Kehoe Law Firm, court appointed lead counsel in the securities litigation captioned Deora v. NantHealth, Inc., No. 2:17-cv-01825-TJH-MRW, pending in the United States District Court for the Central District of California, announces the successful resolution of the class action. The case concerns the pricing of NantHealth stock, and the proposed settlement, valued at $16.5 million, is set to address claims by investors who purchased NantHealth common stock between June 1, 2016, and May 1, 2017.
Partner John A. Kehoe expressed satisfaction with the outcome, stating, “We are pleased to have represented Southeastern Pennsylvania Transportation Authority and to have achieved this extraordinary settlement in light of the risks of continued litigation.”
Investors who acquired NantHealth stock between June 1, 2016, and May 1, 2017, are eligible for benefits, provided they bought the shares individually and not through a mutual fund. Certain individuals, including NantHealth officers, directors, and their families, are not considered Class Members.
The lawsuit alleged that NantHealth and officers and directors misled investors about the demand for its services. The settlement, while not admitting wrongdoing, aims to provide benefits to investors. The disagreement between the parties on potential trial outcomes led to the decision to settle.
NantHealth will establish a $16.5 million settlement fund to address claims by all Class Members. Payments will be determined based on the number of valid claim forms, the quantity of NantHealth stock purchased, and the timing of transactions. The settlement also includes attorneys’ fees, cost reimbursements, and a compensatory award for the Class Representative.
Class Members can qualify for payment by submitting a claim form or doing so online by May 22, 2020. The detailed notice package, available through the website or by calling 1-844-975-1779, contains all necessary information.
Class Members have the option to exclude themselves from the settlement by May 22, 2020, to retain the ability to pursue individual legal actions. Alternatively, they can object to the settlement by the same date. The Court will hold a hearing on June 15, 2020, to decide on the settlement’s approval.
For more information, visit www.NantHealthSecuritiesLitigation.com, call 1-844-975-1779, or write to the Settlement Administrator, NantHealth, Inc. Securities Litigation, c/o JND Legal Administration, PO Box 91125, Seattle, WA 98111.
For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.