IMMUNOCELLULAR THERAPEUTICS, LTD. SECURITIES LITIGATION WEBSITE

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IMMUNOCELLULAR THERAPEUTICS, LTD. SECURITIES LITIGATION WEBSITE
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The information contained on this website is only a summary.

 

More information regarding the Action is contained in the Notice of Proposed Class Action Settlement (the “Notice”). You may download a copy of the Notice by clicking here.

 

The Proof of Claim and Release (the “Proof of Claim”) may be downloaded by clicking here. General Instructions and more information regarding the claim process is contained in the Proof of Claim.

 

The Exclusion Form may be downloaded by clicking here.

 

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM NO LATER THAN JULY 24, 2019

The only way to get a payment if you have a Recognized Loss.

EXCLUDE YOURSELF NO LATER THAN JUNE 4, 2019

Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Released Persons about the Released Claims.

OBJECT NO LATER THAN JUNE 4, 2019

Write to the Court about why you do not like the Settlement. You may, but are not required to, appear at the Final Approval Hearing.

GO TO A HEARING

You may ask to speak in Court about the fairness of the Settlement.

DO NOTHING

Get no payment. Give up rights.

 


The Settlement Class:

The Court directed that, for the purposes of the proposed Settlement, everyone who fits this description is a Settlement Class Member: all persons who purchased or otherwise acquired Immunocellular Therapeutics, Ltd. (“IMUC”) common stock on the open market on a United States stock exchange during the Class Period (May 1, 2012 and May 30, 2014, inclusive) and were damaged thereby.

The Settlement Size and Benefits:

IMUC has agreed to pay or cause to be paid $1.15 million in cash (the “Settlement Fund”) on behalf of all Defendants. The Settlement Fund, plus interest earned from the date it is established, less costs, fees, and expenses (the “Net Settlement Fund”), will be divided among all eligible Settlement Class Members who send in valid and timely Proof of Claim and Release forms (“Authorized Claimants”). Costs, fees, and expenses include Court-approved attorneys’ fees and expenses; certain Notice and Administration Costs, including the costs of printing and mailing this Notice, the cost of publishing notice, and the costs of claims administration; and Taxes on the Settlement Fund.

In return, the Parties have agreed to dismiss the Action and Plaintiffs and all Settlement Class Members who do not exclude themselves from the Settlement Class agree to release, relinquish and discharge all Released Claims against the Defendants and their respective Related Persons (collectively, the “Released Persons”), whether or not these Settlement Class Members execute and deliver Proof of Claim and Release forms.

For all details of the Settlement, read the Amended Stipulation of Settlement  and full Notice.

Lead Plaintiffs estimate that 77.4 million shares of IMUC common stock are eligible under the Plan of Allocation (described below). If claims are submitted for all of these shares, the estimated distribution per share will be approximately $0.015 before deduction of Court-approved administrative costs, awards to Plaintiffs, and any attorneys’ fees and expenses awarded to Co-Lead Counsel for their representation of the Settlement Class.

Background of the Case:

The Consolidated Third Amended Complaint (the “Consolidated Complaint”) filed on June 29, 2018, alleges that Defendants IMUC, David Fractor, Manish Singh, Lavos, LLC, Lidingo Holdings, LLC, Kamilla Bjorlin, Andrew Hodge, and Brian Nichols (“Defendants”) violated Sections 10(b) and 20(a) of the Exchange Act of 1934. Plaintiffs contend that these Defendants engaged in a pay-for-promotion scheme pursuant to which analysts who were purportedly independent published positive articles about IMUC on popular financial websites without disclosing that they were being paid for such coverage. The Consolidated Complaint alleges that, when the scheme became public through various partial announcements, IMUC’s share price fell and shareholders were damaged. The Action seeks money damages against Defendants. Defendants deny all of Plaintiffs’ allegations, deny that they made any false or misleading statements or otherwise did anything wrong, and deny that anything they did caused damages to Plaintiffs or the Settlement Class. 
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