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Pomerantz LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of American Depository Shares and Warrants of Kitov Pharmaceuticals Holdings, Ltd. -- KTOV

NEW YORK, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of American Depository Shares and warrants of Kitov Pharmaceuticals Holdings, Ltd. (NASDAQ:KTOV).

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTIONS AND FINAL APPROVAL HEARING

To:   ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED (1) KITOV AMERICAN DEPOSITORY SHARES BETWEEN NOVEMBER 20, 2015 AND FEBRUARY 6, 2017, BOTH DATES INCLUSIVE; OR (2) KITOV AMERICAN DEPOSITORY SHARES OR WARRANTS TO PURCHASE KITOV AMERICAN DEPOSITORY SHARES ON OR ABOUT NOVEMBER 20, 2015 OR ON OR ABOUT JUNE 28, 2016.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on January 24, 2019, at 11:15 a.m. before the Honorable Lorna G. Schofield, United States District Judge of the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 1106, New York, New York 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action, as well as the related consolidated actions, Ng v. Kitov Pharmaceuticals Holdings, Ltd., et al., Case No. 17CIV00620, and Zulch v. Kitov Pharmaceuticals Holdings, Ltd., et al., Case No. 17CIV01173, pending in the Superior Court of California, San Mateo County, for consideration including the sum of $2,000,000 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 of Lead Counsel for an award of attorneys’ fees of up to one-third of the Settlement Amount ($666,666.67) plus interest, reimbursement of expenses of not more than $150,000, and a Compensatory Award to Plaintiffs of no more than $10,000 collectively (or $2,500 each) should be approved; and (4) whether these Actions should be dismissed with prejudice as set forth in the Stipulation of Settlement, dated July 27, 2018 (the “Settlement Stipulation”).

If you purchased Kitov Pharmaceuticals Holdings, Ltd. (“Kitov”) American Depository Shares (“ADSs”) between November 20, 2015 and February 6, 2017, both dates inclusive (the “Class Period”), or ADSs or Warrants pursuant or traceable to Kitov’s Initial Public Offering, dated November 20, 2015, or Secondary Public Offering, dated June 28, 2016, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Kitov ADSs or warrants. If you have not received a detailed Notice Of Proposed Settlement Of Class Action, Motion For Attorneys’ Fees And Expenses, And Settlement Fairness Hearing (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by visiting http://www.strategicclaims.net/ or by contacting the Claims Administrator toll-free at (866) 274-4004 or at info@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 Form to the Claims Administrator at the address listed in the detailed Notice and postmarked no later than January 3, 2019, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Actions whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than January 10, 2019, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Actions pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than January 10, 2019, by each of the following:

Clerk of the Court
United States District Court
Southern District of New York
500 Pearl Street
New York, NY 10007
Lead Counsel
Jeremy A. Lieberman
POMERANTZ LLP
600 Third Avenue, Floor 20
New York, NY 10016
Counsel For Defendants
Aurora Cassirer
TROUTMAN SANDERS LLP
875 Third Avenue
New York, NY 10174
     

If you have any questions about the Settlement, you may visit http://www.strategicclaims.net/​ or write to Lead Counsel at the above address. PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

Dated: September 19, 2018   _______________________________
    BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK

Contact:
Jeremy A. Lieberman
Pomerantz LLP
(212) 661-1100