The following statement is being issued by Robbins Geller Rudman
& Dowd LLP regarding the Menlo Therapeutics Inc. Securities
Settlement:
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN MATEO
In re MENLO THERAPEUTICS INC.
SECURITIES
)
Lead Case No. 18CIV06049
LITIGATION
)
)
CLASS
ACTION
This Document Relates To:
)
)
)
SUMMARY NOTICE OF PROPOSED
ALL ACTIONS.
)
SETTLEMENT OF CLASS ACTION
)
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE
ACQUIRED MENLO THERAPEUTICS INC. (“MENLO” OR THE “COMPANY”) COMMON
STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND
PROSPECTUS FILED IN CONNECTION WITH MENLO’S INITIAL PUBLIC OFFERING
(“IPO”) ON OR ABOUT JANUARY 29, 20181
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER
SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS
ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on August
14, 2020, at 2:00 p.m., before the Honorable Richard H. DuBois at
the Superior Court of California, County of San Mateo, Department
16, Courtroom 7A, 400 County Center, Redwood City, CA 94063, to
determine whether: (1) the proposed settlement (the “Settlement”)
of the above-captioned action as set forth in the Stipulation of
Settlement (“Stipulation”)2 for $9,500,000.00 in cash should be
approved by the Court as fair, reasonable, and adequate; (2) the
Judgment as provided under the Stipulation should be entered; (3)
to award Plaintiffs’ Counsel attorneys’ fees and expenses out of
the Settlement Fund (as defined in the Notice of Proposed
Settlement of Class Action (“Notice”), which is discussed below)
and, if so, in what amount; (4) to pay Plaintiffs for representing
the Class out of the Settlement Fund and, if so, in what amount;
and (5) the Plan of Allocation should be approved by the Court as
fair, reasonable, and adequate.
This Action is a consolidated securities class action brought on
behalf of those Persons who purchased or acquired Menlo common
stock pursuant or traceable to the Registration Statement and
Prospectus for Menlo’s IPO, against Menlo and certain of its
officers, directors, and underwriters of Menlo’s IPO (collectively,
“Defendants”) for, among other things, allegedly misstating and
omitting material facts from the Registration Statement and
Prospectus filed with the U.S. Securities and Exchange Commission
in connection with the IPO. Plaintiffs allege that these
purportedly false and misleading statements inflated the price of
the Company’s stock, resulting in damage to Class Members when the
truth was revealed. Defendants deny all of Plaintiffs’
allegations.
IF YOU PURCHASED OR ACQUIRED MENLO COMMON STOCK BETWEEN JANUARY
25, 2018 THROUGH AND INCLUDING JULY 24, 2018, YOUR RIGHTS MAY BE
AFFECTED BY THE SETTLEMENT OF THIS ACTION.
To share in the distribution of the Settlement Fund, you must
establish your rights by submitting a Proof of Claim and Release
form (“Proof of Claim”) by mail (postmarked no later than August
17, 2020) or online (no later than August 17, 2020).
Your failure to submit your Proof of Claim by August 17, 2020, will
subject your claim to rejection and preclude you from receiving any
of the recovery in connection with the Settlement of this Action.
If you are a member of the Class and do not request exclusion
therefrom, you will be bound by the Settlement and any judgment and
release entered in the Action, including, but not limited to, the
Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more
completely describes the Settlement and your rights thereunder
(including your right to object to the Settlement), and a Proof of
Claim, you may obtain these documents, as well as a copy of the
Stipulation (which, among other things, contains definitions for
the defined terms used in this Summary Notice) and other settlement
documents, online at www.MenloSecuritiesLitigation.com, or by
writing to:
Menlo Securities Litigation Settlement c/o
Gilardi & Co. LLC P.O. Box 43350 Providence, RI 02940-3350
Inquiries should NOT be directed to Defendants, the Court, or
the Clerk of the Court.
Inquiries, other than requests for the Notice or for a Proof of
Claim, may be made to Plaintiffs’ Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP James I.
Jaconette 655 West Broadway, Suite 1900 San Diego, CA 92101
Telephone: (800) 449-4900
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A
REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY JULY 24,
2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL
MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE
CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A
TIMELY PROOF OF CLAIM.
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE
SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’
COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE
PAYMENT TO PLAINTIFFS FOR THEIR TIME AND EXPENSES. ANY OBJECTIONS
MUST BE FILED WITH THE COURT AND SENT TO PLAINTIFFS’ COUNSEL BY
JULY 24, 2020, IN THE MANNER AND FORM EXPLAINED IN THE
NOTICE.
DATED: APRIL 24, 2020
BY ORDER OF THE SUPERIOR COURT OF
CALIFORNIA, COUNTY OF SAN MATEO
THE HONORABLE RICHARD H. DUBOIS
1For purposes of this Settlement only, the Class includes all
persons or entities who purchased or otherwise acquired Menlo
common stock between January 25, 2018 and July 24, 2018,
inclusive.
2The Stipulation can be viewed and/or obtained at
www.MenloSecuritiesLitigation.com. All capitalized terms used
herein have the same meaning as the terms defined in the
Stipulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200522005001/en/
Media Contact: Robbins Geller Rudman & Dowd LLP Shareholder
Relations Rick Nelson 1- 619-231-1058
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