Athira Pharma announces proposed settlement of stockholder derivative action

Athira Pharma announced that the U.S. District Court for the Western District of Washington issued an order providing for preliminary approval of a proposed settlement of the claims asserted nominally on behalf of Athira against the individual defendants named in the previously disclosed stockholder derivative actions entitled Bushansky v. Kawas et al., No. 2:22-cv-497 and Houlihan v. Kawas et al., No. 2:22-cv-620, pending before the court. The proposed settlement calls for Athira to adopt certain corporate governance reforms and pay lead plaintiffs’ attorney’s fees, litigation expenses, and lead plaintiff service awards. The order set a final approval hearing for Thursday, July 18, 2024, at 10:30 am.