Welcome!

News Feed Item

Federal Court Grants Preliminary Approval Of Settlement In Abaxis Shareholder Lawsuit

UNION CITY, Calif., April 18, 2014 /PRNewswire/ -- On April 15, 2014, the United States District Court for the Northern District of California, granted preliminary approval of a settlement that Abaxis, Inc. has reached with Plaintiff St. Louis Police Retirement System ("Plaintiff") in a shareholder class and derivative action that Plaintiff filed on October 1, 2012 on behalf of itself and all others similarly situated, and derivatively on behalf of Abaxis ("Abaxis" or the "Company"), and against certain of Abaxis's officers and directors (the "Defendants"), entitled St. Louis Police Retirement System v. Severson, et al., Case No. 12-cv-05086-YGR (N.D. Cal.) (the "Action").  The Court's order granting preliminary approval of the settlement requires Abaxis to provide notice to its stockholders of the information about the Action contained in this press release.

The Action alleges, among other things, that the Abaxis proxy statement in connection with the Company's 2012 annual meeting of stockholders contained materially false and misleading statements concerning a proposed amendment to the Company's 2005 Equity Incentive Plan and that Defendants granted and/or received Abaxis restricted stock units in excess of the so-called Full Value Award limit under the Company's 2005 Equity Incentive Plan.

On October 23, 2012, the Court granted, in part, a motion for preliminary injunction filed by Plaintiff and ordered Abaxis to make additional disclosures to Abaxis stockholders in connection with Abaxis's 2012 annual meeting of stockholders.  Thereafter, Defendants filed motions to dismiss, in which Defendants argued that Plaintiff, inter alia, failed to state a claim for relief.  The parties then engaged in settlement negotiations that resulted in the proposed settlement of the Action (the "Settlement"), the terms of which are set forth in a Stipulation of Settlement dated as of January 16, 2014 (the "Stipulation").  The terms of the Settlement set forth in the Stipulation include: (a) the adoption and/or implementation of a variety of corporate governance measures, including, but not limited to, measures that relate to officer and director compensation and equity award granting procedures; (b) that the Released Claims against the Released Persons shall be dismissed; and (c) that Plaintiff will apply to the Court for an award of attorneys' fees and expenses in an amount not to exceed $2,000,000.

On June 17, 2014, at 2:00 p.m., a hearing (the "Settlement Hearing") will be held before the United States District Court for the Northern District of California, Oakland Division, at the Oakland Courthouse, Courtroom 1, 4th Floor, 1301 Clay Street, Oakland, CA 94612, to determine: (a) whether the Court should certify the Action as a non-opt-out class action pursuant to Fed. R. Civ. P. 23; (b) whether the Court should approve the proposed Settlement; (c) whether the Court should enter an Order and Final Judgment dismissing the claims asserted in the Action on the merits and with prejudice and effectuating the releases described below; (d) whether the Court should grant the application of Plaintiff's counsel for a fee award; and (e) such other matters as may properly come before the Court.

IF YOU WERE A HOLDER OF ABAXIS COMMON STOCK, EITHER OF RECORD OR BENEFICIALLY, AS OF THE CLOSE OF BUSINESS ON AUGUST 31, 2012, YOUR RIGHTS WILL BE AFFECTED BY PROCEEDINGS IN THE ACTION.

Any Abaxis shareholder who objects to the Settlement, the Order and Final Judgment to be entered in the Action, and/or Plaintiff's counsel's application for a fee award, or who otherwise wishes to be heard, may appear in person or by his attorney at the Settlement Hearing and present evidence or argument that may be proper and relevant; provided, however, that, except for good cause shown, no person shall be heard and no papers, briefs, pleadings or other documents submitted by any person shall be considered by the Court unless not later than twenty one (21) calendar days prior to the Settlement Hearing such person files with the Clerk of the Court and delivers upon the following counsel (delivered by hand or sent by first class mail) (1) a written objection to the Settlement setting forth: (a) the nature of the objection; (b) proof of current ownership of Abaxis common stock, including the number of shares of Abaxis common stock currently held and the date of purchase of Abaxis common stock; and (c) any documentation in support of such objection; and (2) if a current Abaxis shareholder intends to appear and requests to be heard at the Settlement Hearing, such shareholder must have, in addition to the requirements of (1) above, (a) a written notice of such shareholder's intention to appear; (b) a statement that indicates the basis for such appearance; and (c) the identities of any witnesses the shareholder intends to call at the Settlement Hearing and a statement as to the subjects of their testimony, signed as authorized by the objecting shareholder.  Such filings shall be delivered to the following counsel:

Eric L. Zagar
KESSLER TOPAZ MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087

Jonathan M. Stein
SAXENA WHITE, P.A.
2424 N. Federal Highway, Suite 257
Boca Raton, FL 33431

Counsel for Plaintiff St. Louis Police Retirement System

and

Thad A. Davis
GIBSON, DUNN & CRUTCHER LLP
555 Mission Street, Suite 3000
San Francisco, CA 94105

Counsel for Individual Defendants

PLEASE DO NOT CALL, WRITE OR OTHERWISE DIRECT QUESTIONS TO EITHER THE COURT OR THE CLERK'S OFFICE.  Inquiries or comments about the Settlement or any other matters in this Notice should be directed by telephone or in writing to the attention of Plaintiff's Counsel, Eric L. Zagar, Kessler Topaz Meltzer & Check, LLP, 280 King of Prussia Road, Radnor, PA 19087, 1-888-299-7706.

PLEASE NOTE: THERE IS NO CLAIMS PROCEDURE, AS NO INDIVIDUAL SHAREHOLDER HAS THE RIGHT TO BE COMPENSATED AS A RESULT OF THE SETTLEMENT DESCRIBED HEREIN.

The term "Released Claims" means any claims, demands, rights, actions, causes of action, liabilities, damages, losses, obligations, judgments, duties, suits, costs, expenses, matters, and issues known or unknown, including Unknown Claims, contingent or absolute, suspected or unsuspected, disclosed or undisclosed, liquidated or unliquidated, matured or unmatured, accrued or unaccrued, apparent or unapparent, whether state, federal, or foreign, common law, statutory, or regulatory, including, without limitation, claims under the federal securities laws, that have been or could have been asserted in any court, tribunal or proceeding: (a) by Plaintiff, or any Abaxis shareholder, derivatively on behalf of Abaxis, or by Abaxis, against any Released Person concerning the granting and/or receipt of the Excess RSUs, the 2005 Plan, the 2010 Proxy and/or any disclosures related to the 2010 Annual Meeting, the 2012 Proxy and/or any disclosures related to the 2012 Annual Meeting; (b) by Plaintiff, individually and/or on behalf of the Class, or by any member of the Class, against Abaxis or any Released Person, concerning the granting and/or receipt of the Excess RSUs, the 2005 Plan, the 2010 Proxy and/or any disclosures related to the 2010 Annual Meeting, the 2012 Proxy and/or any disclosures related to the 2012 Annual Meeting; and (c) by Plaintiff, any Abaxis shareholder, the Individual Defendants or Abaxis, concerning the settlement of the Action; provided, however, that Released Claims do not include claims to enforce the Settlement, or claims regarding the value of Plaintiff's securities other than those claims related to these subjects above.

The term "Released Persons" means Plaintiff and Defendants, and their respective Related Persons, where "Related Persons" means each of a person's spouses, heirs, executors, estates, marital communities, trustees, agents or administrators, present and former attorneys, legal representatives, assigns, past and present directors, officers, agents, advisors, employees, affiliates, predecessors, successors, parents, subsidiaries, divisions, affiliated entities, and any person or entity acting for or on behalf of any of them and each of them (including without limitation, any investment bankers, accountants, insurers, reinsurers, attorneys and any past, present or future officers, directors and employees of them).

Additional information concerning the Settlement is included in a Form 8-K filed by Abaxis with the United States Securities and Exchange Commission on April 18, 2014.  You may inspect the Stipulation and other papers in the Action at the Oakland Courthouse clerk's office at any time during regular business hours of each business day.  The clerk's office is located at Suite 400S, 1301 Clay Street, Oakland, CA 94612.  However, you must appear in person to inspect these documents.  The clerk's office will not mail copies to you.  The Stipulation may be available on the United States District Court for the Northern District of California Information web site at http://www.cand.uscourts.gov.

SOURCE Abaxis, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...