Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Puma Biotechnology, Inc. Securities Settlement

SAN DIEGO--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Puma Biotechnology, Inc. Securities Settlement:

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
SOUTHERN DIVISION

Notice of class action settlement

You are hereby notified, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the United States District Court for the Central District of California, that a Settlement has been proposed in the above-captioned action. You can identify if your claim has been validated and the amount of your damages and prejudgment interest at the website listed below. If you have submitted a validated claim, you do not need to do anything in order to receive your share of the settlement.

The parties have agreed to a proposed settlement of the litigation for $54,248,374.00 (the “Settlement Amount”). The Settlement Amount represents the complete amount of claimed damages and prejudgment interest due to validated claims under the jury verdict. If approved, the settlement will finally resolve all claims in the litigation. Based on your previously submitted claim form and the damages calculations performed by the Claims Administrator, you will receive 100% of your damages and prejudgment interest less: (i) your pro rata share of any Court-awarded attorneys’ fees and litigation expenses and any Court award to the Lead Plaintiff; (ii) settlement administration expenses; and (iii) taxes and tax expenses. Class Counsel have prosecuted this case on a wholly contingent basis and will apply to the Court for: (i) an award of attorneys’ fees of 25% of the Settlement Amount; (ii) payment of litigation expenses paid or incurred by Class Counsel in an amount not to exceed $3,100,000; and (iii) an award to Lead Plaintiff in an amount not to exceed $100,000, pursuant to 15 U.S.C. §78u-4(a)(4). The requested attorneys’ fees and expenses represent approximately $1.33 per share.

You have the right to object to the application for Class Counsel’s fees or expenses and/or the application for the Lead Plaintiff award. Any objection is due by March 21, 2022. For more information on filing an objection, please go to the website listed below.

A Settlement Hearing is scheduled for April 11, 2022, at 8:00 a.m., at the United States District Court for the Central District of California, Ronald Reagan Federal Building and U.S. Courthouse, 411 West Fourth Street, Courtroom 9d, Santa Ana, CA. 92701 for the purpose of determining, among other things, (i) whether the Settlement and Plan of Allocation are fair, reasonable, and adequate, and should be approved; and (ii) to consider the application of Lead Counsel for an award of attorneys’ fees and expenses, and any application for an award to Lead Plaintiff.

If you have any questions, you can contact Class Counsel, Tor Gronborg, at 1-619-231-1058 or visit:

www.pumabiosecuritieslitigation.com

Tor Gronborg, 1-619-231-1058