Robbins Geller Rudman & Dowd LLP and Scott+Scott, Attorneys at Law, LLP Announce Proposed Settlement of Class Action in the Pacific Biosciences Securities Litigation
SAN DIEGO, July 25, 2013 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Scott+Scott, Attorneys at Law, LLP regarding the Pacific Biosciences Securities Litigation
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN MATEO
IN RE PACIFIC BIOSCIENCES OF CALIFORNIA, INC. SECURITIES LITIGATION
This Document Relates To: ALL ACTIONS.
Case No. CIV509210
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
Hon. Marie S. Weiner
TO: ALL PERSONS OR ENTITIES ("PERSONS") THAT PURCHASED PACIFIC BIOSCIENCES OF CALIFORNIA, INC. ("PACB" OR THE "COMPANY") COMMON STOCK BETWEEN OCTOBER 27, 2010 AND SEPTEMBER 20, 2011, INCLUSIVE (THE "CLASS PERIOD"), INCLUDING THOSE PERSONS THAT PURCHASED THE COMPANY'S STOCK PURSUANT OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY'S OCTOBER 27, 2010 INITIAL PUBLIC OFFERING (THE "CLASS").
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on October 25, 2013 at 9:00 a.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Court Room 7A, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action ("Action") for at least $7,686,494.82 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Final Judgment of Dismissal as provided under the Stipulation and Agreement of Settlement ("Stipulation") should be entered, dismissing the First Amended Consolidated Class Action Complaint filed in the Action on the merits and with prejudice; (3) the release by the Class of the Settled Claims, as set forth in the Stipulation, should be provided to the Released Parties; (4) this Action satisfies the applicable prerequisites for class action treatment under California Code of Civil Procedure §382; (5) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); (6) to reimburse Plaintiffs the costs and expenses (including lost wages) they incurred in prosecuting this Action on behalf of the Class out of the Settlement Fund; and (7) the Plan of Allocation should be approved by the Court.
This Action is a securities fraud class action brought on behalf of those Persons who purchased the common stock of PACB during the Class Period, against PACB, ten of its current and/or former key executives and directors, and four Underwriters (collectively, "Defendants") for allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the SEC in connection with the October 27, 2010 Initial Public Offering ("IPO"), including: (1) facts relating to the status, development, and effectiveness of a technology to study the synthesis and regulation of DNA (the "RS System"); (2) the existence of serious "bugs" that were plaguing the RS System and causing it to be unstable and unreliable; (3) the effectiveness and accuracy of PACB's technologies for sequencing genomes as compared to their competitors' technologies; (4) the RS System's relatively low raw-read accuracy, throughput and yields; (5) that purchasers of the RS System would have to compromise read length for accuracy; (6) demand for the RS System; and (7) the strength of the competition to the RS System. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company's stock, resulting in damage to Class Members when the truth was revealed. Defendants deny all of Plaintiffs' allegations.
IF YOU PURCHASED PACB COMMON STOCK ON OR ABOUT OCTOBER 27, 2010 THROUGH AND INCLUDING SEPTEMBER 20, 2011, INCLUDING IF YOU PURCHASED THE COMPANY'S STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT AND PROSPECTUS FILED WITH THE SEC IN CONNECTION WITH THE COMPANY'S OCTOBER 27, 2010 IPO, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.
To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim on or before October 16, 2013. Your failure to submit your Proof of Claim by October 16, 2013 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and Release entered in the Action, including, but not limited to, the Final Order, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which among other things contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.PacificBiosciencesSecuritiesLitigation.com, or by writing to:
Pacific Biosciences Securities Litigation Settlement
P.O. Box 35072
Seattle, WA 98124-3508
Phone: (866) 297-1225
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Plaintiffs' Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
James I. Jaconette, Esq.
655 West Broadway, Suite 1900
San Diego, CA 92101
Phone: (800) 449-4900
Fax: (619) 231-7423
SCOTT+SCOTT, ATTORNEYS AT LAW, LLP
Anne L. Box, Esq.
707 Broadway, Suite 1000
San Diego, CA 92101
Phone: (619) 233-4565
Fax: (619) 233-0508
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION BY SEPTEMBER 25, 2013, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
Dated: June 3, 2013
HON. MARIE S. WEINER
SUPERIOR COURT JUDGE FOR THE STATE OF CALIFORNIA, COUNTY OF SAN MATEO
SOURCE Robbins Geller Rudman & Dowd LLP; Scott+Scott, Attorneys at Law, LLP