Schueneman

I. Background

23 This putative class action lawsuit began on September 20, 2010,1 when a complaint 24 was filed alleging various violations of the Securities Exchange Act of 1934 (“Exchange 25

27 1 This is the lead case of a consolidated class action that includes Case Nos. 10cv1961, 10cv1977, 28 Act”) and the Securities Act of 1933 (the “Securities Act”). On November 1, 2011, Lead Plaintiff filed a Consolidated Amended Class Action Complaint for violations of the federal securities laws that was subsequently amended on May 13, 2013. [Doc. Nos. 43, 59.] On November 7, 2017, after over seven years of pending litigation, including an appeal to the Ninth Circuit, the parties notified the Court that they had reached a settlement. [Doc. Nos. 152, 153.] The Stipulation and Agreement of Settlement (“Settlement”) provides for settlement and full release of all claims against Defendants2 for securities fraud violations. It authorizes a recovery of $24,000,000, consisting of $12,025,000 in cash and Arena common stock to be issued with a value of $11,975,000 (“Settlement Shares”)3. [Doc. No. 154 at ¶ 1.24.] …