Rain Oncology, Investors Get $7.3 Million Settlement Finalized

Rain Oncology Inc.'s nearly $7.3 million class settlement with investors over a clinical trial failure and 88% stock drop deserves final approval, a federal court ruled.

The deal encountered no objections or opt-outs, Judge Edward J. Davila said in an order docketed April 24 in the US District Court for the Northern District of California. Davila also approved a 25% attorneys’ fee award—about $1.8 million—and roughly $73,000 in litigation expenses.

• The investors alleged Rain misleadingly claimed before its initial public offering that a Phase 3 trial of its cancer drug milademetan was “based on” Phase 1 data
• When Rain announced ...