Cotchett, Pitre & McCarthy, LLP Announce the Proposed Settlement in the ProNAi Shareholder Litigation

SAN FRANCISCO, March 7, 2019 /PRNewswire/ -- The following statement is being issued by Cotchett, Pitre & McCarthy, LLP regarding the In re ProNAi Shareholder Litigation Settlement.

SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN MATEO

IN RE PRONAI THERAPEUTICS, INC. SHAREHOLDER LITIGATION

This Document Relates To: All Actions.

Case No. 16-CIV-02473

Class Action

Assigned to:  Hon. Richard H. DuBois
Department 16

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

Date Action Filed:  November 18, 2016

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED SHARES OF COMMON STOCK OF PRONAI THERAPEUTICS, INC., NOW KNOWN AS SIERRA ONCOLOGY, INC ("SIERRA" OR THE "COMPANY") IN THE COMPANY'S JULY 15, 2015 INITIAL PUBLIC OFFERING ("IPO"), OR AT ANY TIME BETWEEN JULY 15, 2015 AND NOVEMBER 18, 2016 (THE "CLASS PERIOD"), INCLUSIVE ("CLASS" OR "CLASS MEMBERS"). 

IN ORDER TO QUALIFY FOR A SETTLEMENT PAYMENT, YOU MUST TIMELY SUBMIT A PROOF OF CLAIM AND RELEASE FORM ("PROOF OF CLAIM") BY MAY 30, 2019.

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 May 24, 2019, at 9:00 a.m., before the Honorable Richard H. DuBois at the Superior Court of California, County of San Mateo, Department 16, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action as set forth in the Stipulation of Settlement ("Stipulation")¹ for $7,200,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Final Judgment as provided under the Stipulation should be entered; (3) 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); (4) to pay Plaintiffs a service award for the time and expenses they incurred in representing the Class out of the Settlement Fund; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

This Action is a consolidated securities class action brought on behalf of those Persons who purchased or acquired the common stock of Sierra pursuant or traceable to the Registration Statement and Prospectus for Sierra's IPO, against Sierra, certain of its key executives and directors, and underwriters of Sierra's IPO (collectively, "Defendants") for, among other things, allegedly misstating and omitting material facts from the Registration Statement filed with the U.S. Securities and Exchange Commission in connection with the IPO concerning, among other things, the success and viability of the development of Sierra's drug candidate, PNT2258.  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 OR ACQUIRED SIERRA COMMON STOCK BETWEEN JULY 15, 2015 THROUGH AND INCLUDING NOVEMBER 18, 2016, 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 submitting a Proof of Claim and Release form ("Proof of Claim") by mail (postmarked no later than May 30, 2019) or electronically (no later than May 30, 2019).  Your failure to submit your Proof of Claim by May 30, 2019, 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 Judgment or Alternative Judgment, 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.ProNAiShareholderLitigation.com, or by writing to:

In re ProNAi Shareholder Litigation Settlement
c/o Epiq
P.O. Box 5053
Portland, OR 97208-5053

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' Lead Counsel:

COTCHETT, PITRE & McCARTHY, LLP
Mark C. Molumphy
840 Malcolm Road, Suite 200
Burlingame, CA  94010
Telephone:  650-697-6000

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY APRIL 30, 2019, 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 EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM. 

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS' COUNSEL FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES, AND/OR THE PAYMENT OF A SERVICE AWARD TO PLAINTIFFS FOR THEIR TIME AND EXPENSES.  ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO PLAINTIFFS' LEAD COUNSEL BY APRIL 30, 2019, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: February 8, 2019   

HONORABLE RICHARD H. DUBOIS
SUPERIOR COURT JUDGE FOR THE STATE OF CALIFORNIA, COUNTY OF SAN MATEO

¹ The Stipulation can be viewed and/or obtained at www.ProNAiShareholderLitigation.com.

SOURCE Cotchett, Pitre & McCarthy, LLP