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In re Atossa Genetics, Inc. Securities Litigation

United States District Court, W.D. Washington

April 13, 2018

In re Atossa Genetics, Inc. Securities Litigation

          DAN DRACHLER ZWERLING, SCHACHTER & ZWERLING, LLP LIAISON COUNSEL FOR LEAD PLAINTIFFS AND THE PROPOSED CLASS

          ORDER PRELIMINARILY APPROVING SETTLEMENT AND AUTHORIZING NOTICE AND SCHEDULING SETTLEMENT HEARING

          RICARDO S. MARTINEZ, CHIEF UNITED STATES DISTRICT JUDGE.

         WHEREAS, the above-captioned consolidated proposed class action is pending before the Court (the "Action");

         WHEREAS, the Court has received the Stipulation and Agreement of Settlement dated March 23, 2018 (the "Stipulation")[1], that has been entered into by Miko Levi, Bandar Almosa, and Gregory Harrison (“Lead Plaintiffs”) and defendants Atossa Genetics, Inc. ("Atossa" or the "Company") and Dr. Steven C. Quay (“Quay, ” collectively, "Defendants, " and with Lead Plaintiffs, each, a "Party" and collectively, the "Parties");

         WHEREAS, the Parties to the Action, having applied for an order determining certain matters in connection with the proposed settlement of the Action (the "Settlement"), in accordance with the Stipulation entered into by the Parties, and for dismissal of the Action as against Defendants upon the terms and conditions set forth in the Stipulation; and

         NOW, upon consent of the Parties, after review and consideration of the Stipulation filed with the Court and the exhibits annexed thereto, and after due deliberation, IT IS HEREBY ORDERED that:

         1. This Preliminary Approval Order incorporates by reference the definitions in the Stipulation and unless defined herein, capitalized words and terms shall have the same meanings as they have in the Stipulation.

         2. The Court preliminarily approves the Stipulation, including all provisions therein and exhibits attached thereto, as fair, reasonable and adequate to the Class (defined below), pending the Settlement Hearing.

         3. For purposes of the proposed Settlement only, and preliminarily for purposes of this Preliminary Approval Order, the Action shall be maintained and proceed as an opt-out class action pursuant to Federal Rule of Civil Procedure 23(b)(3) by Lead Plaintiffs, as class representatives, on behalf of the following class (the "Class"): any and all persons or entities who purchased or otherwise acquired shares of Atossa common stock during the period from December 20, 2012 and October 4, 2013, both dates inclusive, including their respective successors, predecessors, trustees, executors, administrators, assigns, and transferees. Excluded from the Class are: Individuals named as defendants in the Action at the time of settlement, Atossa's current and former directors and officers and their immediate family members, including their legal representatives, heirs, successors, or assigns, and any entity in which a Defendant has or had a controlling interest. Also excluded from the Class is any person or entity who excludes themselves by filing a timely Request for Exclusion (defined below).

         4. Pursuant to Rule 23(e) of the Federal Rules of Civil Procedure, a hearing shall be held on July 20, 2018, at 1:30 p.m., by the Court at the United States District Court for the Western District of Washington, 700 Stewart Street, Seattle, WA 98101 (the "Settlement Hearing") to, among other things:

a. determine whether the Class as defined above should be certified pursuant to Federal Rule of Civil Procedure 23(b)(3);
b. determine whether the proposed Settlement should be approved as fair, reasonable, adequate and in the best interests of the Class;
c. determine whether the proposed Order and Final Judgment, substantially in the form attached to the Stipulation as Exhibit B, approving the Settlement should be entered dismissing and releasing Plaintiffs' Settled Claims and Defendants' Settled Claims with prejudice;
d. determine whether, and in what amount, an award of attorneys' fees and expenses should be paid to Lead Plaintiffs' counsel, and a compensatory award to Lead ...

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