Puma Biotechnology Securities Litigation
HomeCase DocumentsFrequently Asked QuestionsContact UsStay InformedFile Claim

Frequently Asked Questions


  1. What is this case about?
  2. How do I know if I am a member of the Class?
  3. How much money are Class Members entitled to receive?
  4. How do I complete and submit the Proof of Claim form?
  5. What are my rights as a Class Member?
  6. Do I need to retain my own lawyer?
  7. How will Class Counsel be paid?
  8. Who can I contact if I have other questions?

 



  1. What is this case about?

    In the case of HsingChing Hsu v. Puma Biotechnology, Inc., et al., No. 8:15-cv-00865 (the “Litigation”), a two week trial began on January 15, 2019 in the United States District Court for the Central District of California, Southern Division. On February 4, 2019, the jury returned a verdict. The jury found that defendants Puma and Alan H. Auerbach violated the federal securities laws by making false and misleading statements about the efficacy of Puma’s drug, neratinib, in a clinical trial and that defendants did so in knowing violation of sections 10(b) and 20(a) of the Securities Exchange Act of 1934. As a result of this fraudulent conduct, the jury determined that Puma’s stock price was artificially inflated by $4.50 per share between July 22, 2014 and May 13, 2015. You can find a copy of the complaint, jury verdict, and more information about the trial and claims process under Case Documents. 

    TO RECOVER DAMAGES, YOU MUST SUBMIT A VALID PROOF OF CLAIM FORM NO LATER THAN JANUARY 28, 2020. LATE FILED CLAIMS WILL ONLY BE ACCEPTED WITH THE APPROVAL OF THE COURT.  

    Top

  2. How do I know if I am a member of the Class?

    The Class is defined as follows: 

    All Persons who purchased or otherwise acquired the securities of Puma during the period between July 22, 2014 (after 6:00 P.M. EDT) and May 29, 2015. Excluded from the Class are defendants, members of defendants’ immediate families, present or former executive officers of Puma and their immediate family members, any person, firm, trust, corporation, officer, director or other individual or entity in which any defendant has a controlling interest or which is related to or affiliated with any defendant, and the legal representatives, agents, affiliates, heirs, successors-in-interest or assigns of any such excluded party, and any individuals who previously opted out of this action. 

    “Class Members” are all members of the Class defined above, unless you previously filed valid request for exclusion.

    Top

  3. How much money are Class Members entitled to receive?

    Pursuant to the jury verdict, Class Members who file timely and valid claims which are approved are entitled to recover for damages up to $4.50 per share. In accordance with the Private Securities Litigation Reform Act, damages will be calculated as follows. Please note that Class Members are not required to perform any of these calculations. All of the calculations will be performed by the Claims Administrator based on the purchase and sale transaction information provided. 

    • For shares purchased or acquired between July 22, 2014 (after 6:00 PM EDT) and held through May 13, 2015, damages are $4.50 per share, plus interest, with the exception of purchases or acquisitions discussed immediately below. 
    • For Class Members who purchased or acquired Puma stock at or below $193.31 per share and sold that stock between May 14, 2015 and June 11, 2015, the damages shall be the lesser of $4.50 per share or the purchase price minus the average closing price between May 14, 2015 and the date of sale, plus interest. The following is a list of the average closing prices between May 14, 2015 and June 11, 2015: 

      May 14, 2015

      $170.67

      May 15, 2015

      $173.84

      May 18, 2015

      $176.33

      May 19, 2015

      $177.65

      May 20, 2015

      $180.02

      May 21, 2015

      $181.97

      May 22, 2015

      $183.24

      May 26, 2015

      $185.15

      May 27, 2015

      $186.83

      May 28, 2015

      $188.15

      May 29, 2015

      $188.81

      June 1, 2015

      $187.24

      June 2, 2015

      $184.12

      June 3, 2015

      $181.47

      June 4, 2015

      $178.99

      June 5, 2015

      $176.48

      June 8, 2015

      $173.88

      June 9, 2015

      $171.48

      June 10, 2015

      $169.47

      June 11, 2015

      $167.66

    • For shares purchased or acquired during the Class Period and sold on or prior to May 13, 2015, the damages are zero. 
    • For shares purchased or acquired between May 14, 2015 and May 29, 2015, the damages are zero. 
    • For purposes of calculating damages, purchases and sales of stock will be matched on a Last-In, First-Out (“LIFO”) basis. Class Period sales will be matched first against the latest purchase before sale, and then against purchases/acquisitions (or the Class Member’s opening share balance) in reverse chronological order. 

    The amount of the Class’s total recovery will be reduced by any amounts that may be awarded by the Court to Class Counsel and the Lead Plaintiff for attorneys’ fees and the expenses of bringing and prosecuting the Litigation.

    Top

  4. How do I complete and submit the Proof of Claim form?

    A Proof of Claim form is available online here and printable version is available here. 

    TO RECOVER DAMAGES, YOU MUST SUBMIT A VALID PROOF OF CLAIM FORM NO LATER THAN JANUARY 28, 2020. LATE FILED CLAIMS WILL ONLY BE ACCEPTED WITH THE APPROVAL OF THE COURT. 

    Use Part I of the form entitled “Claimant Identification” to identify yourself and, if appropriate, any co-beneficial owners of the Puma stock. If you purchased or otherwise acquired Puma stock that was registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial purchaser or acquirer, and the third party is the record purchaser or acquirer and should be identified on the line titled “Trustee/Asset Manager/Nominee/Record Owner’s Name (if Different from Beneficial Owner Listed Above).” Individual filers do not need to provide an account or fund number. Please be sure to include correct mailing information, as this address will be used for the mailing of any check if you are entitled to a recovery. 

    Use Part II of the form entitled “Schedule of Transactions in Puma Common Stock” to supply all required details of your transaction(s) and holdings in Puma stock. If you need more space or additional schedules, attach separate sheets giving all of the required information in substantially the same form. Please list all of your transactions in Puma stock during the period July 22, 2014 through June 11, 2015 separately and in chronological order, by trade date, beginning with the earliest, including the month, day and year of each transaction you list. A purchase or sale of Puma stock shall be deemed to have occurred on the “contract” or “trade” date as opposed to the “settlement” or “payment” date, so please identify the “contract” or “trade” dates in your claim. 

    Copies of documents evidencing your transactions in Puma stock should be attached to your claim. This can include trade confirmation slips or emails from your bank or stockbroker, monthly, quarterly, or annual bank or broker statements, or other documents reflecting your transactions in Puma stock. If any such documents are not in your possession, please obtain a copy or equivalent documents from your bank or broker because these documents will be used to process your claim. Failure to provide suitable documentation could delay verification of your claim or result in rejection of your claim.

    Top

  5. What are my rights as a Class Member?

    Unless you previously requested to be excluded from the Class, you will be bound by all determinations and judgments in the Litigation. You must file a claim form to collect for any damages you suffered. You may do nothing at all and not file a claim. If you choose that option, you will not recover anything, but you will be bound by any judgments entered by the Court. You may not opt out of this action.

    Top

  6. Do I need to retain my own lawyer?

    If you are a member of the Class, you may, but are not required to, enter an appearance through counsel of your own choosing at your own expense. If you do not do so, you will be represented by Class Counsel: Robbins Geller Rudman & Dowd LLP.

    Top

  7. How will Class Counsel be paid?

    Class Counsel and the Lead Plaintiff will make an application for fees and expenses following the claims process for Class Members. Class Counsel will seek fees of 25% of the aggregate damages, plus interest, and litigation expenses in an amount not to exceed $2,500,000, not including costs associated with the notice and claims process. Lead Plaintiff Norfolk Pension Fund, which prosecuted the case on behalf of all Class Members, will seek an amount not to exceed $115,000 pursuant to 15 U.S.C. §78u-4(a)(4) in connection with its representation of the Class. Filings related to fees and expenses, as well as the date of the hearing on fees and expenses, will be posted on this website and on Class Counsel’s website (www.rgrdlaw.com). Class Members with valid claims can file objections to the proposed fees or expenses up to 14 days before the hearing. Once available, more information on how to file an objection will be available on this website.

    Top

  8. Who can I contact if I have other questions?

    If you have questions regarding how to complete the Proof of Claim form or about the claims process, please email the Claims Administrator at info@pumabiosecuritieslitigation.com or call 1-866-880-1572. 

    If you have questions concerning the Litigation, including the Notice of Verdict, please contact: 

    Robbins Geller Rudman & Dowd LLP
    Tor Gronborg (torg@rgrdlaw.com)
    Susannah Conn (sconn@rgrdlaw.com)
    655 West Broadway, Suite 1900 San Diego, CA 92101
    1-800-449-4900 

    TO RECOVER DAMAGES, YOU MUST SUBMIT A VALID PROOF OF CLAIM FORM NO LATER THAN JANUARY 28, 2020. LATE FILED CLAIMS WILL ONLY BE ACCEPTED WITH THE APPROVAL OF THE COURT. 

    Top