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Flynn v. Sientra, Inc.

United States District Court, C.D. California

May 22, 2017

JOHN M. FLYNN, Individually and on Behalf of All Others Similarly Situated, Plaintiff,
v.
SIENTRA, INC., HANI ZEINI, MATTHEW PIGEON, NICHOLAS SIMON, TIMOTHY HAINES, R. SCOTT GREER, KEVIN O'BOYLE, JEFFREY NUGENT, PIPER JAFFRAY & CO., STIFEL, NICOLAUS & CO., INC., LEERINK PARTNERS LLC., and WILLIAM BLAIR & CO., L.L.C., Defendants.

          JUDGMENT AND ORDER GRANTING FINAL APPROVAL OF CLASS ACTION SETTLEMENT

          HONORABLE S. JAMES OTERO UNITED STATES DISTRICT COURT JUDGE.

         WHEREAS, the Court is advised that the Parties, [1] through their counsel, have agreed, subject to Court approval following notice to the Class and hearings, to settle the Actions upon the terms and conditions set forth in the Stipulation of Settlement dated December 16, 2016 (the “Stipulation”), which was filed with the Court; and

         WHEREAS, on January 23, 2017, the Court entered its Order Preliminarily Approving Settlement and Providing for Notice, which preliminarily approved the settlement, and approved the form and manner of notice to the Class of the settlement, and said notice having been issued, and the fairness hearing having been held;

         NOW, THEREFORE, based upon the Stipulation and all of the filings, records and proceedings herein, and it appearing to the Court upon examination that the settlement set forth in the Stipulation is fair, reasonable and adequate, and upon a Settlement Fairness Hearing having been held after notice to the Class of the settlement to determine if the settlement is fair, reasonable, and adequate and whether the Judgment should be entered in this Federal Action;

         THE COURT HEREBY FINDS AND CONCLUDES THAT:

         A. The provisions of the Stipulation, including definitions of the terms used therein, are hereby incorporated by reference as though fully set forth herein.

         B. This Court has jurisdiction of the subject matter of this Federal Action and over all of the Parties and all members of the Class.

         C. With respect to the Class, the Court finds that:

(i) The Class Members are so numerous that their joinder in the Federal Action is impracticable. There were approximately three million shares of Sientra common stock offered through the secondary offering alone. The Class is, therefore, sufficiently numerous to render joinder impracticable;
(ii) The Class is ascertainable because the Class Members share common characteristics that are sufficient for persons to determine whether they are Class Members, i.e., whether they purchased or otherwise acquired Sientra common stock pursuant or traceable to the Registration Statement issued in connection with the secondary offering, or otherwise during the Class Period;
(iii) There are questions of law and fact common to the Class. Those questions include whether the Defendants violated the Securities Act of 1933 and/or the Securities Exchange Act of 1934, whether the Registration Statement and/or other statements of Defendants during the Class Period contained misstatements or omissions, whether any such misstatements or omissions were material, and whether any misstatements or omissions caused harm to the Class Members, and if so, what is the amount of damages to redress that harm;
(iv) The claims of the Federal Plaintiffs are typical of the claims of the Class Members. Federal Plaintiffs claim to have purchased or otherwise acquired Sientra common stock pursuant or traceable to the same Registration Statement as the members of the Class, or otherwise purchased or acquired Sientra common stock during the Class Period based on the same alleged misconduct of Defendants, as the other members of the Class. Consequently, Federal Plaintiffs claim that they and the other Class Members sustained damages as a result of the same misconduct by Defendants;
(v) Federal Plaintiffs and Federal Plaintiffs' Counsel have fairly and adequately represented and protected the interests of the Class Members. Federal Plaintiffs have no interests in conflict with absent Class Members. The Court is satisfied that Federal Plaintiffs' Counsel are qualified, experienced and have represented the Class to the best of their abilities;
(vi) The questions of law or fact common to the Class Members predominate over any questions affecting only ...

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