The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action. 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 Plaintiffs alleging that Defendants intentionally or recklessly made false and materially misleading statements and omissions concerning the results of Array BioPharma, Inc.’s ("Array") Phase 3 clinical trial (referred to as the NEMO trial) for binimetinib. Plaintiffs further allege that these purportedly false and materially misleading statements and omissions induced Plaintiffs and other similarly situated shareholders to purchase shares of Array common stock at artificially inflated prices. When the truth was revealed, Plaintiffs alleged that the value of Array common stock declined significantly and, as a result, they and other members of the Class suffered damages.
Defendants have denied and continue to deny each and all of the claims and allegations of wrongdoing made by Plaintiffs in the Action and maintain furthermore that they have meritorious defenses. Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Action. Defendants also have denied and continue to deny, among other allegations, the allegations that the Plaintiffs or the Class have suffered any damage, that the price of Array common stock was artificially inflated by reasons of alleged misrepresentations, non-disclosures or otherwise, or that the Plaintiffs or the Class were harmed by the conduct alleged in the Action.
Defendants have agreed to pay or cause to be paid a total of $8,500,000 in cash (the “Settlement Fund”). The Settlement Fund, plus interest earned from the date it is established, less costs, fees, and expenses (the “Net Cash Settlement Amount”), will be divided among all eligible Class Members who send in valid Claim Forms. Costs, fees, and expenses include Court-approved attorneys’ fees and expenses and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing notice, and taxes on the Settlement Fund.
The Class consists of:
All persons or entities who purchased or otherwise acquired Array common stock between June 30, 2016 and March 17, 2017, inclusive, and who were damaged thereby
If you are a member of the Class, in order to be potentially eligible for a payment from the Settlement, you are required to submit a Claim Form with adequate supporting documentation postmarked no later than August 17, 2021.
Payments to eligible claimants will be made only after any objections and appeals of the Settlement 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:
|SUBMIT A CLAIM FORM
||If you are a Class Member and do not exclude yourself from the Class, the only way to get a payment is to submit a claim form. You may submit a claim form and still object to any aspect of the settlement, the request for an award of attorneys’ fees and expenses and/or the Plan of Allocation. If you submit a claim form, you give up your right to participate in another lawsuit against the Defendants for the legal claims in this case. See Answer to Question 12 in the Notice for a more detailed description of what you are giving up if you submit a claim form.
||If you do nothing, you will not receive any payments, will not be allowed to object to the settlement, Plan of Allocation or Plaintiffs’ counsel’s request for an award of attorneys’ fees and expenses and will give up your right to participate in another lawsuit against the Defendants for the legal claims in this case. See Answer to Question 12 on page 7 of the Notice for a more detailed description of what you are giving up if you do nothing.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available on the "Important Documents" page on this website. Additional information can also be obtained by contacting the Settlement Administrator by calling toll-free 1-833-961-3966; emailing Info@ArrayBiopharmaSecuritiesLitigation.com; or mailing a letter to:
Array Biopharma Securities Litigation
c/o JND Legal Administration
P.O. Box 91406
Seattle, WA 98111
Inquiries should NOT be directed to the Court or Defendants