Pomerantz Law Firm Announces Summary Notice of Pendency and Proposed Settlement of Pain Therapeutics, Inc. Class Action and Settlement Hearing - PTIE

NEW YORK, Oct. 11, 2016 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF TEXAS
AUSTIN DIVISION

NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION.

TO: ALL PURCHASERS OF THE COMMON STOCK OF PAIN THERAPEUTICS, INC., DURING THE PERIOD FROM DECEMBER 27, 2010 AND JUNE 26, 2011, BOTH DATES INCLUSIVE (THE "CLASS PERIOD").

Excluded from the Class are defendants, officers and directors of Pain Therapeutics, Inc., members of their immediate families, heirs, successors or assigns, and any entity in which defendants have or had a controlling interest.

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of Texas, Austin Division, that a hearing will be held on December 16, 2016, at 11 a.m., before Honorable Sam Sparks, United States District Judge, at the courthouse for the United States District Court for the Western District of Texas, Austin Division, 501 West Fifth Street, Austin, TX 78701, for the purpose of determining, among other things,: (1) whether the proposed Settlement of the Class's claims against the Settling Defendants for $8.5 million should be approved as fair, reasonable and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether the application by Class Counsel for an award of attorneys' fees and expenses should be approved; (4) whether the Lead Plaintiff/Class Representative's application for reimbursement of costs and expenses should be granted; and (5) whether the Action should be dismissed with prejudice against the Settling Defendants as set forth in the Settlement Stipulation filed with the Court. 

If you purchased or otherwise acquired Pain Therapeutics common stock between December 27, 2010 and June 26, 2011, both dates inclusive, your rights may be affected by this Action and the Settlement thereof. If you have not received the detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Final Approval Hearing (the "Notice") and Proof of Claim and Release Form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: Pain Therapeutics Inc. Securities Litigation, c/o KCC Class Action Services, P.O. Box 43372, Providence, RI 02940-3372, by email at [email protected]; by telephone at 1 866-348-7651; or by visiting the website at www.paintherapeuticslitigation.com.

If you are a member of the Class and wish to share in the Settlement money, you must submit a Proof of Claim no later than January 16, 2017 establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, by no later than November 25, 2016. Any objections to the Settlement, Plan of Allocation or attorney's fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, no later than November 25, 2016.

Inquiries, other than requests for the Notice, may be made to Class Counsel: Tamar Weinrib, Esq., Pomerantz LLP, 600 Third Avenue, New York, NY 10016, [email protected].

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE
CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

SOURCE Pomerantz LLP

Related Links

http://www.pomerantzlaw.com