Voulgaris, et al. v. Array BioPharma Inc., et al.
Array Biopharma Securities Litigation
17-cv-02789-KLM

Frequently Asked Questions

 

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  • You or someone in your family may have purchased or acquired the publicly traded common stock of Array BioPharma Inc. during the period of June 30, 2016 to March 17, 2017, inclusive.

    The Court ordered that the Notice be sent to you because you have a right to know about a proposed settlement of a class action lawsuit, and your options, before the Court decides whether to approve the settlement. If the Court approves it and after any objections or appeals are resolved, the Settlement Administrator appointed by the Court will make the payments that the settlement allows.

    The package explains the lawsuit, the settlement, your legal rights, what benefits are available, who is eligible for them, and how to get them.

    The Court in charge of the case is the United States District Court for the District of Colorado, and the case is known as Voulgaris, et al. v. Array BioPharma Inc. et al., Case No. 1:17-cv-02789-KLM.  The people who sued are called the Plaintiffs, and the companies and the individuals they sued, Array BioPharma, Inc. (“Array”), Ron Squarer, Victor Sandor, and Jason Haddock, are called Defendants.

  • Plaintiffs have filed this lawsuit alleging that Defendants  intentionally or recklessly made false and materially misleading statements and omissions concerning the results of Array’s 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.

  • In a class action, one or more people or entities called class representatives (in this case the court-appointed Plaintiff) sue on behalf of people who have similar claims.  All these people are called a class or Class Members.  One court resolves the issues for all the Class Members, except for those who exclude themselves from the Class. Judge Kristen L. Mix is in charge of this class action.

  • The Court did not decide in favor of the Plaintiffs or Defendants.  Instead, both sides agreed to a settlement with the assistance of an experienced mediator.  The settlement allows both sides to avoid the risks and cost of lengthy and uncertain litigation and the uncertainty of a trial and appeals, and permits Class Members to be compensated without further delay. Plaintiffs and their attorneys think the settlement is best for all Class Members.

  • To see if you will get money from this settlement, you first have to determine if you are a Class Member.

  • The Class includes all persons or entities who purchased or otherwise acquired Array common stock between June 30, 2016 and March 17, 2017, inclusive, except those persons or entities that are excluded, as described in FAQ "What Are the Exceptions to Being Included?".

  • You are not a Class Member if you are:

    • A named Defendant;

    • An officer or director of Array during the Class Period;

    • A family member of an officer or director of Array during the Class period (including legal representatives, heirs, successors, or assigns); or

    • Any entity in which a named Defendant has or had a controlling interest during the Class Period.

    Also excluded from the Class are those Persons who timely and validly request exclusion from the Class pursuant to the Notice.

  • If you are still not sure whether you are included, you can ask for free help.  You can contact the Settlement Administrator toll-free at 1-833-961-3966, or you can fill out and return the Claim Form enclosed with the Notice package, to see if you qualify.

  • 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.

  • Your share of the Net Cash Settlement Amount will depend on several things, including, how many Class Members submit timely and valid Claim Forms, the total recognized losses represented by the valid Claim Forms that Class Members send in, the total number of shares of Array common stock you purchased or acquired, how much you paid, when you purchased or acquired, and if you sold your shares and for how much.  (see pages 5-6 of the Notice for further information regarding the Plan of Allocation)

  • To qualify for payment, you must be an eligible Class Member and you must send in a Claim Form.  A Claim Form is enclosed with the Notice.  Read the instructions carefully, fill out the form, include all the documents the form asks for, sign it, and mail it postmarked no later than August 17, 2021.

  • The Court will hold a hearing on October 29, 2021, to decide whether to approve the settlement.  If Judge Mix approves the settlement, there may be appeals.  It is always uncertain whether these appeals can be resolved favorably, and resolving them can take time, perhaps several years.  If there are no appeals and depending on the number of claims submitted, the Settlement Administrator could distribute the Net Cash Settlement Amount as early as nine months after the fairness hearing.  Everyone who sends in a Claim Form will be informed of the determination with respect to their claim.  Please be patient.

  • Unless you exclude yourself, you are staying in the Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against the Defendants about the same legal issues in this case.  It also means that all of the Court’s Order will apply to you and legally bind you and you will release your claims in this case against the Defendants.  The terms of the release are included in the claim form.

  • If you do not want a payment from this settlement, but you want to keep the right to sue or continue to sue any of the Defendants on your own about the same legal issues in this case, then you must take steps to get out of the Class.  This is called excluding yourself or is sometimes referred to as opting out of the Class.  Given the amount of time that has elapsed since the events underlying this Action occurred, it is strongly recommended that you speak with an attorney about your ability to pursue individual claims outside of this Action before choosing to exclude yourself or opting out of the settlement.

  • To exclude yourself form the Settlement Class, you must send a letter by mail stating that you want to be excluded from Voulgaris, et al. v. Array Biopharma Inc., et al., Case No. 1:17-cv-02789-KLM. You must include your name, address, telephone number, signature, and the number of shares of Array securities you purchased or acquired between June 30, 2016 and March 17, 2017, inclusive, the number of shares of Array securities you sold during this time period, if any, and the dates, quantities, and prices of such purchases and sales. You must mail your exclusion request postmarked no later than October 4, 2021 to:

    Array Biopharma Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91406
    Seattle, WA 98111

    You cannot exclude yourself by phone or by e-mail. If you ask to be excluded, you are not eligible to get any settlement payment, and you cannot object to the settlement. You will not be legally bound by anything that happens in this lawsuit.

  • No.  Unless you exclude yourself, you give up any right to sue the Defendants and the Releasees for the claims resolved by the settlement.  If you have a pending lawsuit against any of the Defendants, speak to your lawyer in that case immediately.  Remember the exclusion deadline is October 4, 2021.

  • No.  If you exclude yourself, do not send in a Claim Form.  Once you exclude yourself, you will receive no cash payment even if you also submit a Claim Form.

  • The Court appointed the law firm Levi & Korsinsky, LLP to represent you and other Class Members. These lawyers are called Lead Counsel.  These lawyers will apply to the Court for payment from the Settlement Fund; you have not been and will not otherwise be charged for their work.  If you want to be represented by your own lawyer, you may hire one at your own expense.

  • At the Final Approval Hearing, Plaintiffs’ Counsel will ask the Court for an award of one-third of the Settlement Fund, or $2,833,333.33. This amount is intended to compensate Plaintiffs’ Counsel for the time they spent litigating this case on a contingency basis. Plaintiffs’ Counsel will also ask the Court for an award reimbursing their out-of-pocket litigation expenses in this action, which were approximately $140,000.00. If awarded, the cost would be less than $0.09 per share.  Such sums as may be approved by the Court will be paid from the Settlement Fund.  Class Members are not personally liable for any such fees or expenses.

    To date, Plaintiffs’ Counsel has not been paid for their services for conducting this litigation on behalf of the Plaintiffs and Class nor for their out-of-pocket expenses.  The fees requested will compensate Plaintiffs’ Counsel for their work in achieving the Settlement Fund and is within the range of fees awarded to class counsel under similar circumstances in other cases of this type.

  • You can tell the Court that you do not agree with the settlement, the Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and expenses.

  • If you are a Class Member (and you have not excluded yourself), you can object to the settlement, the request for attorneys’ fees and expenses, or the Plan of Allocation if you do not like any part of it.  You can give reasons why you think the Court should not approve it.  The Court will consider your views.  To object, you must send a letter saying that you object to the settlement in Voulgaris, et al. v. Array Biopharma Inc. et al, Case No. 1:17-cv-02789-KLM.  Be sure to include your name, address, telephone number, signature, the Array securities purchased and sold between June 30, 2016 and March 17, 2017, inclusive, and the reasons you object to the settlement, the requested attorneys’ fees and expenses, or the Plan of Allocation.  Any objection to the settlement must be filed with the Court at the following address no later than October 4, 2021.

    Clerk of Court
    United States District Court
    District of Colorado
    Alfred A. Arraj US Courthouse
    901 19th Street, Room A105
    Denver, CO 80294

  • Objecting is simply telling the Court that you do not like something about the proposed settlement.  You can object only if you stay in the Class.  Excluding yourself is telling the Court that you do not want to be part of the Class.  If you exclude yourself, you have no basis to object because the case no longer affects you.

  • The Court will hold a hearing to decide whether to approve the proposed settlement.  You may attend and you may ask to speak, but you do not have to.

  • The Court will hold a fairness hearing at 2:30 p.m., on October 29, 2021, at the United States District Court, District of Colorado, Courtroom A401, Alfred A. Arraj United States Courthouse, 901 19th St, Denver, CO 80294.  At this hearing the Court will consider whether the settlement of the Action is fair, reasonable, and adequate.  If there are objections, the Court will consider them.  Judge Mix will listen to people who have asked to speak at the hearing.  The Court will also consider whether to approve the payment of fees and expenses to Plaintiffs’ Counsel and the Plan of Allocation.  The Court may decide these issues at the hearing or take them under consideration.  We do not know how long these decisions will take.

  • No.  Lead Counsel will answer any questions Judge Mix 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 mailed your written objection on time, the Court will consider it.  You may also pay your own lawyer to attend, but it is not necessary.

  • You may ask the Court for permission to speak at the Final Approval Hearing.  To do so, you must send a letter saying that it is your intention to appear in Voulgaris v. Array Biopharma Inc. et al, Case No. 1:17-cv-02789-KLM.  Be sure to include your name, address, telephone number, signature, and the number of shares of Array securities purchased or acquired between June 30, 2016 and March 17, 2017, inclusive.  Your notice of intention to appear must be filed no later than October 4, 2021, with the Clerk of the Court, at the address listed in FAQ "How Do I Tell the Court that I Do Not Like the Settlement?".  You cannot speak at the hearing if you exclude yourself from the Class.

  • If you do nothing, you will get no money from this settlement.  But, 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 the Defendants or their Related Parties about the same legal issues in this case.

  • The Notice only contains a summary of the proposed settlement.  More details are in the Settlement Agreement dated as of April 28, 2021.  You can get a copy of the Settlement Agreement or more information about the Settlement by visiting the 'Important Documents' page of this website. 

    You can also contact the Settlement Administrator:

    Array Biopharma Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91406
    Seattle, WA 98111

    Or Lead Counsel

    Nicholas I. Porritt, Esq.
    Levi & Korsinsky, LLP
    Alfred A. Arraj US Courthouse
    1101 30th Street, N.W., Suite 115
    Washington, D.C. 20007

    You can also obtain a copy from the Clerk’s Office during regular business hours:

    Clerk of Court
    United States District Court
    District of Colorado
    Alfred A. Arraj US Courthouse
    901 19th Street, Room A105
    Denver, CO 80294

    DO NOT TELEPHONE THE COURT OR DEFENDANTS’ COUNSEL REGARDING THE NOTICE

  • If you hold shares of Array common stock purchased between June 30, 2016 and March 17, 2017, inclusive, as a nominee for a beneficial owner, then, within ten (10) days after you received the Notice, you must either: (1) send a copy of the Notice and Claim Form by first class mail to all such beneficial owners; or (2) provide a list of names and addresses of such Persons to the Settlement Administrator:

    Array Biopharma Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91406
    Seattle, WA 98111

    If you choose to mail the Notice and Proof of Claim yourself, you may obtain from the Settlement Administrator (without cost to you) as many additional copies of these documents as you will need to complete the mailing.

    Regardless of whether you choose to complete the mailing yourself or elect to have the mailing performed for you, you may obtain reasonable reimbursement for or advancement of reasonable administrative costs actually incurred or expected to be incurred in connection with forwarding the Notice and which would not have been incurred but for the obligation to forward the Notice, upon submission of appropriate documentation to the Settlement Administrator (not to exceed $0.50 per mailing including postage).

For More Information

Visit this website often to get the most up-to-date information.

Mail
Array Biopharma Securities Litigation
c/o JND Legal Administration
PO Box 91406
Seattle, WA 98111