PixarBio Corporation is a specialty pharmaceutical company that is focused on the pre-clinical and commercial development of novel neurological drug delivery systems for post-operative pain.

According to the law firm press release, on January 3, 2017, PixarBio's CEO announced a purported attempt by the Company to acquire InVivo Therapeutics Holdings Corp. ("InVivo") in a $100 million takeover bid. InVivo refuted PixarBio's purported offer as "not credible." On January 23, 2017, the SEC announced that it had halted trading in the securities of PixarBio, citing concerns about possible "manipulative or deceptive activities" in the market for the Company's stock. PixarBio stock had fallen nearly 37% since January 3, causing tens of millions in losses to investors.

The case alleges that Defendants failed to disclose and/or made false and/or misleading statements regarding: 1) the company's business combinations and current shareholders; (2) the identity and qualifications of key shareholders and employees; and (3) the company's current and prospective development efforts, and (4) that, as a result, the Company's public statements about its business, operations, and prospects were false and misleading.

On January 2, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 2. Lead Plaintiffs filed a second amended Complaint on July 23.

On June 20, 2019, the parties advised the Court that the parties had reached a Settlement in principle. On September 4, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order granting preliminary approval of the Settlement on November 18. On March 13, 2020, the Court granted final approval of the Settlement and entered Final Judgment. The Court granted Plaintiffs' Motion for Distribution of Class Settlement Funds on July 7, 2021.