Ophthotech Deriv. Litigation - Important Settlement InformationDecember 14, 2018
On December 1, 2018, the parties in the action Carlos Alonso Cano v. David R. Guyer M.D. et al. (Ophthotech Deriv. Litigation), Index. No. 650601/2018, filed a Stipulation of Compromise and Settlement (the “Settlement”) [CLICK HERE TO VIEW SETTLEMENT AGREEMENT], which sets forth the terms and conditions for the proposed settlement and dismissal with prejudice of the action, subject to review and approval by the Supreme Court for the State of New York, and upon notice of the current stockholders of Ophthotech Corporation (“Ophthotech” or the “Company”) [CLICK HERE TO VIEW NOTICE].
On December 4, 2018, the Hon. Saliann Scarpulla, Justice of the Supreme Court for the State of New York, entered a scheduling order which set a date to consider approval of the Settlement (the “Settlement Hearing”), which shall be held on March 12, 2019, at 10:00 AM in the Supreme Court for the State of New York, New York County Courthouse, Room 208, 60 Centre St, New York, New York 10007. At the Settlement Hearing, the Court will: (a) determine whether the proposed Settlement, on the terms and conditions provided for in the Settlement Agreement, is fair, reasonable, and adequate and in the best interests of Ophthotech and its current stockholders; (b) determine whether the Court should finally approve the Settlement and enter the Order and Final Judgment as provided in the Settlement, dismissing the Action with prejudice and extinguishing and releasing the Released Claims; (c) hear and determine any objections to the proposed Settlement; (d) determine whether the Court should approve Plaintiff’s Fee and Expense Application; and (e) rule on such other matters as the Court may deem appropriate. [CLICK HERE TO VIEW SCHEDULING ORDER].
Ophthotech shareholders with questions about the Settlement should contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or by email at firstname.lastname@example.org.