AVEO Oncology (AVEO) Enters Proposed Settlement Over Stockholder Litigation

September 30, 2016 4:03 PM EDT
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AVEO Oncology (Nasdaq: AVEO) announced that a settlement hearing will be held on December 19, 2016 at 3:00 p.m., before the Honorable Denise J. Casper, United States Courthouse, Courtroom No. 11 of the John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Boston, Massachusetts 02210 in the matter of Karen J. van Ingen v. AVEO Pharmaceuticals, Inc., et al., Civil Action No. 1:14-cv-11672-DJC (D. Mass.) (the “Settlement Hearing”).

As previously disclosed by the Company, the parties have reached an agreement in principle to settle this matter (the “Proposed Settlement”). On September 16, 2016, Judge Casper granted preliminary approval for the Proposed Settlement and scheduled the Settlement Hearing on December 19, 2016, which is being held to determine whether: (i) the terms of the Proposed Settlement are fair, reasonable, and adequate, and in the best interests of AVEO; (ii) whether, and, if so, in what amount, attorneys’ fees and expenses should be awarded to Plaintiff’s Counsel; and (iii) whether any incentive award to Plaintiff should be approved. The Company expects that any attorney’s fees and expenses awarded to Plaintiff’s Counsel and/or incentive award to Plaintiff will be paid by insurance.

Any AVEO shareholder may appear at the Settlement Hearing and show cause, if he, she, or it has any reason why the Settlement of the Action, as described in the Company’s filing today with the U.S. Securities and Exchange Commission on Form 8-K, should not be approved as fair, reasonable, and adequate, or why judgment should or should not be entered hereon, or why attorney’s fees and expenses should not be awarded to Plaintiff’s Counsel, or why an incentive award to Plaintiff should not be awarded. To object, the shareholder must follow the procedures outlined in the Notice of Pendency and Proposed Settlement of Shareholder Derivative Action.

There can be no assurance that the settlement will receive final approval from the court. Please refer to the Notice of Pendency and Proposed Settlement of Shareholder Derivative Action for more important information about the Proposed Settlement and the Settlement Hearing.

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