The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action and Motion for Attorneys' Fees and Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement of this securities class action, wish to object, or wish to be excluded from the Class.
The Settlement resolves claims by Court-appointed Lead Plaintiff City of Atlanta Firefighters’ Pension Fund (“Lead Plaintiff” or “Atlanta Firefighters”), on behalf of themselves and all other members of the Class (defined below) against Taro Pharmaceutical Industries Ltd. (“Taro” or the “Company”), Michael Kalb, and Kalyanasundaram Subramanian (collectively, “Individual Defendants,” and, together with Taro, “Defendants,” and, together with both Taro and Lead Plaintiff, the “Parties”). It avoids the costs and risks of continuing the litigation; pays money to eligible investors; and releases the Released Defendant Parties (defined below) from liability.
If approved by the Court, the Settlement will create a $36 million cash fund, plus earned interest, for the benefit of eligible Class Members, before the deduction of attorneys’ fees and expenses awarded by the Court, Notice and Administration Expenses, and Taxes. According to Lead Plaintiff’s damages expert, this is an average recovery of approximately $2.53 per allegedly damaged share, before these deductions.
If you are a member of the Class, you are subject to the Settlement, unless you timely take steps to exclude yourself. The Class consists of:
All persons who purchased Taro common stock on the open market on a United States stock exchange from July 2, 2014 through November 3, 2016, both dates inclusive, and were damaged thereby.
If one of your mutual funds purchased Taro common stock during the Class Period that does not make you a Class member, although your mutual fund may be. You are a Class Member only if you individually purchased Taro common stock on the open market on a United States stock exchange during the Class Period. Check your investment records or contact your broker to see if you have any eligible purchases. The Parties do not independently have access to your trading information. Please note: Receipt of the Notice does not mean that you are a class member or that you will be entitled to receive a payment.
Excluded from the Class are: Defendants, Taro Pharmaceuticals USA, Inc., Sun Pharmaceutical Industries Ltd., and Defendants' officers, directors, Immediate Family members, predecessors, successors and assigns, and any entity in which any of them have a majority ownership interest. Also excluded from the Class are any Persons who or which exclude themselves by submitting a timely and valid request for exclusion that is accepted by the Court.
Please read the Notice to fully understand your rights and options, including the possible receipt of cash from the Settlement. Copies of the Notice and Claim Form can be found in the menu at the top of this page. If you are a Class Member, your legal rights will be affected by the Settlement whether you act or do not act.
Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
If you have any questions about the Notice, the Settlement, or your eligibility, please do not contact Taro or its counsel. All questions should be directed to Lead Counsel or the Claims Administrator.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT: |
| SUBMIT A CLAIM FORM ON OR BEFORE AUGUST 16, 2024 |
The only way to be eligible to receive a payment from the Settlement. See Question 8 in the Notice for details. If you are a Class Member and you remain in the Class, it is in your best interest to submit a Claim Form, because, even if you do not submit a Claim Form, you will be bound by the Settlement approved by the Court and will give up all Released Claims against the Released Defendant Parties (defined in ¶ 27 of the Notice). |
| GO TO A HEARING ON AUGUST 23, 2024 AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED BY NO LATER THAN AUGUST 2, 2024 |
Ask to speak to the Court at the Settlement Hearing about the Settlement, the Plan of Allocation, or Lead Counsel’s Fee and Expense Application. See Questions 17-19 in the Notice for details. The deadline to file a notice of intention to appear has passed. |
| DO NOTHING |
If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible for a payment from the Settlement. You will, however, be bound by the Judgment and orders entered by the Court, which means that you will give up your right to sue about the claims that are resolved by the Settlement. |
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 855-208-4121 or emailing info@TaroSecuritiesLitigation.com or mailing a letter to:
Taro Pharmaceutical Industries Ltd. Securities Litigation
c/o JND Legal Administration
P.O. Box 91388
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
© JND Legal Administration. All rights reserved.
