WILMINGTON, Del., Jan. 08, 2016 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the District of Delaware has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of iBio, Inc. (NYSEMKT:IBIO):
SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED IBIO, INC. (“IBIO”) COMMON STOCK DURING THE PERIOD FROM OCTOBER 6, 2014 THROUGH OCTOBER 23, 2014, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Delaware, that a hearing will be held on April 21, 2016 at 9:00 a.m. before the Honorable Richard G. Andrews, United States District Judge of the District of Delaware, 844 North King Street, Unit 18, Wilmington, Delaware 19801 (the “Settlement Hearing”).
The Settlement Hearing shall be for the purpose of determining: (1) whether the proposed Settlement, including the proposed Settlement Amount of $1,875,000, 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 for an award of attorneys’ fees of $625,000 (constituting one-third of the Settlement Amount), plus reimbursement of expenses of not more than $50,000 and a collective service award of no more than $16,000 in total to Lead Plaintiff and Named Plaintiffs (“Plaintiffs”), should be approved; and (4) whether the Litigation should be dismissed with prejudice.
If you purchased iBio common stock during the Class Period from October 6, 2014 through and including October 23, 2014 and have not received a detailed Notice of Pendency and Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to the Claims Administrator at: iBio, Inc., Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 3, Media, PA 19063, 866-274-4004 (Tel), 610-565-7985 (Fax); info@strategicclaims.net , or going to the website, www.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 postmarked no later than March 7, 2016 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 Litigation whether or not you make a claim. If you desire to be excluded from the Settlement Class, you must submit a request for exclusion postmarked no later than March 25, 2016, in the manner and form explained in the detailed Notice to the Claims Administrator.
Any objection to the Settlement, Plan of Allocation, or Class Counsel’s request for an award of attorneys’ fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and postmarked no later than March 25, 2016, to each of the following:
Clerk of the Court United States District Court District of Delaware 844 North King St., Unit 18 Wilmington, DE 19801
COUNSEL FOR PLAINTIFFS AND THE SETTLEMENT CLASS: Laurence M. Rosen, Esq. THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34 th Floor New York, NY 10016 Tel.: (212) 686-1060 Fax: (212) 202-3827
COUNSEL FOR DEFENDANTS: Antonio Yanez, Jr. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, NY 10019 Tel.: (212) 728-8000 Fax: (212) 728-8111
If you have any questions about the Settlement, you may call or write to Class Counsel:
Laurence Rosen, Esq. THE ROSEN LAW FIRM, P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Telephone: (212) 686-1060 Fax: (212) 202-3827 Email: info@rosenlegal.com
Unless indicated otherwise, capitalized terms used herein have the same meanings as set forth and defined in the Stipulation and Agreement of Settlement dated December 16, 2015 (the “Stipulation”) in the Litigation.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE .
DATED: December 22, 2015 _____________________________________ BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE
