The lawsuit claims that PORTOLA PHARMACEUTICALS violated federal securities laws by misleading or failing to provide key information regarding the company’s revenue and return. By doing so, it artificially lowers the price of common shares from January 9, 2019 until February 28, 2020.
PORTOLA PHARMACEUTICALS denied all of the claims, but on June 8, 2023, they settled out of court for $17,500,000 to stop the case from going to court. The settlement, however, is still subject to court approval, which will be held on October 31, 2022.
Following the deduction of taxes and litigation costs from the total settlement, which is $17.5 million, class members will receive their settlement sum. To receive money from this settlement, you must submit your claim form in a timely manner. The amount of the compensation varies from person to person based on the severity of the losses everyone suffered.
If you or your family bought PORTOLA PHARMACEUTICALS common shares between January 8, 2019 and February 28, 2020 can take part in this class action settlement. If you have any more questions regarding your eligibility, please contact us at info@PortolaSecuritiesLitigation.com.
The distribution of $17.5 million is as follows:
25%, or $4,375,000, will be given as attorneys’ fees.
$840,000 is allocated as out-of-pocket losses.
Individual class members cannot claim more than $20,000 in out-of-pocket losses.