ATTENTION ALL SETTLEMENT CLASS MEMBERS: Please be advised that on January 19, 2023, the Court ordered that the Settlement Hearing scheduled for January 23, 2023 at 10:00 a.m., Eastern Time (ET), will now be held on January 31, 2023, at 2:30 p.m., ET. There are no other changes to the Settlement Hearing. The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class. While not required to do so, if you intend to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel.
The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information. All capitalized terms used on this website and in the Notice that are not otherwise defined have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated August 3, 2022, which is available here.
If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.
Please read the Notice carefully.
IF YOU PURCHASED OR OTHERWISE ACQUIRED SESEN BIO, INC. (“SESEN BIO”) COMMON STOCK, AND/OR SESEN BIO CALL OPTIONS, AND/OR WROTE SESEN BIO PUT OPTIONS DURING THE PERIOD BETWEEN DECEMBER 21, 2020, AND AUGUST 17, 2021, INCLUSIVE, AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: |
| SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN FEBRUARY 28, 2023. | This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 31 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 32 of the Notice), so it is in your interest to submit a Claim Form. |
| EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 2, 2023. | If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 2, 2023. | If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. |
| GO TO THE HEARING ON JANUARY 31, 2023, AT 2:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JANUARY 2, 2023. | Filing a written objection and notice of intention to appear by January 2, 2023, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
| DO NOTHING. | If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
The Settlement Hearing
The Settlement Hearing will be held on January 31, 2023, at 2:30 p.m., before the Honorable Alvin K. Hellerstein at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 14D, 500 Pearl St., New York, NY 10007. The Court has reserved 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 Hearing without further notice to the members of the Settlement Class.
What is this case about?
Sesen Bio is a late-stage clinical company that purports to advance targeted fusion protein (“TFP”) therapeutics for cancer treatments. Its lead product candidate is Vicineum (also known as Vysyneum, VB4-845, or Oportuzumab monatox), a locally administered TFP developed as a treatment of non-muscle invasive bladder cancer that was not responsive to the Bacillus Calmette-Guérin vaccine. This case involves Defendants’ alleged misrepresentations and omissions concerning Vicineum’s safety, trial results, and prospects for rapid approval by the United States Food and Drug Administration and the European Medicines Agency. Lead Plaintiffs allege that Defendants touted the product’s safety, efficacy, and prospects for approval to create an impression of future revenue growth, while omitting facts that presented material risks to Vicineum’s approval, thus rendering their positive statements misleading. Lead Plaintiffs further allege that the misrepresentations and omissions proximately caused class member losses. The operative complaint asserts claims against all Defendants under Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder, and against the Individual Defendants under Section 20(a) of the Exchange Act.
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 solely to eliminate the uncertainty, burden, and expense of further protracted litigation. Accordingly, the Settlement may not be construed as an admission of any wrongdoing by Defendants.
The Settlement Benefits
At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.
Pursuant to the Settlement, Defendants have agreed to a $21,000,000 settlement. If the Settlement is approved by the Court, the Net Settlement Fund (that is, the Settlement Fund less (a) all federal, state, and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms in accordance with the proposed Plan of Allocation.
The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review has expired.
Further Information:
This website and the Notice summarize the Settlement. For more details regarding this Settlement, please reference the Stipulation and Agreement of Settlement or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding this Settlement:
Claims Administrator:
In re Sesen Bio, Inc. Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 170600
Milwaukee, WI 53217
Phone: 877-354-3897
info@SesenBioSecuritiesSettlement.com
www.SesenBioSecuritiesSettlement.com
Lead Counsel:
Glancy Prongay & Murray LLP
Matthew M. Houston, Esq.
745 Fifth Avenue, 5th Floor
New York, NY 10151
(888) 773-9224
settlements@glancylaw.com