Adamas announces settlement agreement of previously disclosed class action litigation
EMERYVILLE, Calif., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS), a company dedicated to developing and delivering medicines that make a meaningful difference to people affected by neurological diseases, today announced it has signed a Memorandum of Understanding to settle one of the previously disclosed securities class-action lawsuits, Plymouth v. Adamas Pharmaceuticals, Inc., et al., Case No. RG19018715, pending in the California Superior Court for the County of Alameda.
The proposed settlement calls for a payment of $7.5 million to eligible settlement class members in resolution of claims asserted against the Company, its officers, directors and the other defendants. The settlement will be paid by Adamas’ Director & Officer liability insurance. Adamas and the other defendants continue to deny each of the plaintiff’s claims and all liability. Adamas has agreed to the settlement to resolve the disputes, avoid the costs and risks of further litigation, and avoid further distractions to management. This settlement remains subject to final documentation and approval by the court. A final non-appealable closure of this court action is expected in mid-2021.
About Adamas Pharmaceuticals, Inc.
At Adamas, our purpose and vision are clear: deliver innovative medicines that make a clinically meaningful difference for patients, caregivers and society. We are a fully integrated company focused on growing a portfolio of therapies that address a range of neurological diseases. For more information, please visit www.adamaspharma.com.
Statements contained in this press release regarding matters that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements contained in this press release regarding Adamas’ expectations of the described settlement agreement. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the settlement agreement is an agreement in principal and is subject to Court approval. For a description of risks relating to Adamas’ business in general, see Adamas’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2020, particularly under the caption “Risk Factors.” Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Adamas undertakes no obligation to update any forward-looking statement in this press release, except as required by law.
Vice President, Corporate Communications
Managing Director, Westwicke