Hagens Berman Sobol Shapiro LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Osiris Therapeutics, Inc. Securities

GREENBELT, Md., Oct. 8, 2018 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF MARYLAND
BALTIMORE DIVISION

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS
ACTION SETTLEMENT

To: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED OSIRIS THERAPEUTICS, INC. SECURITIES FROM MAY 12, 2014 through NOVEMBER 16, 2015, BOTH DATES INCLUDED.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Maryland, that a hearing will be held on February 4, 2019 at 10:00 a.m. before the Honorable Paula Xinis, United States District Judge of the District of Maryland, 6500 Cherrywood Lane, Greenbelt, MD 20770 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Litigation for consideration including the sum of $18,500,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel and Liaison Counsel for an award of attorneys' fees of up to twenty five percent plus interest of the Settlement Amount, reimbursement of expenses of not more than $250,000, and an incentive payment of no more than $4,000, to Lead Plaintiff, should be approved; and (4) whether this Litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated June 5, 2018 (the "Stipulation" or "Settlement Agreement").

If you purchased Osiris Therapeutics, Inc. ("Osiris") securities during the period from May 12, 2014 through November 16, 2015, both dates inclusive (the "Class Period"), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Osiris securities.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling, Epiq by phone at 1-888-453-9016 or write to Osiris Securities Settlement, c/o Epiq, P.O. Box 4129, Portland, OR 97208-4129, or going to the website, www.OsirisSecuritiesSettlement.com.  If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than January 30, 2019, establishing that you are entitled to recovery.  Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim.

If you desire to be excluded from the Class, you must submit to the Settlement Administrator a request for exclusion so that it is received no later than December 3, 2018, 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 any judgment entered in the Litigation pursuant to the Settlement Agreement.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel and Liaison Counsel's request for an award of attorneys' fees and reimbursement of expenses and award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than December 3, 2018, to each of the following:

If you have any questions about the Settlement, you may call or write to the Settlement Administrator:

Osiris Securities Settlement
Settlement Administrator
P.O. Box 4129
Portland, OR 97208-4129
888-453-9016

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

SOURCE Hagens Berman Sobol Shapiro LLP