Notice of Proposed Class Action Settlement Involving all Persons that Purchased Galena Biopharma, Inc. Common Stock

NEWARK, N.J., Nov. 1, 2021 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY

SUMMARY NOTICE OF PROPOSED SETTLEMENT
AND FINAL APPROVAL HEARING THEREON

TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF GALENA BIOPHARMA, INC. ("GALENA") DURING THE PERIOD November 3, 2014 through November 9, 2015, INCLUSIVE. 

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that Lead Plaintiffs in the above-captioned litigation (the "Action") have reached a proposed settlement with Defendants for $1,600,000.00 in cash, plus interest earned (the "Settlement").

A hearing will be held on February 21, 2022, at 10:30 a.m., at the United States District Court for New Jersey, Courtroom PO 03, 50 Walnut Street, Newark, NJ 07102 for the purpose of determining: (1) whether the Court should certify the Settlement Class for purposes of the Settlement pursuant to Federal Rule of Civil Procedure 23; (2) whether the proposed Settlement of $1,600,000.00 in cash, plus any return thereon, should be approved by the Court as fair, just, reasonable, and adequate; (3) whether the Action should be dismissed with prejudice as against Defendants and Defendants' Released Parties as set forth in the Stipulation and Agreement of Settlement dated September 13, 2021; (4) whether the Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; (5) whether the application of Plaintiffs' Counsel for the payment of attorneys' fees and reimbursement of costs and expenses incurred in connection with the Action should be approved; and (6) such other matters as the Court may deem appropriate. 

If you purchased Galena's common stock during the period from November 3, 2014 through November 9, 2015, inclusive, your rights may be affected by the settlement of the Action.  If you would like to receive a detailed Notice of Proposed Settlement and Final Approval Hearing (the "Long Notice") and a copy of the Proof of Claim Form, you may obtain copies by writing to Galena Securities Settlement, c/o Epiq Class Action & Claims Solutions, Inc., Claims Administrator, P.O. Box 6578, Portland, OR 97228-6578, or by calling (855) 867-0739.  You may also obtain copies on the internet at www.GalenaSettlement.com.  Complete information concerning the Action may be obtained from the Court files on this matter. 

If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must timely submit a Proof of Claim Form online at www.GalenaSettlement.com or by mail to the Claims Administrator's address provided above and postmarked no later than January 20, 2022.  If you are a member of the Settlement Class and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgment or orders entered by the Court.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, at the address above and postmarked no later than January 31, 2022, in the manner and form detailed in the Long Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgment or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objection to the proposed Settlement, the Plan of Allocation, and/or Fee and Expense Application must be filed in the manner detailed in the Long Notice with the Clerk of the Court and delivered to Lead Counsel for Plaintiffs and Counsel for Defendants, such that it is received by each party no later January 31, 2022, in accordance with the instructions set forth in the Long Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Any questions should be directed to:

Claims Administrator:
Galena Securities Settlement
c/o Epiq Class Action & Claims Solutions, Inc.
P.O. Box 6578
Portland, OR 97228-6578
Toll Free: 1 (855) 867-0739
www.GalenaSettlement.com

Lead Counsel for Plaintiffs:
William B. Federman
A. Brooke Murphy
FEDERMAN & SHERWOOD
10205 N. Pennsylvania Avenue
Oklahoma City, OK 73120
(405) 235-1560
[email protected]
[email protected]

DATED: NOVEMBER 1, 2021

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY

SOURCE United States District Court for the District of New Jersey