According to the Complaint, Correvio Pharma Corp. is a specialty pharmaceutical company that engages in developing therapeutics worldwide. The Company’s portfolio of marketed brands comprise, among others, vernakalant IV, or Brinavess, for the rapid conversion of recent onset AF to sinus rhythm.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the data supporting the Resubmitted NDA for Brinavess did not minimize the significant health and safety issues observed in connection with the drug’s original NDA; (ii) the foregoing substantially diminished the likelihood that the FDA would approve the Resubmitted NDA; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On February 25, 2020, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an amended Complaint on May 1. On September 3, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on November 19.