Glancy Prongay & Murray LLP Announces Proposed Settlement in the In re CytRx Corporation Securities Litigation
LOS ANGELES, July 9, 2018 /PRNewswire/ --
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
In Re CytRx Corporation Securities |
Case No.: 2:16-CV-05519-SJO-SK
Honorable S. James Otero |
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NICHOLAS CRIHFIELD, Individually and |
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Plaintiff, |
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v. |
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CYTRX CORPORATION, |
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Defendants. |
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND
PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES;
AND (IV) PLAN OF ALLOCATION
TO: |
All persons and entities who, during the period between September 12, 2014 to July 11, 2016, inclusive (the "Settlement Class Period"), purchased or otherwise acquired the common stock of CytRx Corporation ("CytRx Common Stock") or exchange-traded call options on CytRx Common Stock ("CytRx Call Options"), or sold exchange-traded put options on CytRx Common Stock ("CytRx Put Options"), and were damaged thereby (the "Settlement Class"): |
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY AS YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an order of the United States District Court for the Central District of California, that the above-captioned litigation (the "Action") has been preliminarily certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses; and (IV) Plan of Allocation (the "Notice").
YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for $5,750,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.
A hearing will be held on September 17, 2018 at 10:00 a.m., before the Honorable S. James Otero at the United States District Court for the Central District of California, United States Courthouse, 350 W. 1st Street, 6th Floor, Courtroom 6D, Los Angeles, California 90012, to determine whether: (i) the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) the Action should be dismissed with prejudice against Defendants, and the Releases specified and defined in the Stipulation and Agreement of Settlement dated May 4, 2018 (the "Stipulation") (and in the Notice) should be granted; (iii) the proposed Plan of Allocation should be approved as fair and reasonable; (iv) Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved; and (v) Lead Plaintiff's application for reimbursement of reasonable costs and expenses in connection with representing the Settlement Class 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. The Notice and Proof of Claim and Release Form ("Claim Form") can be downloaded from the website maintained by the Claims Administrator, www.CytRxSecuritiesSettlement.com. You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at In re CytRx Corporation Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 173011, Milwaukee, WI 53217, 1-800-547-4406.
If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than November 16, 2018. If you are a member of the Settlement Class 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 received no later than August 27, 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.
If you are a member of the Settlement Class and do not exclude yourself from the Settlement Class, you have the right to object to the proposed Settlement, the proposed Plan of Allocation, the request by Lead Counsel for an award of attorneys' fees and reimbursement of expenses and/or Lead Plaintiff's request for reimbursement of costs and expenses. Any objections to the proposed Settlement, the proposed Plan of Allocation, Lead Counsel's motion for attorneys' fees and reimbursement of expenses, and/or Lead Plaintiff's request for reimbursement of costs and expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than August 27, 2018, in accordance with the instructions set forth in the Notice. If you are a member of the Settlement Class and do not exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in this Action.
All capitalized words and terms not defined in this notice shall have the meanings stated in the Stipulation, which can be downloaded from www.CytRxSecuritiesSettlement.com.
Please do not contact the Court, the Clerk's office, CytRx Corporation, 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:
GLANCY PRONGAY & MURRAY LLP
Kara Wolke, Esq.
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(310) 201-9150
[email protected]
Requests for the Notice and Claim Form should be made to:
In re CytRx Corporation Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173011
Milwaukee, WI 53217
800-547-4406
www.CytRxSecuritiesSettlement.com
Dated: July 9, 2018
By Order of the Court
SOURCE Glancy Prongay & Murray LLP
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