Preliminary court approval on US Security class action case
As communicated several times, latest in Company announcement 12/2023, Orphazyme is part of a US class action lawsuit.
The court has granted preliminary approval of the proposed settlement and scheduled a settlement fairness hearing for February 7, 2024, at which it will consider final approval of the settlement. Assuming nothing unusual, final approval should be granted shortly after the hearing.
The settlement amount is USD 2,5 million. Orphazyme expects USD 0,5 million to be covered by insurance leaving a net amount of USD 2 million to be paid by Orphazyme. The amount will be transferred to an Escrow account.
The financial outlook for the year is unchanged.
In our financial guidance of expected operating loss in the range of DKK 30 – 35 million, the expected settlement amount for the US Security class action case is included in these guidance numbers. Our guidance of expected cash position of DKK 6 – 10 million by the end of the year does also include the expected settlement amount from the US Security class action case.
Herlev, October 6th, 2023
The Board of Directors
For additional information, please contact
Michael Hove, Chairman of the board
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