Notice. The Plan of Allocation will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement if it is approved.
The Settlement Class consists of:
all persons or entities that purchased or otherwise acquired OPKO common stock during the period from September 26, 2013 through September 7, 2018, inclusive (the “Class Period”), including, but not limited to, on either a U.S.-based exchange (including the New York Stock Exchange and Nasdaq), or on the Tel Aviv Stock Exchange, and who were damaged thereby.
Please read the Notice to fully to understand your rights and options.
If you are a member of the Settlement Class and you purchased OPKO common stock on a U.S. stock exchange (New York Stock Exchange or Nasdaq), or you purchased or acquired shares through any other means other than on the Tel Aviv Stock Exchange, you must submit a Claim Form postmarked no later than January 26, 2021 in order to be eligible to receive a payment under the proposed Settlement.
If you purchased OPKO common stock only on the Tel Aviv Stock Exchange (“TASE”) you do not need to submit a Claim Form. Those Settlement Class Members will be eligible to receive a distribution from the Settlement, if it is approved, based on the shares they purchased on the TASE without submitting a Claim Form.
Payments to eligible claimants will be made only after the Settlement and a plan of allocation are approved by the Court and all appeals are resolved and after 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:
|IF YOU PURCHASED OPKO COMMON STOCK ON A U.S. EXCHANGE, SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN JANUARY 26, 2021.
||The only way to be eligible to receive a payment from the Settlement Fund based on your purchases of OPKO common stock traded on a U.S. stock exchange (including the New York Stock Exchange or Nasdaq), or any other purchases or acquisitions of OPKO common stock by any other means other than on the Tel Aviv Stock Exchange, is to submit a Claim Form postmarked by January 26, 2021.
You do not need to submit a Claim Form to be eligible for a payment based on your purchases of OPKO common stock traded on the Tel Aviv Stock Exchange.
||If you are a member of the Settlement Class and you take no action, you will remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
In addition, if you do not submit a Claim Form you will not be eligible for any payment from the portion of the Settlement for which you may eligible based on purchases of OPKO common stock traded on U.S. exchanges. (If you are eligible for a portion of the Settlement based on purchases of OPKO common stock on the Tel Aviv Stock Exchange, you may receive this payment without submitting a Claim Form.)
How do I obtain more information?
More detailed information about the Action and the Settlement is contained in the Notice. If you have questions, you may contact the Claims Administrator by calling toll-free 1-888-383-0345; emailing info@OPKOHealthSecuritiesLitigation.com; or mailing a letter to:
OPKO Health Securities Litigation
c/o JND Legal Administration
P.O. Box 91360
Seattle, WA 98111
Inquiries should NOT be directed to the Court, the Clerk of the Court, Defendants, or their counsel.