Intellipharmaceutics International Inc. Securities Litigation
On or around 07/30/2020 (Settlement preliminarily approval)
Filing Date: July 28, 2017
According to the Complaint, Intellipharmaceutics is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. The Company’s main product candidate is Rexista, an abuse-deterrent oxycodone hydrochloride extended release tablets. Rexista is indicated for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate.
The Complaint alleges the Company made materially false and/or misleading statements regarding its New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) seeking authorization to market its Rexista product.
On November 21, 2017, Lead Plaintiffs and Counsel were appointed. Lead Plaintiffs filed an amended Complaint on January 29, 2018. Defendants filed a Motion to Dismiss the amended Complaint on March 30. On December 17, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss the amended Complaint.
On November 4, 2019, the parties entered into a Stipulation of Settlement. The Court issued an Order granting preliminary approval of the Settlement on July 30, 2020.
Company & Securities Information
Defendant: Intellipharmaceutics International Inc.
Industry: Major Drugs
Ticker Symbol: IPCI
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Shawn Shanawaz, et al. v. Intellipharmaceutics International Inc., et al.