According to the Complaint, Oasmia Pharmaceutical AB purports to be a pharmaceutical company focused on innovative treatments within human and animal oncology.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Oasmia engaged in improper related-party transactions with Alceco International S.A. and Ardenia Investment LTD, which were controlled by one of the Individual Defendants and his former father-in-law; (2) due to those transactions, millions of Swedish kronor were not accounted for in Oasmia's books; (3) transactions concerning Oasmia's patents were also "carried out in a doubtful way;" and (4) as a result of the aforementioned misconduct, Defendants' statements about Oasmia's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

On October 21, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 14.

On May 29, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on January 6, 2021. On May 24, the Court granted final approval of the Settlement and entered Final Judgment. On March 22, 2022, the Court issued an Order approving distribution of the Settlement funds.