United States District Court, Southern District of New York Case No. 1:19-cv-03354-VM
Update - On January 10, 2023, the Net Settlement Fund was distributed on a pro rata basis to all Authorized Claimants. The distribution was calculated in accordance with the Court-approved Plan of Allocation described in the Notice of Pendency and Proposed Settlement of Class Action.
If you have any questions about your claim or payment, please email [email protected].
If you purchased or acquired the common
stock of Teligent, Inc. during the period from March 7, 2017 in the aftermarket
through the close of regular trading on November 6, 2017, you may be eligible
to receive a payment from this settlement.
Plaintiff
alleges that, between March 7, 2017 and November 6, 2017, Defendants stated
that the Company had not received any Form 483 observations from the U.S.
Food and Drug Administration (“FDA”). The Complaint further alleges
that this was false and misleading, as in the months before March 2017 the FDA
had issued a 483 Letter to Teligent and had related correspondence with
Teligent regarding it. A Form 483 observation informs a company that
the FDA observed potential violations of federal regulations and instructs the
company to remedy those violations. As a result of responding to the
FDA, and the underlying issues, the Complaint alleges that Teligent’s pipeline
of new products, along with its ability to develop new products and win FDA
approval for them, were harmed. In turn, the Complaint alleges that
when Teligent announced poor performance at the end of the Class Period, which
was the alleged materialization of the risk from the undisclosed 483
correspondence with the FDA, its stock price dropped substantially, injuring
investors who purchased or acquired Teligent stock during the Class
Period. This Action alleges that, based on the foregoing
circumstances, Defendants violated Section 10(b) and 20(a) of the Securities
Exchange Act of 1934 (the “Exchange Act”).
The
Court has not decided for or against Plaintiffs or the Defendants. The
parties agreed to attend a mediation session conducted by a third-party neutral
mediator, Robert A. Meyer, Esq. Plaintiff and Defendants submitted and
exchanged mediation statements summarizing their respective
positions. The mediation session was held on October 2,
2020. While the parties did not reach an agreement to settle the
Action at the mediation, they continued their negotiations through the Mediator. On
April 5, 2021, the parties engaged in another mediation session, for half of a
day. Again, the parties did
not reach an agreement. However, the parties significantly narrowed the
outstanding issues and several weeks later agreed to settle the Action for
$6,000,000 in cash.
The
Settlement allows Plaintiff and the Defendant to avoid the risks and costs of
lengthy litigation and the uncertainty of pre-trial proceedings, a trial, and
appeals. If approved, the Settlement would permit eligible Settlement
Class Members, who file timely and valid Proof of Claim and Release Forms, to
receive compensation, rather than risk ultimately receiving nothing.
Plaintiff and Plaintiff's Counsel believe the Settlement is in the best
interest of all Settlement Class Members.
Note:
Any capitalized terms not defined herein shall have the meanings ascribed to
them in the Stipulation.
YOUR LEGAL RIGHTS AND OPTIONS IN THE
SETTLEMENT
FILE A CLAIM
The deadline to file a claim has passed. To
qualify for payment, you must have submitted a Proof of Claim and Release Form to the
Claims Administrator by December 7, 2021.
EXCLUDE YOURSELF
The deadline to exclude yourself has passed. To exclude yourself, you must have sent in a written “Request for Exclusion” so that it was postmarked no later than October 22, 2021.
OBJECT
The deadline to object to all or any part of the Settlement, Plan
of Allocation, requested attorneys’ fees, costs and expenses, and any service
awards for Plaintiffs has passed. Your objection
must have been received by October 22, 2021.
GO TO A HEARING
The Settlement Fairness Hearing took place on November 12,
2021. The Settlement was approved. For details, see the Order Granting Final Approval.
DO NOTHING
If
you are a Class Member and you do nothing, you will not get any money from
the Settlement. You will remain in the Settlement Class and be bound by the
decisions of the Court in this matter.
This website is authorized by the Court, supervised by counsel and controlled by Kroll Settlement Administration, the Settlement Administrator approved by the Court. This is the only authorized website for this case.
