The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly distributed the product Exjade through its specialty pharmacy operations; (2) the Company was in violation of certain federal and state laws and regulations; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On February 19, 2014, Plaintiffs filed their Consolidated Class Action Complaint. On April 21, 2014, Defendants filed their motions to dismiss the Consolidated Class Action Complaint, along with documentation in support thereof. Plaintiffs’ memorandum of law in opposition to Defendants’ motions to dismiss was filed on June 27, 2014. Defendants filed their reply briefs in further support of their motions to dismiss on July 28, 2014.
On March 31, 2015, the Court issued a Memorandum and Order that largely denied the Defendants' motions to dismiss. On December 18, 2015, the parties executed a Stipulation and Agreement of Settlement and Lead Plaintiff moved the Court for an order (i) preliminarily approving the proposed $10.9 million Settlement; (ii) preliminarily certifying the proposed Settlement Class; (iii) approving the form and manner of giving notice of the proposed Settlement to Settlement Class Members; and (iv) scheduling a hearing to consider final approval of the Settlement. On February 11, 2016, the Court preliminarily approved the settlement and form of notice to Class members, and set a hearing for final approval of the settlement as fair, reasonable and adequate for June 13, 2016. On June 16, 2016, the Court entered its Judgment Approving Class Action Settlement.