According to the Complaint, Intellipharmaceutics International Inc. 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 with the U.S. Food and Drug Administration 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. On December 7, the Court granted final approval of the Settlement and entered Final Judgment. On October 20, 2021, the Court issued an Order authorizing distribution of the net Settlement fund.