Trevena Securities Litigation

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Trevena Securities Litigation
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Notice
Notice
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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.

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.

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.

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.

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

Settlement Hearing will be held on August 2, 2021 at 10:30 a.m., before the Honorable Cynthia M. Rufe at the United States District Court for the Eastern District of Pennsylvania, 12614 U.S. Courthouse, Philadelphia, PA 19106, Courtroom 12-A. The Court reserves the right to approve the Settlement, the Plan of Allocation, Class 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.

Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.

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



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