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2022-04-26

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Kim Spencer McPhee Barristers, P.C. Publishes This Notice of Certification and Notice of Hearing for Settlement Approval of the Intellipharmaceutics International Inc. Securities Class Action

Read this Notice carefully as it may affect your rights. If you are a person or entity, and not an

Kim Spencer McPhee Barristers, P.C. Publishes This Notice of Certification and Notice of Hearing for Settlement Approval of the Intellipharmaceutics International Inc. Securities Class Action

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Publishes This Notice of Certification and Notice of Hearing for Settlement Approval of the Intellipharmaceutics International Inc. Securities Class Action","url":"https://stock-news.laohu8.com/highlight/detail?id=2152651046","media":"StreetInsider","summary":"Read this Notice carefully as it may affect your rights.\n\nIf you are a person or entity, and not an ","content":"<html><body><div>\n<p>\n<b>Read this Notice carefully as it may affect your rights.</b>\n</p><p>\n<b>If you are a person or entity, and not an “Excluded Person”, who acquired common stock of Intellipharmaceutics International Inc. (“IPCI”) during the period from February 29, 2016, to and including July 26, 2017, listed on the TSX, and held some or all of those securities at the close of trading on July 26, 2017, then this notice is for you.</b>\n</p>\n<p>    TORONTO--(BUSINESS WIRE)--\nKim Spencer McPhee Barristers, P.C. today announces a proposed securities class action settlement regarding Intellipharmaceutics International Inc. (“IPCI”). In 2019, a proposed securities class action was commenced against IPCI and Isa Odidi, IPCI’s CEO and Chairman of the Board, in the Ontario Superior Court of Justice (the “Court”). It is alleged that during the period from February 29, 2016 to and including July 26, 2017 (the “Class Period”), IPCI made misrepresentations and omissions regarding a New Drug Application made to the United States Food and Drug Administration for an opioid analgesic called Rexista.\n</p><p>\nThe parties have reached a proposed settlement of the class action, which is subject to approval by the Court (the “Agreement”). <b><span>The Defendants do not admit any wrongdoing or liability.</span> </b>The Agreement is a compromise of disputed claims. This Notice provides a summary of the proposed settlement.\n</p><p>\nUnder the Agreement, the Defendants will pay or cause to be paid CAD $266,000 (the “Settlement Amount”) in full and final settlement of all claims against them, including Class Counsel’s fees, applicable taxes and expenses, and interest, in exchange for a full release and a dismissal of the class action.\n</p><p>\nDue to the limited monetary amount of the settlement, settlement funds will not be distributed to Class Members, but rather any amounts remaining after amounts approved by the Court to be paid to the Plaintiff and Class Counsel, will be provided <i>cy prè</i>s to the Class Actions Clinic at the University of Windsor Law School.\n</p><p>\nInvestors can opt-out of the proposed settlement and pursue their own action with their own lawyer at their own expense. <b>A copy of the long-form notice providing greater detail about the settlement, including about Class Counsel’s fees that will be requested of the Court, your right to oppose the settlement, the hearing of the motion to approve the settlement, and the right to opt-out is available at</b> <b>https://investorcomplexlaw.com/intellipharmaceutics-international-inc/.</b>\n</p><p>\nThere will be a hearing (the “Approval Hearing”) in which Class Counsel will request the Court to approve (i) the Agreement; and (ii) their legal fees and expenses. The Approval Hearing shall take place on October 12, 2021 at 10:00AM<b>. </b>The Approval Hearing is scheduled to take place in person at the Courthouse at Osgoode Hall, 130 Queen St W., Toronto, ON., but due to the COVID pandemic may need to be conducted via video-conferencing methods such as <a href=\"https://laohu8.com/S/ZM\">Zoom</a> or by conference call, as directed by further order of the Court.\n</p><p>\nAt the Approval Hearing, the Court will determine whether the Agreement is fair, reasonable, and in the best interests of the Class. At the Approval Hearing, Class Counsel will also seek Court approval of their request for fees equal to CAD $130,000 plus reimbursement of their relevant expenses. Class Counsel has been working under a contingency-fee agreement, has not been paid as the matter has proceeded, and has paid all the expenses of conducting the litigation. Class Counsel will be requesting that the legal fees and disbursements be deducted from the Settlement Amount.\n</p><p>\n<b>Any Class Member may participate in the Approval Hearing to object to the Agreement or comment on the Agreement or Class Counsel’s request for fees, so long as they email any objections or comments to Class Counsel at info@investorcomplexlaw.com <span>no later than August 27, 2021 at 5:00pm EST</span>. Class Members who do not email an objection or comment by <span>August 27, 2021 at 5:00pm EST</span> will not be permitted to participate in the Approval Hearing.</b>\n</p><p>\n<b>The French Long-Form Notice may be found at\n</b>https://investorcomplexlaw.com/wp-content/uploads/2021/06/Intellipharmaceutics_Long-Form_First_Notice_FR.pdf\n</p><p>\n<b>The Ontario Superior Court of Justice has authorized distribution of this Notice.\nQuestions about this Notice should <span>NOT</span> be directed to the Court.</b>\n</p><p><img src=\"https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20210719005686r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en\"/><span></span></p><p><span>View source version on businesswire.com: </span><span>https://www.businesswire.com/news/home/20210719005686/en/</span></p>\n<p>\nAndrew Morganti\n<b>Kim Spencer McPhee Barristers, P.C.\n</b>1200 Bay Street, Suite 1203\nToronto, ON, M5R 2A5\nEmail: info@investorcomplexlaw.com\n</p>\n<p>Source: Kim Spencer McPhee Barristers, P.C.</p> </div></body></html>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kim Spencer McPhee Barristers, P.C. 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Publishes This Notice of Certification and Notice of Hearing for Settlement Approval of the Intellipharmaceutics International Inc. Securities Class Action\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 01:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18692150><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Read this Notice carefully as it may affect your rights.\n\nIf you are a person or entity, and not an “Excluded Person”, who acquired common stock of Intellipharmaceutics International Inc. (“IPCI”) ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18692150\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TERN":"Terns Pharmaceuticals, Inc.","IPCIF":"Intellipharmaceutics International Inc.","CRCT":"Cricut, Inc."},"source_url":"https://www.streetinsider.com/dr/news.php?id=18692150","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152651046","content_text":"Read this Notice carefully as it may affect your rights.\n\nIf you are a person or entity, and not an “Excluded Person”, who acquired common stock of Intellipharmaceutics International Inc. (“IPCI”) during the period from February 29, 2016, to and including July 26, 2017, listed on the TSX, and held some or all of those securities at the close of trading on July 26, 2017, then this notice is for you.\n\n    TORONTO--(BUSINESS WIRE)--\nKim Spencer McPhee Barristers, P.C. today announces a proposed securities class action settlement regarding Intellipharmaceutics International Inc. (“IPCI”). In 2019, a proposed securities class action was commenced against IPCI and Isa Odidi, IPCI’s CEO and Chairman of the Board, in the Ontario Superior Court of Justice (the “Court”). It is alleged that during the period from February 29, 2016 to and including July 26, 2017 (the “Class Period”), IPCI made misrepresentations and omissions regarding a New Drug Application made to the United States Food and Drug Administration for an opioid analgesic called Rexista.\n\nThe parties have reached a proposed settlement of the class action, which is subject to approval by the Court (the “Agreement”). The Defendants do not admit any wrongdoing or liability. The Agreement is a compromise of disputed claims. This Notice provides a summary of the proposed settlement.\n\nUnder the Agreement, the Defendants will pay or cause to be paid CAD $266,000 (the “Settlement Amount”) in full and final settlement of all claims against them, including Class Counsel’s fees, applicable taxes and expenses, and interest, in exchange for a full release and a dismissal of the class action.\n\nDue to the limited monetary amount of the settlement, settlement funds will not be distributed to Class Members, but rather any amounts remaining after amounts approved by the Court to be paid to the Plaintiff and Class Counsel, will be provided cy près to the Class Actions Clinic at the University of Windsor Law School.\n\nInvestors can opt-out of the proposed settlement and pursue their own action with their own lawyer at their own expense. A copy of the long-form notice providing greater detail about the settlement, including about Class Counsel’s fees that will be requested of the Court, your right to oppose the settlement, the hearing of the motion to approve the settlement, and the right to opt-out is available at https://investorcomplexlaw.com/intellipharmaceutics-international-inc/.\n\nThere will be a hearing (the “Approval Hearing”) in which Class Counsel will request the Court to approve (i) the Agreement; and (ii) their legal fees and expenses. The Approval Hearing shall take place on October 12, 2021 at 10:00AM. The Approval Hearing is scheduled to take place in person at the Courthouse at Osgoode Hall, 130 Queen St W., Toronto, ON., but due to the COVID pandemic may need to be conducted via video-conferencing methods such as Zoom or by conference call, as directed by further order of the Court.\n\nAt the Approval Hearing, the Court will determine whether the Agreement is fair, reasonable, and in the best interests of the Class. At the Approval Hearing, Class Counsel will also seek Court approval of their request for fees equal to CAD $130,000 plus reimbursement of their relevant expenses. Class Counsel has been working under a contingency-fee agreement, has not been paid as the matter has proceeded, and has paid all the expenses of conducting the litigation. Class Counsel will be requesting that the legal fees and disbursements be deducted from the Settlement Amount.\n\nAny Class Member may participate in the Approval Hearing to object to the Agreement or comment on the Agreement or Class Counsel’s request for fees, so long as they email any objections or comments to Class Counsel at info@investorcomplexlaw.com no later than August 27, 2021 at 5:00pm EST. Class Members who do not email an objection or comment by August 27, 2021 at 5:00pm EST will not be permitted to participate in the Approval Hearing.\n\nThe French Long-Form Notice may be found at\nhttps://investorcomplexlaw.com/wp-content/uploads/2021/06/Intellipharmaceutics_Long-Form_First_Notice_FR.pdf\n\nThe Ontario Superior Court of Justice has authorized distribution of this Notice.\nQuestions about this Notice should NOT be directed to the Court.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210719005686/en/\n\nAndrew Morganti\nKim Spencer McPhee Barristers, P.C.\n1200 Bay Street, Suite 1203\nToronto, ON, M5R 2A5\nEmail: info@investorcomplexlaw.com\n\nSource: Kim Spencer McPhee Barristers, P.C.","news_type":1},"isVote":1,"tweetType":1,"viewCount":491,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}