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An amended complaint was filed on September 30, 2020 alleging that, during the Class Period, the defendants made material misrepresentations or omissions regarding our etokimab product candidate that artificially inflated our stock price.
−Removed: The plaintiff seeks, among other things, damages in an unspecified amount, as well as costs and expenses.
−Removed: We believe that the plaintiff’s allegations are without merit and intend to vigorously defend against the claims.
−Removed: Because the Company is in the early stages of this litigation matter, we are unable to estimate a reasonably possible loss or range of loss, if any, that may result from these matters.
−Removed: On September 1, 2020, a related shareholder derivative complaint was filed based on allegations substantially similar to those in the class action, and asserting claims against current or former officers and directors for contribution under Sections 10(b) and 21D of the Exchange Act, breach of fiduciary duty, unjust enrichment and corporate waste.
−Removed: On January 28, 2021, this derivative action was voluntarily dismissed without prejudice.
+Added: The plaintiff sought, among other things, damages in an unspecified amount, as well as costs and expenses.
+Added: On September 20, 2021, the Court granted defendants’ motion to dismiss the amended complaint with leave to amend.
+Added: Plaintiff did not file a further amended complaint and, on November 30, 2021, the Court dismissed the action with prejudice.
+Added: On May 3, 2021, a shareholder derivative complaint was filed in the same Court based on allegations substantially similar to those in the class action, and purporting to assert claims on the Company’s behalf against current or former officers and directors for alleged violation of Sections 14(a) and 20(a) of the Exchange Act, breach of fiduciary duties, unjust enrichment, waste of corporate assets and insider selling.
+Added: The parties to that derivative action have agreed to the following:
+Added: (1) the action should be dismissed without prejudice, meaning that the dismissal would not preclude the company, or another shareholder acting on behalf of the company, from asserting such claims in the future;
+Added: (2) the plaintiffs and the defendants will all bear their own fees and costs incurred in connection with the action;
+Added: and (3) neither the plaintiffs nor their counsel have received, or will receive, payment, compensation or consideration of any kind, directly or indirectly, in connection with the action or its dismissal.
+Added: By Order dated January 14, 2022, the Court directed the Company to provide, in its filing on Form 10-K for the year ending December 31, 2021, notice to shareholders of the proposed dismissal without prejudice, which the Company hereby does.
+Added: The Court further directed the parties to notify the Court following the filing of the Form 10-K, and ordered that the action will be dismissed without prejudice fourteen (14) days thereafter unless, within such time, a shareholder moves to intervene in the action.
+Added: We are unable to estimate a reasonably possible loss or range of loss, if any, that may result from these matters.
From time to time, we may be involved in legal proceedings arising in the ordinary course of our business.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.