Kim Spencer McPhee Barristers, P.C. Publishes This Notice of Certification and Notice of Hearing for Settlement Approval of the Intellipharmaceutics International Inc. Securities Class Action
TORONTO--(BUSINESS WIRE)--Jul 19, 2021--
Kim Spencer McPhee Barristers, P.C. today announces a proposed securities class action settlement regarding Intellipharmaceutics International Inc. (“IPCI”). In 2019, a proposed securities class action was commenced against IPCI and Isa Odidi, IPCI’s CEO and Chairman of the Board, in the Ontario Superior Court of Justice (the “Court”). 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 Defendants do not admit any wrongdoing or liability. The Agreement is a compromise of disputed claims. This Notice provides a summary of the proposed settlement.
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 prè s to the Class Actions Clinic at the University of Windsor Law School.
Investors can opt-out of the proposed settlement and pursue their own action with their own lawyer at their own expense. A copy of the long-form notice providing greater detail about the settlement, including about Class Counsel’s fees that will be requested of the Court, your right to oppose the settlement, the hearing of the motion to approve the settlement, and the right to opt-out is available athttps://investorcomplexlaw.com/intellipharmaceutics-international-inc/.
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.
At the Approval Hearing, the Court will determine whether the Agreement is fair, reasonable, and in the best interests of the Class. At the Approval Hearing, Class Counsel will also seek Court approval of their request for fees equal to CAD $130,000 plus reimbursement of their relevant expenses. Class Counsel has been working under a contingency-fee agreement, has not been paid as the matter has proceeded, and has paid all the expenses of conducting the litigation. Class Counsel will be requesting that the legal fees and disbursements be deducted from the Settlement Amount.
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 firstname.lastname@example.org later than August 27, 2021 at 5:00pm EST. Class Members who do not email an objection or comment by August 27, 2021 at 5:00pm EST will not be permitted to participate in the Approval Hearing.
The French Long-Form Notice may be found at
The Ontario Superior Court of Justice has authorized distribution of this Notice.
Questions about this Notice should NOT be directed to the Court.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210719005686/en/
CONTACT: Andrew Morganti
Kim Spencer McPhee Barristers, P.C.
1200 Bay Street, Suite 1203
Toronto, ON, M5R 2A5
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES LEGAL
SOURCE: Kim Spencer McPhee Barristers, P.C.
Copyright Business Wire 2021.
PUB: 07/19/2021 01:01 PM/DISC: 07/19/2021 01:02 PM