Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of the Avalanche Biotechnologies Securities Litigation

10/06/17 11:30 AM EDT

Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of the Avalanche Biotechnologies Securities Litigation

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Avalanche Biotechnologies Securities Litigation:

 

SUPERIOR COURT OF THE STATE OF CALIFORNIA

COUNTY OF SAN MATEO

 
In re AVALANCHE BIOTECHNOLOGIES, INC.     )   Lead Case No. CIV536488
SHAREHOLDER LITIGATION )

CLASS ACTION

 

    ) Assigned for All Purposes to Hon. Marie S. Weiner
This Document Relates To: ) DEPT: 2
ALL ACTIONS. ) DATE ACTION FILED: 12/07/15

 

)
      )
 
 

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

 

TO:

   

ALL PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED AVALANCHE BIOTECHNOLOGIES, INC. (“AVALANCHE” OR THE “COMPANY”) COMMON STOCK BETWEEN JULY 30, 2014 AND JUNE 15, 2015 (INCLUSIVE) (“CLASS PERIOD”), INCLUDING THOSE PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED THE COMPANY’S COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY’S REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY’S IPO AND THOSE PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED THE COMPANY’S COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY’S REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY’S SPO (“CLASS” OR “CLASS MEMBERS”)

 

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 January 19, 2018, at 9:00 a.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Courtroom 2E, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action (the “Action”) as well as a federal action styled In re Avalanche Biotechnologies Securities Litigation, Master File No. 15-cv-03185, which was filed in the United States District Court for the Northern District of California (“Federal Court Action”) as set forth in the Stipulation and Agreement of Settlement (“Stipulation”)1 for $13,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Final 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); (4) to pay Plaintiffs the time and expenses they incurred in representing the Class out of the Settlement Fund; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

This Action and the Federal Court Action are securities class actions brought on behalf of those Persons who purchased or acquired the common stock of Avalanche during the Class Period, against Avalanche, certain of its key executives, directors and underwriters of Avalanche’s IPO and SPO (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statements filed with the U.S. Securities and Exchange Commission in connection with the IPO and SPO concerning, among other things, the then-existing data about Avalanche’s lead product, AVA-101, which was in development to treat patients with wet age-related macular degeneration. 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 AVALANCHE COMMON STOCK BETWEEN JULY 30, 2014 THROUGH AND INCLUDING JUNE 15, 2015, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION AND THE FEDERAL COURT 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 December 27, 2017) or electronically (no later than December 27, 2017). Your failure to submit your Proof of Claim by December 27, 2017, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action and the Federal Court 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 Final 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.AvalancheSecuritiesLitigationSettlement.com, or by writing to:

Avalanche Securities Litigation Settlement
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 404025
Louisville, KY 40233-4025

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         FARUQI & FARUQI LLP
James I. Jaconette, Esq. Richard W. Gonnello, Esq.
655 West Broadway, Suite 1900 685 Third Avenue, 26th Floor
San Diego, CA 92101 New York, NY 10017
Telephone: 800-449-4900 Telephone: 212-983-9330
 

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY NOVEMBER 27, 2017, 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 NOVEMBER 27, 2017, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: September 7, 2017         HONORABLE MARIE S. WEINER
SUPERIOR COURT JUDGE FOR THE

STATE OF CALIFORNIA, COUNTY OF

SAN MATEO

1 The Stipulation can be viewed and/or obtained at www.AvalancheSecuritiesLitigationSettlement.com.

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1-800-449-4900