Overview Of The Proposed Settlement
In Re Pacific Biosciences of California, Inc. Securities Litigation, Case No. CIV-509210
If you purchased Pacific Biosciences of California, Inc. ("Pacific Biosciences,” “PACB” or the “Company") common stock on or about October 27, 2010 through and including September 20, 2011 (the “Class Period”), including if you purchased the company’s stock pursuant and/or traceable to the company’s registration statement and prospectus filed with the SEC in connection with the company’s October 27, 2010 initial public offering (the "Class"), your rights may be affected by the settlement of this class action.
This Action is a securities fraud class action brought on behalf of those Persons who purchased the common stock of PACB during the Class Period (“Class Members”), against PACB, ten of its current and/or former key executives and directors, and four Underwriters (collectively, “Defendants”) for allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the SEC in connection with the October 27, 2010 initial public offering (“IPO”). Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s stock, resulting in damage to Class Members when the truth was revealed. Defendants deny all of Plaintiffs’ allegations.
The Settlement, if approved, will result in the creation of a cash settlement fund of at least $7,686,494.82 (the “Settlement Fund”). The Settlement Fund, plus accrued interest and minus the costs of the Notice and all costs associated with the administration of the Settlement Fund, as well as attorneys’ fees and expenses, and the reimbursement of Plaintiffs’ cost and expenses, as approved by the Court, will be distributed to Class Members pursuant to the Plan of Allocation that is described on this website.
What Are My Options?
- File a Proof of Claim form: To share in the distribution of the Settlement Fund, you must have established your rights by filing a Proof of Claim on or before October 16, 2013. Your failure to submit your Proof of Claim by October 16, 2013 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action.
- Request exclusion from the Settlement: If you desired to be excluded from the Class, you must have submitted a request for exclusion postmarked on or before September 25, 2013, in the manner and form explained in the Notice. All Members of the Class who did not request for exclusion from the Class will be bound by the Settlement entered in the Action, even if they do not file a timely Proof of Claim.
- Object to the Settlement: If you are a Class Member, you may object to the terms of the Settlement. Whether or not you object to the terms of the Settlement, you may also object to the requested attorneys’ fees, costs and expenses, and/or the Plan of Allocation. In order for any objection to be considered, you must have filed a written statement, accompanied by proof of Class membership, with the Court, Class Counsel and Defendants’ Counsel on or before September 25, 2013.
- Do nothing: If you did not submit a timely Proof of Claim form with all of the required information, you will not receive a payment from the Settlement Fund; however, unless you expressly excluded yourself from the Class as described above, you will still be bound in all other respects by the Settlement, the Judgment, and the release contained in them.
Please consult the Notice for more details on your options.
The Settlement Fairness Hearing
The Court will hold a Settlement Fairness Hearing on October 25, 2013 at 9:00 a.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Court Room 7A, 400 County Center, Redwood City, CA 94063, for the purpose of determining whether:
- the Settlement of the Action for at least $7,686,494.82 in cash should be approved by the Court as fair, reasonable and adequate;
- Final Judgment as provided under the Stipulation should be entered, dismissing the Complaint filed in the Action on the merits and with prejudice;
- the release by the Class of the Settled Claims, as set forth in the Stipulation, should be provided to the Released Parties;
- this Action satisfies the prerequisites for class action treatment under California Code of Civil Procedure §382;
- to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund;
- to reimburse Plaintiffs the costs and expenses (including lost wages) they incurred in prosecuting this action on behalf of the Class out of the Settlement Fund; and
- the Plan of Allocation should be approved by the Court.
The Court may adjourn or continue the Settlement Fairness Hearing without further notice to members of the Class.