Bernstein Litowitz Berger & Grossmann LLP Announces Proposed Settlement in the CTI Biopharma Corp. Securities Litigation

SEATTLE, Nov. 20, 2017 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP regarding the In re CTI BioPharma Corp. Securities Litigation.

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: All persons and entities who, during the period from March 9, 2015 through February 9, 2016, inclusive, purchased or otherwise acquired any shares of the common stock of CTI BioPharma Corp. ("CTI"), CTI Series N-1 Preferred Stock, or CTI Series N-2 Preferred Stock:

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class as set forth in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice") that is available by contacting the claims administrator or from www.CTIBioPharmaSecuritiesSettlement.com.  

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for $20,000,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.

A hearing will be held on February 1, 2018 at 8:30 a.m., before the Honorable Robert S. Lasnik at the United States District Court for the Western District of Washington, United States Courthouse, 700 Stewart Street, Seattle, WA 98101, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice, and the Releases specified and described in the Stipulation and Agreement of Settlement dated September 15, 2017 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re CTI BioPharma Corp. Securities Litigation, c/o GCG, P.O. Box 35100, Seattle, WA 98124-1100, 1-844-402-8599.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.CTIBioPharmaSecuritiesSettlement.com.  

If you are a member of the Settlement Class, you must submit a Claim Form postmarked no later than February 20, 2018 in order to be eligible to receive a payment under the proposed Settlement. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is mailed or delivered no later than January 11, 2018, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and mailed or delivered to Lead Counsel and Defendants' Counsel no later than January 11, 2018, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, CTI, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
David R. Stickney, Esq.
12481 High Bluff Drive, Suite 300
San Diego, CA 92130
(800) 380-8496
[email protected]

Requests for the Notice and Claim Form should be made to:

In re CTI BioPharma Corp. Securities Litigation  
c/o GCG
P.O. Box 35100
Seattle, WA 98124-1100
(844) 402-8599
www.CTIBioPharmaSecuritiesSettlement.com

By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP