WELCOME TO THE OSMOTICA SECURITIES SETTLEMENT WEBSITE
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PLEASE NOTE: By order of the Court, the fairness hearing scheduled for November 9, 2021, at 9:00 a.m. EST will be held telephonically. The call-in number is 908-824-9723 and the access code is 9630770#. Additional information is available here.
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This website has been established to provide general information related to the proposed settlement of the consolidated case known as Shumacher v. Osmotica Pharmaceuticals plc, et al., No. SOM-L-000540-19 (the "Litigation"), pending before the Superior Court of the State of New Jersey, Law Division: Somerset County (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated May 14, 2021, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you acquired Osmotica common stock pursuant and/or traceable to the Registration Statement or initial public offering ("IPO") which, for purposes of this Settlement, includes the period from October 18, 2018 through and including April 26, 2019.
The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Settlement Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), Plaintiffs claim that Defendants violated §§11 and 15 of the Securities Act of 1933 by allegedly making materially untrue statements or materially misleading omissions in the Registration Statement or Osmotica’s October 2018 IPO. Specifically, Plaintiffs allege that the Registration Statement included allegedly false or misleading material statements about, and/or allegedly failed to disclose, allegedly material information regarding: (1) the alleged declining price of one of Osmotica’s drugs; and (2) the alleged overstatement of the value of the Company’s goodwill, which was written down after the IPO. Defendants deny all of Plaintiffs’ allegations.
If you acquired Osmotica common stock pursuant and/or traceable to Osmotica’s Registration Statement or IPO, you are a Settlement Class Member. As set forth in the Stipulation, excluded from the Settlement Class are: Defendants, the officers and directors of Osmotica and the Underwriter Defendants (at all relevant times), members of Defendants’ immediate families, Defendants’ legal representatives, heirs, successors or assigns, and any entity in which any Defendant has a majority ownership interest. Also excluded from the Settlement Class are those Persons who would otherwise be Settlement Class Members but who timely and validly exclude themselves.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement, if approved, will result in the creation of a cash settlement fund of $5,250,000.00 (the “Settlement Fund”). The Settlement Fund, plus accrued interest and minus the costs of the Notice and all costs associated with the administration of the Settlement Fund, as well as attorneys’ fees and expenses, and any award to Plaintiffs for representing the Class, as approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Settlement Class Members pursuant to the Plan of Allocation that is described in the Notice.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A CLAIM FORM |
The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked or submitted online on or before September 30, 2021. |
| EXCLUDE YOURSELF |
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Parties about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Settlement Class you should understand that Defendants and the other Released Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked no later than August 31, 2021. |
| OBJECT |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Settlement Class Member. Objections must be received by the Court and counsel on or before August 31, 2021. |
| PARTICIPATE IN THE HEARING ON NOVEMBER 9, 2021 |
Ask to speak about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before August 31, 2021. |
| DO NOTHING |
Receive no payment. You will, however, still be a Settlement Class Member, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the litigation. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
September 30, 2021 |
| File Objection: |
August 31, 2021 |
| Request Exclusion: |
August 31, 2021 |
| File Notice of Intention to Appear: |
August 31, 2021 |
| Court Hearing on Fairness of Settlement: |
November 9, 2021, at 9:00 a.m. |