In The Court Of Chancery Of The State Of Delaware

BOSTON, Jan. 30, 2019 /PRNewswire/ -- Foley & Lardner LLP

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, DERIVATIVE CLAIMS, FAIRNESS HEARING, AND RIGHT TO APPEAR

TO: ALL PERSONS AND ENTITIES THAT WERE OR ARE RECORD OR BENEFICIAL OWNERS OF STOCK OF ADVANCED CARDIAC THERAPEUTICS, INC. (THE “COMPANY” OR “ACT”) AT ANY TIME SINCE APRIL 2, 2014.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), 23(b)(2) and 23.1 and an Order of the Delaware Court of Chancery (the “Court”), that the above-captioned shareholder class action and derivative lawsuit (the “Action”) has been preliminarily certified for the purposes of settlement as a non-opt out class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition, as set forth in the full printed Notice of Proposed Settlement of Class Action and Derivative Claims (the “Settlement Notice”).

YOU ARE ALSO HEREBY NOTIFIED THAT Plaintiff in the Action has reached a proposed settlement of the Action for $9 million (the “Settlement”) that, if approved, will resolve all claims in the Action.

A settlement fairness hearing will be held on April 4, 2019 at 9:15 am at the Court of Chancery in the New Castle County Courthouse, 500 North King Street, Wilmington, DE 19801, to determine, among other things, (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation should be granted; and (iii) whether Class Counsel’s and Plaintiff’s application for an award of attorneys’ fees and reimbursement of expenses and Plaintiff Compensatory Award should be approved.

IF YOU ARE A MEMBER OF THE CLASS OR IF YOU ARE AN ACT CURRENT STOCKHOLDER, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND SETTLEMENT. If you have not yet received the Settlement Notice, you may obtain a copy by contacting the Settlement Administrator, Snow J. Wallace at 904-763-9806 or SWallace@kccllc.com.

If as reflected in the June 23, 2014 Detail Capitalization Table of ACT, you were a record or beneficial owner of ACT common stock, Series 1 Preferred Stock or Series A-1 Preferred Stock, other than such stock that has since been transferred, sold or returned to ACT, or to any person or entity excluded by clauses (a) through (d) below, you are eligible to receive a payment from the Settlement unless you are: (a) a Defendant or any other individual who served as an officer or director of, or counsel for, ACT between April 2, 2014 and October 31, 2014; (b) affiliates, employees, employers, principals, trust vehicles, and family members of any of the foregoing at any time since September 1, 2013; (c) any individual or entity whose holdings in ACT have included Series A-2 Preferred Stock; and (d) Abbott Ventures and its principals, employees and family members of such principals or employees. If you are eligible to receive a Settlement payment, you do not have to submit a claim form or take any other action in order to receive your payment. Your distribution from the Settlement will be paid to you directly.

Any objections to the proposed Settlement or Class Counsel’s and Plaintiff’s application for attorneys’ fees and reimbursement of expenses or the Plaintiff Compensatory Award must be filed with the Register in Chancery and delivered to Class Counsel and Defendants’ Counsel such that they are received no later than March 21, 2019 in accordance with the instructions set forth in the Settlement Notice.

PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE REGISTER IN CHANCERY REGARDING THIS NOTICE. Inquiries, other than requests for the Settlement Notice, may be made to the following Class Counsel:

T. Brad Davey
Mathew A. Golden
Potter Anderson & Corroon LLP
1313 North Market Street
Hercules Plaza, 6^th Floor
P.O. Box 951
Wilmington, Delaware 19801
Dated: January 30, 2019
By Order Of The Court of Chancery Of The State Of Delaware

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SOURCE Foley & Lardner LLP