Kim Spencer McPhee Barristers, P.C. Publishes This Notice of Settlement Approval of the Intellipharmaceutics International Inc. Securities Class Action
Kim Spencer McPhee Barristers, P.C. today announces the settlement approval for the securities class action settlement regarding Intellipharmaceutics International Inc. ("IPCI"). This Notice is directed to all Canadian-resident persons or entities, other than "Excluded Persons", who acquired common stock of Intellipharmaceutics International Inc. ("IPCI") during the period from February 29, 2016 to and including July 26, 2017 ("Class Period") on the Toronto Stock Exchange, and who held some or all of those securities at the close of trading on July 26, 2017 ("Class" or "Class Members").
A Settlement has been reached in a class action against IPCI and its CEO and Chairman of the Board, Isa Odidi. The lawsuit alleged that during the Class Period, IPCI made misrepresentations and omissions regarding a New Drug Application made to the United States Food and Drug Administration for an opioid analgesic called Rexista.
The Defendants have agreed to pay or cause to be paid CAD $266,000 to settle the class actin. The settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by the Defendants.
Due to the limited recovery, and the fact that the majority of common shares of IPCI are eligible for compensation under the settlement reached in the class action being litigated against IPCI in the United States, the net Settlement Amount will not be distributed to Class Members, but rather any amounts remaining after amounts approved by the Court to be paid to the Plaintiff and Class Counsel, will be provided cy près in the amount of CAD $100,000 to the Class Action Clinic at University of Windsor Law School.
The settlement has been approved by the Ontario Superior Court of Justice (the "Court").
For more information, see the Long-Form Notice of Settlement Approval, available online at https://morgantico.com/intellipharmaceutics-international-inc/ or email email@example.com or call 416-596-1414.
The Ontario Superior Court of Justice has authorized distribution of this Notice.
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