Hayden, et al. v. Portola Pharmaceuticals, Inc., et al.

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Attention All Settlement Class Members

On March 2, 2023, the Court held a Final Approval Hearing on the Settlement and related matters and announced that it would approve the Settlement. On March 6, 2023, the Court entered a judgment approving the Settlement and orders approving the Settlement and proposed Plan of Allocation and awarding attorneys’ fees and reimbursement of litigation expenses. The order granting final approval can be found here.

On December 15, 2023, the Court entered an Order Approving Disbursement of Class Settlement Funds, which can be found here.

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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Class Action and Proposed Settlement, Final Approval Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

IF YOU PURCHASED PORTOLA PHARMACEUTICALS, INC. COMMON STOCK DURING THE PERIOD BEGINNING JANUARY 8, 2019 THROUGH FEBRUARY 28, 2020, YOU MAY BE ENTITLED TO PAYMENT FROM A CLASS ACTION SETTLEMENT.

Notice of Settlement: Please also be advised that the Court-appointed Lead Plaintiff, Alameda County Employees’ Retirement Association (“ACERA” or “Lead Plaintiff”), on behalf of itself, Additional Named Plaintiff Oklahoma Firefighters Pension and Retirement System (“OFPRS”), and the Settlement Class (as defined in Question No. 5), have reached a settlement of the Action for $17,500,000 in cash (the “Settlement”), which was subject to Court approval.

If you are a member of the Settlement Class, you are subject to the Settlement, and you may be eligible for a payment from the Settlement Fund. The Settlement Class consists of the following:

All persons and entities who purchased or otherwise acquired the common stock of Portola Pharmaceuticals, Inc. (“Portola Inc.”) between January 8, 2019 and February 28, 2020, inclusive (the “Settlement Class Period”), and were allegedly damaged thereby; including those who purchased or otherwise acquired Portola Inc. common stock either in or traceable to Portola Inc.’s secondary public offering (“SPO”) on or about August 14, 2019, and were allegedly damaged thereby (“Settlement Class”).

Excluded from the Settlement Class are certain persons and entities (see FAQ 6) or those who request exclusion pursuant to the instructions set forth in the Notice (see FAQ 13).

Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found on the Important Documents page.

Payments to eligible claimants will be made only after the Court approves the Settlement and a Plan of Allocation, after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

Please read the Notice carefully. The Frequently Asked Questions (“FAQs”) page of this website has more information on your rights as a Class Member in this Action. If you have questions, you may call the Portola Securities Litigation Help Line at 1-844-808-4889 or email info@PortolaSecuritiesLitigation.com.

Your Legal Rights and Options in This Settlement

You can:	That means:
Submit a Claim Form Postmarked or Submitted Electronically by February 13, 2023	You can show that you are a Settlement Class Member and can get payment from the Settlement. When the proposed Settlement is finally approved by the Court, you may share in the proceeds if your Claim is received, timely, and valid, and you meet the other requirements of the Plan of Allocation described here. This is the only way to get a payment. Regardless of whether you submit a Claim, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in FAQ 12) that you have against Defendants and the other Defendants’ Releasees (defined in FAQ 12), so it is in your interest to submit a Claim.
Exclude Yourself by Submitting a Written Request for Exclusion Postmarked by February 9, 2023	You can ask to be excluded from the Settlement Class. If excluded, you will get no payment from this Settlement and will not be part of the Settlement Class, and will not be bound by any Judgment. This is the only option that allows you to ever be part of any other separate lawsuit, including your own lawsuit, against any of Defendants about the legal claims being settled in this Action.
Object by Submitting A Written Objection So That it is Received by February 9, 2023	If you remain part of the Settlement Class but have an objection to the Settlement, or some part of it, or the requested attorneys’ fees or Litigation Expenses or other costs and expenses, you can write to the Court to explain why.
Attend a Hearing on March 2, 2023 (which may be held in person or virtually)	If you remain part of the Settlement Class, you can write by February 9, 2023, to the Court and ask to speak at the Final Approval Hearing on March 2, 2023, when the Court considers the fairness of the Settlement, the request for attorneys’ fees and reimbursement of Litigation Expenses and the request for awards to Lead Plaintiff ACERA and Additional Named Plaintiff OFPRS for their costs and expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
Do Nothing	You will get no payment and will give up your rights to sue Defendants about the claims that are resolved by this Settlement. You will, however, remain a member of the Settlement Class, which means that you will be bound by any judgment or orders entered by the Court in this Action.

These rights and options—and the deadlines to exercise them—are explained in the Notice.

PLEASE DO NOT TELEPHONE THE COURT, THE COURT CLERK’S OFFICE, DEFENDANTS OR DEFENDANTS’ COUNSEL TO INQUIRE ABOUT THIS SETTLEMENT OR THE CLAIMS PROCESS.