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The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Stemline Therapeutics, Inc. Common Stock -- STML

July 1, 2019
June 28, 2019 08:00 ET | Source: The Rosen Law Firm PA

NEW YORK, June 28, 2019 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of Stemline Therapeutics, Inc. common stock. (NASDAQ:STML):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:      ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED STEMLINE THERAPEUTICS, INC. (“STEMLINE”) COMMON STOCK FROM JANUARY 20, 2017 THROUGH FEBRUARY 1, 2017, BOTH DATES INCLUSIVE, AND/OR PURSUANT OR TRACEABLE TO STEMLINE’S SECONDARY PUBLIC OFFERING OF COMMON STOCK ON OR ABOUT JANUARY 20, 2017 (THE “SPO”).

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on September 23, 2019, at 11:00 a.m. before the Honorable Paul A. Crotty, United States District Judge of the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 14C, New York, New York 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $680,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Plaintiffs’ Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $50,000 and an incentive payment of no more than $4,000, in aggregate, or $1,000, each, to Lead Plaintiffs and Representative Plaintiff, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated March 11, 2019 (the “Settlement Stipulation”).

If you purchased or otherwise acquired Stemline common stock during the period from January 20, 2017 through February 1, 2017, both dates inclusive (the “Settlement Class Period”), and/or pursuant or traceable to the SPO, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Stemline common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator at: Stemline Therapeutics, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; (e-mail) info@strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than October 23, 2019, to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action, including the releases therein, whether or not you make a claim.  

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than September 2, 2019, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation, including the releases therein.

Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs and Representative Plaintiff must be in the manner and form explained in the detailed Notice and received no later than September 2, 2019, by each of the following:

Clerk of the Court
United States District Court
Southern District of New York
500 Pearl Street
New York, NY 10007
CO-LEAD COUNSEL:

THE ROSEN LAW FIRM, P.A.
Jacob A. Goldberg, Esq. 
Laurence M. Rosen, Esq. 
275 Madison Avenue, 34th Floor 
New York, New York 10016

COUNSEL FOR DEFENDANTS:

ROPES & GRAY LLP
Gregg L. Weiner
1211 Avenue of the Americas
New York, New York 10036

SHEARMAN & STERLING LLP
Adam S. Hakki
599 Lexington Avenue
New York, New York 10022-6069

If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:

THE ROSEN LAW FIRM, P.A.
Jacob A. Goldberg, Esq. 
Laurence M. Rosen, Esq. 
275 Madison Avenue, 34th Floor 
New York, New York 10016
Tel: (215) 600-2817
info@rosenlegal.com

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

   
Dated: June 14, 2019  __________________________________
  BY ORDER OF THE UNITED STATES 
DISTRICT COURT FOR THE SOUTHERN 
DISTRICT OF NEW YORK