Welcome to the Sientra Shareholder Litigation Website
This website has been established to provide general information regarding the proposed Settlement of the actions entitled John M. Flynn v. Sientra, Inc., et al., No. 2:15-cv-07548-SJO-RAO, pending before the United States District Court for the Central District of California (the "Federal Action"), and Oklahoma Police Pension & Retirement System v. Sientra, Inc., et al., Master File No. CIV 536013, pending before the Superior Court of the State of California for the County of San Mateo (the "State Action," together the "Actions"). The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired Sientra, Inc. ("Sientra") common stock pursuant or traceable to the Registration Statement and Prospectus for Sientra's September 2015 Secondary Offering, or if you purchased or otherwise acquired Sientra common stock during the period May 14, 2015 through and including October 28, 2015.
As more fully described in the Notice of Proposed Settlement of Class Actions (the "Notice"), the Actions arise from allegations that the Sientra Defendants made false statements and material omissions in violation of Sections 11 and 15 of the Securities Act of 1933 Act (the "1933 Act"), and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "1934 Act") and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, and the Underwriter Defendants made false statements and material omissions in violations of Sections 11 and 12(a)(2) of the 1933 Act regarding alleged particle contamination on Sientra’s primary products, silicone breast implants, which were manufactured by Silimed in Brazil.
Plaintiffs allege that Sientra, together with the Underwriter Defendants, completed a Secondary Public Offering (“SPO”) that raised more than $65 million in September 2015. After the SPO closed, the UK Medicines and Healthcare Products Regulatory Agency issued a press release announcing the suspension of sales and implanting in the UK of all medical devices manufactured by Silimed due to the alleged contamination of Silimed’s implant products, including those manufactured in the same facility that Silimed manufactured products for Sientra.
On July 29, 2016, the parties in the Federal Action participated in a full-day formal mediation conducted by the mediator, Robert A. Meyer. During these negotiations, the Parties discussed, among other things, the respective claims and defenses, damage analyses, legal analyses, the evidence to be offered by the Parties at trial, and other important factual and legal issues. Following the mediation session and additional negotiations amongst all Parties, the mediator advised the Parties on August 22, 2016, that all Parties in the litigation had accepted a mediator’s proposal. On September 9, 2016, the Parties to the Actions executed a Memorandum of Understanding memorializing the principal terms of the Settlement reflected herein.
The Parties continued to negotiate the detailed terms of the Settlement and these negotiations resulted in the agreement to settle all claims of the Class against the Defendants, i.e., the Stipulation entered into on December 2, 2016. Plaintiffs’ Counsel believe that the claims asserted in the Actions have merit and that the evidence developed to date in the Actions supports the claims asserted therein. Plaintiffs’ Counsel assert, and believe the Class would present supporting evidence at trial to establish liability of the Defendants under Sections 10(b) and 20(a) of the 1934 Act and/or Sections 11 and 15 of the 1933 Act. However, Plaintiffs’ Counsel recognize and acknowledge the expense and length of continued proceedings, trial, and appeals, and have taken into account the uncertain outcome and the risk of any litigation. Therefore, Plaintiffs’ Counsel believe that the Settlement set forth in the Stipulation confers a meaningful benefit and is in the best interests of the Class.
The Settlement, if approved, will result in the creation of a cash settlement fund of $10,900,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest and minus the costs of this Notice and all costs associated with the administration of the Settlement, as well as attorneys’ fees and expenses, as approved by the Courts, will be distributed to Class Members pursuant to the Plan of Allocation that is described in the Notice. A total of $9.65 million of the Settlement Amount will be allocated to the 1933 Act claims, and $1.25 million of the Settlement Amount will be allocated to the 1934 Act claims.
The Federal Court appointed the law firms of Glancy Prongay & Murray LLP, Pomerantz LLP and Wolf Popper LLP to represent Plaintiffs and the Class in the Federal Action, and the State Court appointed the law firms of Robbins Geller Rudman & Dowd LLP, Johnson & Weaver, LLP, Kaufman, Coren & Ress, P.C. and Abraham, Fruchter & Twersky, LLP to represent Plaintiffs and the Class in the State Action. These lawyers are called Plaintiffs’ Counsel and will apply to the Courts for payment of attorneys’ fees and expenses from the Settlement Fund; you will not be otherwise charged for their work. If you want to be represented by your own lawyer, you may hire one at your own expense.
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
|SUBMIT A CLAIM FORM POSTMARKED OR SUBMITTED ONLINE NO LATER THAN MAY 8, 2017
||The only way to get a payment.
|EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN APRIL 24, 2017
||Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants and other Released Persons relating to the claims in this case.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTON POSTMARKED NO LATER THAN MAY 8, 2017
||Write to the Court(s) about why you don't like the Settlement.
|GO TO THE FEDERAL COURT HEARING ON MAY 22, 2017 AT 10:00 AM OR THE STATE COURT HEARING ON MAY 31, 2017 AT 9:00 AM
||Speak in the Court(s) about the fairness of the Settlement.
||Get no payment. Give up your rights.
|Submit a Claim Form:
||May 8, 2017
||April 24, 2017
|File an Objection:
||May 8, 2017
|Court Hearings on Fairness of Settlement:
Federal Court: May 22, 2017 at 10:00 a.m.
State Court: May 31, 2017 at 9:00 a.m.