Robbins Geller Rudman & Dowd LLP Issues Notice of Case Dismissal and Mootness Fee Resolution in In re Avanir Pharmaceuticals, Inc. Stockholders Litig., C.A. No. 10470-VCG (Del. Ch. Ct.)

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com) today announced that pursuant to a Stipulation and Order Regarding Dismissal and Attorneys’ Fees and Expenses granted by the Delaware Court of Chancery on November 4, 2015, the Parties to the Litigation hereby provide the following Notice of Case Dismissal and Mootness Fee Resolution:

NOTICE OF CASE DISMISSAL
AND MOOTNESS FEE RESOLUTION

Under the terms of the Agreement and Plan of Merger, dated December 1, 2014, Otsuka Pharmaceutical Co., Ltd., a Japanese joint stock company (“Otsuka”), commenced a tender offer to acquire all of the outstanding shares of Avanir Pharmaceuticals, Inc. (“Avanir”) for $17.00 per share. Between December 1 and December 18, twelve complaints were filed in the Delaware Court of Chancery against the members of the Avanir board of directors and Otsuka. On December 18, William F. Morano, Jonathan K. Romero, and Samuel Shoneye moved for consolidation of the actions that had been filed in connection with Otsuka’s offer and for the appointment as Lead Plaintiffs and Co-Lead Counsel, which the Court entered. The actions alleged claims for breach of fiduciary duty by the Avanir board and aiding and abetting the same by Otsuka, including that the process leading to the transaction and the disclosures made to the Avanir stockholders were deficient. The defendants filed motions to dismiss all of the complaints that were served.

On January 2, 2015, Avanir issued a supplement to the Schedule 14D-9 filed with the Securities and Exchange Commission that included additional disclosures.

Thereafter, Lead Plaintiffs notified the Court in writing on April 2, 2015 that their disclosure claims had been rendered moot and that Lead Plaintiffs would be speaking with all parties concerning the voluntary dismissal of the entire action. After April 2, 2015, the parties engaged in arm’s-length negotiations, and the Company agreed to pay Co-Lead Counsel $425,000 in attorneys’ fees.

On November 4, 2015, the Court entered a Stipulation and Order, which provided for the dismissal of the action with prejudice as to the plaintiffs named therein only. The Court has not and will not pass on the fee payment. A copy of the Stipulation and Order of Dismissal can be accessed on Avanir’s website at www.avanir.com.

The names and addresses of counsel for the parties in the consolidated action (In re Avanir Pharmaceuticals, Inc. Stockholders Litigation, Consol. C.A. No. 10470-VCG) are as follows:

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