SEB Investment Management AB v. Endo International plc, et al. Settlement
Endo Securities Litigation Settlement
2:17-CV-3711-TJS

Frequently Asked Questions

 
 
 

Expand/Collapse All
  • The purpose of the Notice is to inform potential Settlement Class Members of the existence of this case, that it is a class action, how you (if you are a Settlement Class Member) might be affected, and how to exclude yourself from the Settlement Class if you wish to do so. It is also being sent to inform potential Settlement Class Members of the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the proposed Plan of Allocation, and Lead Counsel’s application for an award of attorneys’ fees and reimbursement of Litigation Expenses (“Settlement Fairness Hearing”).

  • This is a securities class action against Endo and certain of its former executives. Lead Plaintiff alleges that, during the Class Period, Defendants made false and misleading statements and failed to disclose material adverse facts regarding the putative safety and abuse-deterrent properties of Reformulated Opana, an opioid analgesic indicated for the management of severe pain that requires daily opioid treatment.

  • The Settlement Class provisionally certified by the Court for purposes of effectuating the Settlement consists of: 

    All persons and entities who purchased or otherwise acquired Endo common stock or ordinary shares between November 30, 2012 and June 8, 2017, inclusive, and were damaged thereby. 

    Excluded from the Settlement Class are present or former executive officers and directors of Endo during the Class Period, including the Individual Defendants, the Dismissed Defendants, and members of their immediate families, any of the foregoing entities’ and individuals’ legal representatives, heirs, successors or assigns; (iii) any entity in which the foregoing entities or individuals have or had a controlling interest, or any affiliate of Endo; and (iv) any person or entity who or which purchased, sold, or otherwise acquired Endo ordinary shares on the Toronto Stock Exchange. Also excluded from the Settlement Class are any persons or entities who or which submit a request for exclusion from the Settlement Class that is accepted by the Court. See “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself,” on page 10 of the Notice.

  • Lead Plaintiff and Lead Counsel believe that the claims asserted against Defendants have merit; however, they also recognize the substantial risks in continuing to litigate the Action. Defendants have denied the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever. Defendants have agreed to the Settlement to eliminate the burden and expense of continued litigation, and the Settlement may not be construed as an admission of any wrongdoing by Defendants in this or any other action or proceeding. Additionally, Lead Plaintiff and Lead Counsel recognize the significant expense and length of continued proceedings necessary to pursue their claims against Defendants through the completion of discovery, further motion practice, trial, and appeals.

  • If there were no Settlement and Lead Plaintiff failed to establish any essential legal or factual element of its claims against Defendants, neither Lead Plaintiff nor the other members of the Settlement Class would recover anything from Defendants. Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial, or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.

  • The law firm of Kessler Topaz Meltzer & Check, LLP was appointed to represent all Settlement Class Members. These lawyers are called Lead Counsel.  You will not be separately charged for the services of these lawyers. As a Settlement Class Member, you are represented by Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

    If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you must exclude yourself from the Settlement Class by following the instructions in the section entitled, “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself?,” on page 10 of the Notice.

    If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, and/or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?,” on page 11 of the Notice.

    If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court. If the Settlement is approved, the Court will enter a judgment (“Judgment”).

    Unless you timely and validly exclude yourself, you are staying in the Settlement Class, and that means you cannot sue, continue to sue, or be part of any other lawsuit against Defendants or their Related Parties about the Released Claims in this case. It also means that all of the Court’s orders will apply to you and legally bind you. If you remain a Settlement Class Member, and if the Settlement is approved, you will give up all “Released Claims”, including “Unknown Claims”, against the “Released Persons.” For the definitions of the above terms see page 8 of the Notice.

  • The court directed that everyone who fits this description is a Settlement Class Member:

    All persons and entities who purchased or otherwise acquired Endo common stock or ordinary shares between November 30, 2012 and June 8, 2017, inclusive, and were damaged thereby. 

    To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation postmarked (if mailed), or submitted online, postmarked no later than February 7, 2020. You can obtain a copy of the Claim Form on the website, or on Lead Counsel’s website, www.ktmc.com, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-844-961-0316, or by emailing the Claims Administrator at info@EndoSecuritiesLitigationSettlement.com. Please retain all records of your ownership of and transactions in Endo common stock, as they may be needed to document your Claim. If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.

  • Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Proof of Claim forms that Settlement Class Members send in, compared to the amount of your claim, all as calculated under the Plan of Allocation discussed in the Notice.

  • The Court ordered that the law firm Kessler Topaz Meltzer & Check, LLP as lead counsel to represent the settlement class members, including you.

    Lead Counsel, on behalf of Plaintiffs’ Counsel, will apply to the Court for an award of attorneys’ fees and payment of Litigation Expenses. Lead Counsel’s application for attorneys’ fees will not exceed 20% of the Settlement Fund plus reimbursement of Litigation Expenses not to exceed $1.3 million incurred in connection with the prosecution and resolution of this Action, plus interest. Lead Counsel’s application for attorneys’ fees and Litigation Expenses, which may include a request for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to its representation of the Settlement Class Any award of attorneys’ fees and reimbursement of Litigation Expenses, including any reimbursement of costs and expenses to Lead Plaintiff, will be paid from the Settlement Fund prior to allocation and payment to Authorized Claimants. Settlement Class Members are not personally liable for any such attorneys’ fees or expenses.

  • To exclude yourself from the Settlement Class and the Settlement, you must send a letter by First-Class Mail stating that you “request exclusion” from the Settlement Class postmarked no later than November 22, 2019 and mailed to:  SEB Investment Management AB v. Endo International plc, et al. Settlement, EXCLUSIONS, c/o JND Legal Administration, P.O. Box 91311, Seattle, WA 98111-9411. Your exclusion request must include the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities, the name and telephone number of the appropriate contact person, state the number of shares of Endo common stock that the person or entity requesting exclusion purchased/acquired and/or sold during the Class Period  November 30, 2012 and June 8, 2017, inclusive, as well as the dates, number of shares, and prices of each such purchase/acquisition and/or sale, and be signed by the person or entity requesting exclusion or an authorized representative.

    Your exclusion request must comply with these requirements to be valid. If you ask to be excluded, you will not get any payment from the Settlement, and you cannot object to the Settlement. You will not be legally bound by anything that happens in this lawsuit, and you may be able to sue the Defendants and the other Released Persons about the Released Claims in the future.

  • Settlement Class Members do not need to attend the Settlement Fairness Hearing.  The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing. Please Note: The date and time of the Settlement Fairness Hearing may change without further written notice to the Settlement Class

    The Settlement Fairness Hearing will be held on December 11, 2019 at 10:00 a.m., before the Honorable Timothy J. Savage at James A. Byrne U.S. Courthouse, 601 Market Street, Philadelphia, PA, 19106, Courtroom 9A. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Fairness Hearing without further notice to the members of the Settlement Class.

    You can write to the Court setting out your comment or objection. The Court will consider your views. To comment or object, you must send a signed letter stating the name, address, and telephone number of the person or entity objecting and be signed by the objector; state whether the objector is represented by counsel and, if so, the name, address, and telephone number of the objector’s counsel; indicate whether the objection applies only to the objector, to a specific subset of the Settlement Class, or to the entire Settlement Class; stating with specificity the grounds for the Settlement Class Member’s objection or objections, and the specific reasons for each objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention; and include documents sufficient to prove membership in the Settlement Class, consisting of documents showing the number of shares of Endo common stock that the objector purchased/acquired and/or sold during the Class Period (i.e., the period of time between November 30, 2012 and June 8, 2017, inclusive), as well as the dates, number of shares, and prices of each such purchase/acquisition and/or sale.

    You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Eastern District of Pennsylvania at the address set forth below as well as serve copies on Lead Counsel and on Defendants’ Counsel at the addresses set forth below received on or before November 22, 2019.

     

    If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation, and/or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you timely submit a written objection as described above, you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and Defendants’ Counsel at the addresses:

     

    Clerk’s Office
    United States District Court
    Eastern District of Pennsylvania
    James A. Byrne
    U.S. Courthouse
    601 Market Street
    Philadelphia, PA 19106
     

    Lead Counsel
    Sharan Nirmul, Esq.
    Kessler Topaz Meltzer & Check, LLP
    280 King of Prussia Road
    Radnor, PA  19087
     

    Defendants’ Counsel
    Jeff G. Hammel, Esq.
    Latham & Watkins LLP
    885 Third Avenue
    New York, NY  10022
     

  • If you purchased or otherwise acquired Endo common stock between November 30, 2012 and June 8, 2017, inclusive, for the beneficial interest of a person or entity other than yourself, you must either within seven (7) calendar days of receipt of the Notice, request from the Claims Administrator sufficient copies of the Postcard Notice to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Postcard Notices forward them to all such beneficial owners; or within seven (7) calendar days of receipt of the Notice, provide a list of the names and addresses (and e-mail addresses, if available) of all such beneficial owners to SEB Investment Management AB v. Endo International plc, et al. Settlement, c/o JND Legal Administration, P.O. Box 91311, Seattle, WA 98111-9411 or email EDOSecurities@JNDLA.com.

    If you choose the second option, the Claims Administrator will send a copy of the Postcard Notice to the beneficial owners. Upon full compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought.  Copies of the Notice and the Claim Form may be obtained from the Settlement Website, or from Lead Counsel’s website, www.ktmc.com, by calling the Claims Administrator toll-free at 1-844-961-0316, or by emailing the Claims Administrator at Info@EndoSecuritiesLitigationSettlement.com.

  • For even more detailed information concerning the matters involved in this Litigation, you can obtain answers to common questions regarding the proposed Settlement by contacting the Claims Administrator toll-free at 1-844-961-0316. Reference is also made to the Stipulation, to the pleadings in support of the Settlement, to the Orders entered by the Court and to the other settlement related papers filed in the Litigation, which are posted on the Important Documents tab of this website and which may be inspected at the Office of the Clerk of the United States District Court for the Eastern District of Pennsylvania, 601 Market Street, Philadelphia, PA 19106, during regular business hours. For a fee, all papers filed in this Litigation are available at www.pacer.gov.

For More Information

Visit this website often to get the most up-to-date information.

Mail

SEB Investment Management AB v. Endo International plc, et al. Settlement 
c/o JND Legal Administration
P.O. Box 91311
Seattle, WA  98111-9411