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8:21-cv-02910-TDC (the “Sinnathurai Action”).
−Removed: On January 26, 2022, the Maryland Court entered an order designating David Truong, Nuggehalli Balmukund Nandkumar, and Jeffrey Gabbert as co-lead plaintiffs in the Sinnathurai Action.
−Removed: The co-lead plaintiffs filed a consolidated amended complaint on March 11, 2022, alleging that the defendants made certain purportedly false and misleading statements concerning the Company’s ability to manufacture prototype vaccine on a commercial scale and to secure the prototype vaccine’s regulatory approval.
−Removed: The amended complaint defines the purported class as those stockholders who purchased the Company’s securities between February 24, 2021 and October 19, 2021.
−Removed: On April 25, 2022, the defendants filed a motion to dismiss the consolidated amended complaint.
−Removed: On December 12, 2022, the Maryland Court issued a ruling granting in part and denying in part defendants’ motion to dismiss.
−Removed: The Maryland Court dismissed all claims against two individual defendants and claims based on certain public statements challenged in the consolidated amended complaint.
−Removed: The Maryland Court denied the motion to dismiss as to the remaining claims and defendants, and directed the Company and other remaining defendants to answer within fourteen days.
−Removed: On December 27, 2022, the Company filed its answer and affirmative defenses.
−Removed: On March 16, 2023, the plaintiffs filed a motion for class certification and to appoint class representatives and counsel.
−Removed: The Company filed its opposition to the plaintiffs’ motion on September 22, 2023.
−Removed: On December 4, 2023, the parties agreed to a binding settlement in principle (the “Proposed Settlement”) to fully resolve the surviving claims in the Sinnathurai Action.
−Removed: Under the Proposed Settlement’s terms, the Company agreed to pay $47 million into a settlement fund, which will be funded by the Company’s directors and officers’ liability insurance and paid to members of a putative settlement class.
−Removed: On January 12, 2024, after the parties negotiated and executed a written agreement governing the Proposed Settlement, plaintiffs filed an unopposed motion for the Proposed Settlement’s preliminary approval.
−Removed: On January 23, 2024, the Maryland Court granted the motion for preliminary approval and, as requested by the parties, preliminarily certified, for the purposes of settlement only, the settlement class.
−Removed: The court also scheduled a settlement hearing to consider final approval of the settlement for May 23, 2024.
−Removed: Ahead of the May 23 settlement hearing, on April 11, 2024, Plaintiffs filed a motion seeking the Maryland Court’s final approval of the settlement.
−Removed: At the May 23 settlement hearing, the Maryland Court granted final approval of the settlement.
+Added: The parties ultimately negotiated a settlement, which the Maryland Court approved on May 23, 2024.
The Maryland Court closed the Sinnathurai Action on May 24, 2024.
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On September 6, 2023, the court entered an order granting the individual defendants an extension of time to file their answer until November 6, 2023.
−Removed: On October 6, 2023, the Board of Directors of the Company formed a Special Litigation Committee (“SLC”) with full and exclusive power and authority of the Board to, among other things, investigate, review, and analyze the facts and circumstances surrounding the claims asserted in the pending derivative actions, including the claims that remain following the court’s order on the motion to dismiss in the Second Consolidated Derivative Action.
+Added: On October 6, 2023, the Board of Directors of the Company formed a Special Litigation Committee (“SLC”) with full and exclusive power and authority of the Board to, among other things, investigate, review, and analyze the facts and
+Added: circumstances surrounding the claims asserted in the pending derivative actions, including the claims that remain following the court’s order on the motion to dismiss in the Second Consolidated Derivative Action.
On November 7, 2023, the court entered an order granting the parties’ request to stay the Second Consolidated Derivative Action for up to six months from the date of entry of the order, and, on April 15, 2024, the court entered a further order extending the stay until June 6, 2024.
On June 7, 2024, the court entered another order extending the stay until August 5, 2024.
−Removed: On August 5, 2024, the parties agreed to a further 90-day extension to November 4, 2024, which remains subject to court approval.
−Removed: The existing and proposed stays include the deadline for the individual defendants to respond to the consolidated amended complaint.
+Added: On August 19, 2024, the court entered another order extending the stay until November 4, 2024, to allow the SLC and the parties to continue then-ongoing mediation efforts.
+Added: On November 1, 2024, the parties notified the court that a settlement in principle had been reached and requested the stay to be extended until the definitive settlement agreement is filed.
+Added: On November 4, 2024, the Maryland Court ordered the parties to file the settlement agreement or a joint status report by November 18, 2024.
The Kirst Action was filed on December 28, 2021, and the defendants immediately removed the case to the Maryland Court.
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On December 14, 2023, the parties filed a stipulation (i) extending the plaintiffs’ deadline to file a consolidated complaint until January 29, 2024, and (ii) otherwise staying all other proceedings in the case (including the defendants’ deadline to respond to the consolidated complaint) until February 12, 2024.
−Removed: The stipulation entered by the court instructs the parties to discuss whether the stay should be further extended in light of the then-current status of the SLC’s investigation.
On May 3, 2024, the plaintiffs filed a consolidated complaint.
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On July 12, 2024, the court entered an order staying the action until August 5, 2024.
+Added: On September 24, 2024, the court entered another order staying the action until November 4, 2024.
+Added: On November 4, 2024, the parties filed a stipulation requesting a status conference with the court and further requesting that the action remain stayed until such status conference takes place.
We are also involved in various other legal proceedings arising in the normal course of 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.