NEW YORK, July 22, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of stock of Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB):
NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE STOCK OF Y-MABS THERAPEUTICS, INC. (“Y-MABS”) BETWEEN OCTOBER 6, 2020 AND OCTOBER 28, 2022, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that a hearing will be held on October 28, 2024, at 11:00 a.m. before the Honorable Arun Subramanian, United States District Judge, at the courthouse for the United States District Court, Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., Courtroom 15A, New York, NY 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration in the amount of nineteen million six hundred fifty thousand dollars ($19,650,000.00) should be approved by the Court as fair, reasonable, and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether Lead Counsel’s application for an award of attorneys’ fees of up to one-third (33 1/3%) of the Settlement Amount, and reimbursement of out-of-pocket expenses of not more than two hundred thousand dollars ($200,000.00) plus interest on such fees and expenses, and a compensatory award for Lead Plaintiff of not more than ten thousand dollars ($10,000.00), all to be paid from the Settlement Fund, should be approved; and (4) whether this Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement dated June 26, 2024 (the “Stipulation”) filed with the Court.
You are receiving this Notice because the Court has certified a class of investors for settlement purposes only (“Settlement Class”) and you may be a member of the Settlement Class (“Settlement Class Member”). The proposed Settlement Class will consist of all persons or entities who purchased, or otherwise acquired, the stock of Y-mAbs between October 6, 2020 and October 28, 2022, both dates inclusive (the “Settlement Class Period”). Excluded from the Settlement Class are the Defendants; members of their immediate families and their affiliates; any entity in which Defendants had a controlling interest during the Settlement Class Period; any person who served as an officer or director of Y-mAbs during the Settlement Class Period; the judges presiding over the Action and the immediate family members of such judges; any persons or entities listed on the Settlement Exclusion List; and the successors, heirs, and assigns of any excluded person.
If you purchased or acquired Y-mAbs stock during the Settlement Class Period, your rights may be affected by this Action and the Settlement thereof, including the release and extinguishment of claims you may possess relating to your ownership interest in Y-mAbs stock. If you have not received a more-detailed, long-form Notice of Proposed Settlement of Class Action, Motion for Attorneys’ Fees and Expenses, and Settlement Fairness Hearing (“Notice”) and the Proof of Claim and Release Form, you may obtain copies of these documents and the Stipulation by downloading them at the Claims Administrator’s website at: www.strategicclaims.net/Y-mAbs/. If you are unable to do so, you may contact the Claims Administrator to obtain copies:
Y-mAbs Therapeutics, Inc. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson St., Ste. 205
Media, PA 19063
Tel.: 866-274-4004
Fax: 610-565-7985
Email: info@strategicclaims.net
The case has been litigated since January 2023. Lead Plaintiff alleges that, in violation of the U.S. federal securities laws, Defendants made material misrepresentations and/or omissions of material fact in public statements to the investing public regarding Y-mAbs product candidate omburtamab. Defendants have denied and continue to deny these allegations and that they committed any act or omission giving rise to any liability or violation of the law. The Settlement will resolve the lawsuit and the Released Claims as to the Defendants and other Released Parties. Lead Plaintiff and the Settlement Class are represented by Lead Counsel, who may be reached by contacting: Michael J. Wernke, Pomerantz LLP, 600 Third Avenue, 20th Floor, New York, NY 10016, (212) 661-1100.
If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form received no later than October 7, 2024, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any Judgment rendered in the Action whether or not you make a claim.
If you want to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, in accordance with the procedures set forth in the long-form Notice, so that it is received no later than October 7, 2024. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any Judgment entered in the Action pursuant to the Stipulation.
If you are a Settlement Class Member and do not exclude yourself, you can object to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and compensatory award to Lead Plaintiff in the manner and form explained in the detailed Notice and received no later than October 7, 2024.
Any questions regarding the Settlement should be directed to Lead Counsel for the Settlement Class.
PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
| Dated: July 1, 2024 | BY ORDER OF THE COURT UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK |
