Aclaris Therapeutics Announces Proposed Settlement and Settlement Hearing of Stockholder Derivative Action
Aclaris Therapeutics, Inc. (NASDAQ: ACRS) announced a Settlement Hearing set for November 30, 2021, regarding the Consolidated Derivative Action in the U.S. District Court for the Southern District of New York. Judge Lewis J. Liman granted preliminary approval for the settlement on August 18, 2021, which includes corporate governance reforms and attorneys' fees paid by Aclaris' insurer. Stockholders can object to the Proposed Settlement until November 16, 2021. Final approval from the Court is not assured.
- Preliminary approval of the Proposed Settlement was granted, indicating progress in legal matters.
- Involves implementing corporate governance reforms, potentially strengthening company practices.
- Final approval from the Court is not guaranteed, creating uncertainty.
- Potential objections from stockholders may complicate the settlement process.
WAYNE, Pa., Aug. 27, 2021 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, today announced that a settlement hearing (the “Settlement Hearing”) will be held on November 30, 2021 at 11:00 a.m. ET, before the Honorable Lewis J. Liman at the U.S. District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007 (the “Court”) in the matter of In re Aclaris Therapeutics, Inc. Derivative Litigation, Lead Case No. 1:19-cv-10641-LJL (the “Consolidated Derivative Action”).
On August 18, 2021, Judge Liman granted preliminary approval of the proposed settlement of the Consolidated Derivative Action (the “Proposed Settlement”) as set forth in the Stipulation and Agreement of Settlement dated July 29, 2021 (the “Stipulation”), approved the form and manner of the Notice of Pendency and Proposed Settlement of Stockholder Derivative Action (the “Notice”), and scheduled the Settlement Hearing. The Proposed Settlement involves Aclaris implementing certain corporate governance reforms and for attorneys’ fees to be paid to plaintiffs’ counsel by Aclaris’ insurer. The Settlement Hearing is being held to determine, among other things, whether the terms of the Stipulation are fair, reasonable, and adequate. A copy of the Notice can be accessed on the “Investor Overview” page of the “Investors” section of Aclaris’ website, www.aclaristx.com.
Stockholders have the right to object to the Proposed Settlement. The deadline for the submission by stockholders of an objection to the Proposed Settlement is November 16, 2021, fourteen (14) calendar days prior to the Settlement Hearing. To object, the stockholder must follow the procedures outlined in the Notice.
There can be no assurance that the Proposed Settlement will receive final approval from the Court. Please refer to the Notice for more information about the Proposed Settlement and Settlement Hearing.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates to address the needs of patients with immuno-inflammatory diseases who lack satisfactory treatment options. The company has a multi-stage portfolio of drug candidates powered by a robust R&D engine exploring protein kinase regulation. For additional information, please visit www.aclaristx.com.
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