If you acquired shares of Osiris Therapeutics, Inc. (“Osiris” or the “Company”) between May 12, 2014 and November 16, 2015, you could receive a payment from a Class Action Settlement.
The Settlement resolves the Litigation concerning whether Osiris Therapeutics, Inc., Lode Debrabandere, Gregory Law and Philip R. Jacoby, Jr. (collectively “Defendants”) violated federal securities laws by making materially false statements, and deceptively omitting material facts, as a consequence of Defendants’ alleged efforts to artificially inflate the Company’s reported revenues and mislead Osiris’s shareholders and the public as to Osiris’s revenue and revenue growth. On November 2, 2017, Mr. Jacoby entered a plea of guilty (the “Jacoby Plea”) in the criminal action styled USA v. Jacoby, No. 1:17-cv-00676 (S.D.N.Y.). With the exception of the Jacoby Plea, Defendants have denied and continue to deny each, any, and all allegations of wrongdoing, fault, liability, or damage whatsoever asserted by Lead Plaintiff. Defendants have also denied, inter alia, the allegations that Lead Plaintiff or the Class have suffered damages or that Lead Plaintiff or the Class were harmed by the conduct alleged in the Litigation. Defendants continue to believe the claims asserted against them in the Litigation are without merit.
The Settlement Class includes:
All persons or entities who purchased or otherwise acquired Osiris shares between May 12, 2014 and November 16, 2015.
If approved by the Court, the Settlement will provide $18,500,000 gross (the “Settlement Fund”).
This website describes in detail the rights you may have in connection with your participation in the Settlement, what steps you may take in relation to the Settlement and this class action, and, alternatively, what steps you must take if you wish to be excluded from the Class and this Action. If you are a Class Member (as defined above), your legal rights are affected whether you act or do not act. For more detailed descriptions, please read the Notice and other relevant documents, which are available here, to fully understand your rights.