INSYS THERAPEUTICS, INC. SECURITIES LITIGATION

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INSYS THERAPEUTICS, INC. SECURITIES LITIGATION
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Notice of Settlement with Defendant Darryl S. Baker
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The information contained on this web page is only a summary of information presented in more detail in the Notice. Since this website is just a summary, you should review the Notice for additional details.

The action captioned Richard Di Donato v. Insys Therapeutics, Inc.; et al., No. 16-cv-00302-NVW (the “Action”) is pending in the United States District Court for the District of Arizona ("Court"). The Action alleges that, defendants violated the federal securities laws by making materially false or misleading statements during the class period regarding their marketing and sales of Subsys, a sublingual fentanyl spray designed to treat breakthrough cancer pain in opioid-tolerant adult cancer patients.

Court-appointed Lead Plaintiff and Class Representative for the Court-certified Class, Clark Miller, on behalf of himself and the Class, has reached a proposed settlement of the Action with defendant Darryl S. Baker (the “Settling Defendant”) for $2,000,000 in cash that, if approved, will resolve all claims in the Action against the Settling Defendant only (the “Settlement”). Please Note: This Settlement does not resolve any of the claims against any other defendants in the Action, and the claims against Michael L. Babich and John N. Kapoor (together, the “Non-Settling Defendants”) continue to be litigated. The terms and provisions of the Settlement with the Settling Defendant are contained in the Stipulation and Agreement of Settlement between Lead Plaintiff and Defendant Darryl S. Baker dated May 22, 2020 (“Stipulation”). Details regarding the Settlement can also be found in the Notice of (I) Proposed Settlement with Defendant Darryl S. Baker; (II) Settlement Fairness Hearing; and (III) Motion for Litigation Expenses (“Settlement Notice”), which you can access by clicking here.

If you are a member of the Class, you are subject to the Settlement with the Settling Defendant. The Class certified by the Court on September 20, 2019 consists of:


All persons and entities who purchased or otherwise acquired Insys common stock during the period
from March 3, 2015, through January 25, 2016 (the “Class Period”), and were damaged thereby.
 

Excluded from the Class are: (a) Defendants; (b) present and former directors or executive officers of Insys and members of their immediate families (as defined in 17 C.F.R. § 229.404, Instructions (1)(a)(iii) and (1)(b)(ii)); (c) any of the foregoing individuals’ or entities’ legal representatives, heirs, successors, or assigns; and (d) any entity in which any Defendant has or had a controlling interest, or which is related to or affiliated with any Defendant. For purposes of this exclusion language, “Defendants” refers collectively to the Settling Defendant and the Non-Settling Defendants.

Please read the Settlement Notice to fully understand your rights and options. Copies of the Settlement Notice and Claim Form can be found in the menu on the left of this page.

Payments to eligible claimants will be made only if the Court approves the Settlement with the Settling Defendant 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.

Please NoteThe Action is currently ongoing against the Non-Settling Defendants. There is no judgment, settlement, or monetary recovery at this time with respect to the Non-Settling Defendants, and there is no guarantee there will be any recovery. All defendants deny Class Representative’s claims and contend that they did not do anything wrong and they are not liable for the harm alleged by Class Representative on behalf of the Class.


YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN SEPTEMBER 12, 2020.

This is the only way to be eligible to receive a payment from the Settlement with the Settling Defendant. If you are a Class Member, you will be bound by the Settlement of the Action with the Settling Defendant as approved by the Court and you will give up any Released Class Representative’s Claims (defined in ¶ 39 of the Settlement Notice) that you have against the Settling Defendant and the other Settling Defendant’s Releasees (defined in ¶ 40 of the Settlement Notice), so it is in your interest to submit a Claim Form.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 2, 2020.

If you do not like the proposed Settlement with the Settling Defendant, the proposed Plan of Allocation, and/or the requested Litigation Expenses, you may object by writing to the Court and explaining why you do not like them. In order to object, you must be a member of the Class.

GO TO A HEARING ON SEPTEMBER 23, 2020 AT 1:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 2, 2020.

If you have filed a written objection and wish to appear at the hearing, you must also file a notice of intention to appear by September 2, 2020, which allows you to speak in Court, at the discretion of the Court, about the fairness of the Settlement with the Settling Defendant, the Plan of Allocation, and/or the request for Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing.   

DO NOTHING.

If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement with the Settling Defendant. You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are being resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

Please read the Settlement Notice carefully. If you have questions, you may call the Insys Therapeutics, Inc. Securities Litigation Help Line at 1-866-905-8102 or email info@InsysRXSecuritiesLitigation.com.  

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