Frequently Asked Questions

  1. What is this lawsuit about?
  2. Why is this a class action?
  3. Why is there a Settlement?
  4. How do I know if I am part of the Settlement?
  5. Where are the exceptions to being included?
  6. I’m still not sure if I am included.
  7. What does the Settlement provide?
  8. How much will my payment be?
  9. How can I obtain a payment?
  10. When will I receive my payment?
  11. What am I giving up to receive a payment?
  12. How do I get out of the Class?
  13. If I do not exclude myself, can I sue the Settling Defendants for the same thing later?
  14. If I exclude myself, can I receive money from the Settlement?
  15. Do I have a lawyer in the case?
  16. How will the lawyers be paid?
  17. How do I tell the Court that I do not like the Settlement?
  18. When and where will the Court decide whether to approve the Settlement?
  19. Did I have to go to the hearing?
  20. Could I have spoken at the hearing?
  21. Are there more details about the Settlement?



1. What Is This Lawsuit About?

This Litigation alleges violations of the Federal Securities Laws (specifically Sections 10(b) and 20(a) of the Exchange Act (15 U.S.C. §78j(b) and 78(t)(a)) and Rule 10b-5 promulgated thereunder (17 C.F.R. §240.10b-5)) against Defendants.

Hansen is a Delaware corporation with its principal executive offices located in Mountain View, California. Hansen develops, manufactures, and sells medical robotics designed for the positioning, manipulation, and control of catheters and catheter-based technologies. Hansen’s primary product is a large robotic navigation system called the Sensei Robotic Catheter System (“Sensei System” or “System”). The System is designed to manipulate and place catheters in locations within the heart during surgery for the diagnosis and treatment of patients who suffer from arrhythmia. During the Class Period, Hansen common stock traded on the NASDAQ Stock Exchange (NASDAQ) under the ticker symbol “HNSN.”

Plaintiffs allege that, during the Class Period, Hansen’s stock price was artificially inflated as a result of a series of untrue or materially misleading statements concerning Hansen’s improper revenue recognition and accounting irregularities as disclosed by Hansen’s restatement of several quarters of financial results. Plaintiffs further contend that the Settling Defendants made these statements knowing them to be false or misleading, or recklessly disregarding their false or misleading natures, and that investors suffered injury as a result of the alleged inflation.

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2. Why Is This A Class Action?

Class actions are generally used in lawsuits that affect a large number of individuals; in effect, the class action operates to consolidate into a single action all of the claims of individuals allegedly harmed by the same conduct or course of conduct, thus alleviating the need for members of the class to file their own individual lawsuits to recover for the harm alleged. Once the class is certified, the Court is empowered to resolve all issues on behalf of members of the class, except for those members of the class, if any, who specifically choose to exclude themselves from the Class.

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3. Why Is There a Settlement?

The Court did not decide in favor of the Plaintiffs or the Settling Defendants. Instead, both sides agreed to a Settlement. This permits them to avoid the cost and uncertainty of a trial, and permits eligible Class Members who submit valid claims to receive compensation. The Plaintiffs and their attorneys believe the Settlement is best for all Class Members. The Settling Defendants have concluded that further defense of the Litigation would be protracted and expensive, and that it is desirable that the Litigation be fully and finally settled in the manner and upon the terms and conditions set forth in the Stipulation of Settlement. The Settling Defendants also have taken into account the uncertainty and risks inherent in any litigation, especially in complex cases such as the Litigation.

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4. How Do I Know if I Am Part of the Settlement?

The Class includes all persons or entities who purchased or otherwise acquired the publicly traded common stock of Hansen between February 19, 2008, and October 18, 2009, inclusive, and were allegedly damaged thereby.

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5. What Are the Exceptions to Being Included?

Not included in the Class are Settling Defendants, their corporate affiliates, members of their immediate families, and their heirs, successors and assigns, and any officers or directors of Hansen.

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6. I’m Still Not Sure if I Am Included.

If you are still not sure whether you are included, you can ask for free help. You can call Lionel Z. Glancy of Glancy Binkow & Goldberg LLP at 1 (888) 773-9224 for more information or Garden City Group, Inc. ("GCG") at 1 (888) 985-9896. Or you can fill out and return the claim form described in question 9, to see if you qualify.

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7. What Does the Settlement Provide?

The Settlement will result in a fund of $8.5 million, comprised of $4.25 million in cash and $4.25 million in stock. Per the Stipulation of Settlement, Hansen will contribute $4.25 million in stock to the Net Settlement Fund, valued based on the average closing price of the stock for the ten (10) trading days prior to final approval of the Settlement. The stock shall not constitute “restricted securities” pursuant to the Securities Act of 1933, and may be sold or transferred by Authorized Claimants without registration under §5 of the Securities Act of 1933 or compliance with Rule 144 of the Securities Act of 1933.

The balance of this fund after payment of Court-approved attorneys’ fees and expenses, and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing the newspaper notice (the “Net Settlement Fund”) will be divided among all eligible Class Members who send in valid claim forms.

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8. How Much Will My Payment Be?

Your share of the Net Settlement Fund will depend on the number of valid claim forms that Class Members send in, the number of Hansen common shares you purchased or acquired during the relevant period, and the timing of your purchases and sales. You will not receive a payment, however, if your proportionate share of the Net Settlement Fund is less than $10.00.

You can calculate your Recognized Claim in accordance with the formula shown in the Plan of Allocation on pages 10-12 of the Notice. The payment you receive will reflect your Recognized Claim in relation to the Recognized Claims of all persons submitting valid claim forms. Because the total of all Recognized Claims is expected to exceed the amount of the Net Settlement Fund, your Recognized Claim is not the amount of the payment that you can expect, but is used to determine how the Net Settlement Fund is allocated among all persons submitting claims.

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9. How Will I Obtain a Payment?

To qualify for payment, you must be an eligible Class Member, have sent in a valid Proof of Claim and Release form, properly documented your claim as requested in the claim form, and mailed it so that it was postmarked no later than October 25, 2013. A Proof of Claim and Release form was enclosed with the Notice.

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10. When Will I Receive My Payment?

The Court held a hearing on November 21, 2013, and approved the Settlement. There may be appeals after the Court approved the Settlement. It is always uncertain when these appeals will be resolved, and resolving them can take time, perhaps more than a year. Even if no appeals are filed, it will take a significant amount of time for the Claims Administrator to process all of the Proof of Claim and Release forms and determine the ultimate distribution amounts.

Thank you for your patience.

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11. What Am I Giving Up to Receive a Payment?

Unless you timely excluded yourself from the Class by the October 25, 2013, deadline, you are a Member of the Class and are bound by the Release of claims against the Defendants. That means that you cannot sue, continue to sue, or be part of any other lawsuit against the Settling Defendants about the Released Claims in this case. It also means that all of the Court’s orders apply to you and legally bind you and you release your claims in this case against the Settling Defendants. The terms of the Release are included in the Proof of Claim and Release form. Note: If you objected, you are still bound by the terms of the Settlement in the same way as Members of the Class who did not object.

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12. How Do I Get Out of the Class?

The deadline to exclude yourself from the Settlement was October 25, 2013.

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13. If I Do Not Exclude Myself, Can I Sue the Settling Defendants for the Same Thing Later?

No. Unless you timely and properly excluded yourself from the Class, you give up any right to sue the Settling Defendants or their Released Persons for the Released Claims in the class action Settlement. If you have a pending lawsuit against any of the Defendants, speak to your lawyer in that case immediately. The exclusion deadline was October 25, 2013

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14. If I Exclude Myself, Can I Receive Money from the Class Action Settlement?

No. If you timely and properly excluded yourself, you should not have sent in a claim form.

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15. Do I Have a Lawyer in This Case?

The Court appointed the law firm of Glancy Binkow & Goldberg LLP to represent you and other Class Members. These lawyers are called Lead Counsel. You will not be personally liable for the fees and expenses incurred by these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

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16. How Will the Lawyers Be Paid?

Lead Counsel and the other Settling Class Action Plaintiffs’ Counsel will ask the Court for attorneys’ fees of 30% of the Settlement Fund and for expenses up to $175,000 in connection with the Litigation. The Lead Plaintiffs will also request payment of their actual costs and expenses (including lost wages) directly related to their representation of the Class, not to exceed $3,500.00 each. Such sums as may be approved by the Court will be paid from the Settlement Fund. Class Members are not personally liable for any such fees or expenses.

The attorneys’ fees and expenses requested will be the only payment to Lead Counsel and the other Settling Class Action Plaintiffs’ Counsel for their efforts in achieving this Settlement and for their risk in undertaking this representation on a wholly contingent basis. Since the case began in 2009, Lead Counsel and the other Settling Class Action Plaintiffs’ Counsel have conducted all of the investigation, briefing, and motions practice necessary to litigate the action, and consulted experts regarding the damages. To date, Lead Counsel and the other Settling Class Action Plaintiffs’ Counsel have not been paid for their services in conducting this Litigation on behalf of the Plaintiffs and the Class, nor for their expenses. Lead Counsel and the other Settling Class Action Plaintiffs’ Counsel have expended to date more than 5,830 hours of attorney time in prosecuting the Class’s claims and will ask the Court for actual expenses not to exceed $175,000 in prosecuting the Litigation. The fee requested will compensate Lead Counsel for their work in achieving the Settlement Fund.

Lead Counsel shall file a formal motion with the District Court for approval of the Settlement, the Plan of Allocation, and the request for attorneys’ fees and expenses not later than October 4, 2013. That motion will argue that the requested fees are well within the range of fees awarded to class counsel under similar circumstances in other cases of this type. The Court determines what counsel should receive from the Settlement Fund for fees and expenses, and may award less than this amount.

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17. How Do I Tell the Court that I Do Not Like the Settlement?

The deadline to object to the Settlement was October 25, 2013. Any objection must have been mailed or delivered such that it was received by each of the following no later than October 25, 2013:

Court:
Clerk of the Court
Office of the Clerk
United States District Court
1301 Clay Street, Suite 400S
Oakland, CA 94612

Lead Counsel Designee:
Lionel Z. Glancy, Esq.
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067

Defendants’ Counsel Designee:
Bruce Vanyo
Katten Muchin Rosenman LLP
2029 Century Park East, Suite 2600
Los Angeles, CA 90067-3012

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18. When and Where Will the Court Decide Whether to Approve the Settlement?

Pursuant to the Settlement Hearing held on November 21, 2013, the Court granted final approval.

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19. Did I Have to Go to the Hearing?

No. Lead Counsel answered questions the Court may have had. If you sent an objection, you did not have to come to Court to talk about it. As long as your written objection was timely and properly filed with the Court and received by the Parties by the October 25, 2013 deadline, the Court considered it.

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20. Could I have spoken at the Hearing?

In order to speak at the Settlement Hearing your notice of intention to appear must have been received no later than, October 25, 2013, by the Clerk of the Court, Lead Counsel Designee and the Settling Defendants’ Counsel Designee, at the three addresses listed in question 17.

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21. Are There More Details About the Settlement?

The Notice summarizes the Settlement. More details are in the Stipulation of Settlement dated May 9, 2013. You can obtain a copy of the Stipulation of Settlement or more information about the Settlement by contacting

Lead Counsel:
Lionel Z. Glancy, Esq.
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
1 (888) 773-9224
settlements@glancylaw.com

or the Claims Administrator:
Curry v. Hansen Medical, Inc.
c/o GCG
P.O. Box 35067
Seattle, WA 98124-3508
1 (888) 985-9896

or by visiting www.HansenMedicalSecuritiesLitigation.com.

You can also obtain a copy from the Clerk’s office during regular business hours:

Clerk of the Court
Office of the Clerk
United States District Court
1301 Clay Street, Suite 4005
Oakland, CA 94612

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Important Dates
DateDeadline
October 25, 2013
[Expired]
Claim Form Deadline
(postmarked)
October 25, 2013
[Expired]
Exclusion Deadline
(postmarked)
October 25, 2013
[Expired]
Objection Deadline
(received)
November 21, 2013
at 2:00 p.m.
[Approved]
Settlement Hearing

Your Options

  • To find out details regarding the Settlement, please consult the Notice