Intellipharmaceutics International Inc.
(TSX & Nasdaq: IPCI, FRA: I4AA)
Ontario Superior Court of Justice, Court File No.: CV-19-00614686-00CP
THE INTELLIPHARMACEUTICS INTERNATIONAL INC. SECURITIES CLASS ACTION IS CERTIFIED FOR SETTLEMENT PURPOSES AND A HEARING DATE FOR SETTLEMENT APPROVAL IS SET
On June 25, 2021, the Ontario Superior Court of Justice (the “Court”) certified the statutory misrepresentation securities class action against Intellipharmaceutics International Inc. (“IPCI”) and Isa Odidi (IPCI’s CEO and Chairman) and set a date for the settlement approval hearing.
This class action was commenced against IPCI and Isa Odidi in 2019. It is alleged that during the period from February 29, 2016 to and including July 26, 2017 (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 parties have reached a proposed settlement of the class action, which is subject to approval by the Court (the “Agreement”). The Agreement is a compromise of disputed claims.
Under the Agreement, the Defendants will pay or cause to be paid CAD $266,000 (the “Settlement Amount”) in full and final settlement of all claims against them, including Class Counsel’s fees, applicable taxes and expenses, and interest, in exchange for a full release and a dismissal of the class action. Due to the limited monetary amount of the settlement, settlement funds 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 to the Class Actions Clinic at the University of Windsor Law School.
There will be a hearing (the “Approval Hearing”) in which Class Counsel will request the Court to approve (i) the Agreement; and (ii) their legal fees and expenses. The Approval Hearing shall take place on October 12, 2021 at 10:00AM. The Approval Hearing is scheduled to take place in person at the Courthouse at Osgoode Hall, 130 Queen St W., Toronto, ON., but due to the COVID pandemic may need to be conducted via video-conferencing methods such as Zoom or by conference call, as directed by further order of the Court.
A copy of the Long-Form Notice is Available here:
Investors can opt-out of the proposed settlement and pursue their own action with their own lawyer at their own expense by submitting this form:
Any Class Member may participate in the Approval Hearing to object to the Agreement or comment on the Agreement or Class Counsel’s request for fees, so long as they email any objections or comments to Class Counsel at [email protected] no later than August 29, 2021 at 5:00pm EST. Class Members who do not email an objection or comment by August 29, 2021 at 5:00pm EST will not be permitted to participate in the Approval Hearing.