*****IMPORTANT CASE UPDATE*****
On August 31, 2022, settlement checks were mailed to all eligible Settlement Class Members.
The information contained on this web page is only a summary of information
presented in more detail in the Notice of Pendency of Class Action and Proposed
Settlement; Settlement Fairness Hearing; and 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.
If you are a 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 THE COMMON STOCK OF TREVENA, INC. (“TREVENA”) BETWEEN MAY 2, 2016
AND OCTOBER 8, 2018, INCLUSIVE (THE “CLASS PERIOD”) AND WERE DAMAGED THEREBY,
YOU ARE A CLASS MEMBER.
| Your Legal Rights and Options in the Settlement |
| Submit a claim. Submit a Claim Form postmarked no later than September 27, 2021.
Deadline Passed | 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 below) that you have against Defendants and the other Defendants’ Releasees (defined below), so it is in your interest to submit a Claim Form. |
| Exclude yourself. Exclude yourself from the Settlement Class by submitting a written exclusion so that it is received by no later than July 12, 2021.
Deadline Passed | 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 the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims. |
| Object. Object to the Settlement by submitting a written objection so that it is received no later than July 12, 2021.
Deadline Passed | 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. |
| Appear at a hearing. Attend a hearing on August 2, 2021 and file a Notice of Intention to Appear so that it is received no later than July 12, 2021. Deadline Passed | Filing a written objection and notice of intention to appear by July 12, 2021 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 Court held a Settlement Hearing on August 2, 2021 and approved the Settlement and proposed Plan of Allocation and motion requesting attorneys' fees and expenses. Copies of the order can be accessed in the Court Documents section of this website.
What is this case about?
This Notice relates to
a proposed Settlement of claims in a pending Action brought by investors
alleging, among other things, that defendants Trevena, Inc. (“Trevena”), Maxine
Gowen and David Soergel (collectively, the “Defendants”) violated the federal
securities laws by making false and misleading statements regarding Trevena’s
interactions with the FDA. The Defendants vehemently deny each and every claim
and contention alleged in the Action and deny any misconduct or wrongdoing
whatsoever. The proposed Settlement, if approved by the Court, will settle
claims of the Settlement Class, as defined on page 4 of the Long Form Notice.
The Settlement Benefits
Subject to Court
approval, Lead Plaintiffs, on behalf of themselves and the Settlement Class,
have agreed to settle the Action in exchange for a settlement payment of $8,500,000
in cash (the “Settlement Amount”) to be deposited into an escrow account. The
Net Settlement Fund (i.e., the Settlement Amount plus any and all
interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any
Notice and Administration Costs, (c) any Litigation Expenses awarded by the
Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in
accordance with a plan of allocation that is approved by the Court, which will
determine how the Net Settlement Fund shall be allocated among members of the
Settlement Class. The proposed plan of allocation (the “Plan of Allocation”) is
set forth on pages 8-11 of the Notice.
Further Information
This website and the Notice summarize the Settlement. For
more details regarding the Settlement please reference the Settlement Agreement,
or other documents filed in the case under the “Court Documents” link on the
left. You may also contact the Claims Administrator or Class Counsel for
further information regarding the Settlement:
Claims Administrator:
Trevena
Securities Litigation Settlement
c/o
A.B. Data, Ltd.
P.O.
Box 173133
Milwaukee,
WI 53217
(877)
777-9635
info@TrevenaSecuritiesSettlement.com
Class
Counsel:
Block
& Leviton LLP
Jacob
A. Walker
260
Franklin Street
Suite
1860
Boston,
MA 02110
Telephone:
(617) 398-5617
jake@blockleviton.com