Kahn Swick & Foti, LLC Announces Summary Notice of Proposed Settlement Involving Purchasers of Intellipharmaceutics Common Stock

NEW YORK, Aug. 17, 2020 /PRNewswire/ --

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF PROPOSED SETTLEMENT

TO: ALL PERSONS WHO purchased INTELLIPHARMACEUTICS COMMON STOCK (trading symbol IPCI) IN COVERED TRANSACTIONS between May 21, 2015 and july 27, 2017:

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held telephonically on December 4, 2020, at 12:00 p.m. EST, before the Honorable J. Paul Oetken, for the purpose of determining: (1) whether the proposed Settlement for the sum of $1,600,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, after the hearing, this Action should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation and Agreement of Settlement dated as of November 4, 2019; (3) whether the Plan of Allocation is fair, reasonable and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and reimbursement of expenses incurred in this Action should be approved.  Interested parties should dial in at (888) 557-8511. The access code is 9300838.

If you purchased or otherwise acquired Intellipharmaceutics common stock (trading symbol IPCI) between May 21, 2015 and July 27, 2017, inclusive, your rights may be affected by the Settlement of this Action.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release, you should obtain copies by writing to Intellipharmaceutics Securities Litigation, c/o Rust Consulting, Inc. – 7053, P.O. Box 44, Minneapolis, MN 55440-0044, or by visiting the website at www.IntellipharmaceuticsSecuritiesLitigation.com.  The Notice contains details about this Action and Settlement, including what you must do to exclude yourself from the Settlement, object to the Settlement, or file a Proof of Claim.  If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than January 5, 2021, establishing that you are entitled to recovery.

If you desire to be excluded from the Class, you must submit a Request for Exclusion postmarked by November 30, 2020, in the manner and form explained in the detailed Notice referred to above.  All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation of Settlement.  Your objection(s) must be mailed on or before October 16, 2020 to: the Court; Kahn Swick & Foti, LLC on behalf of the Lead Plaintiffs; and Counsel for the Defendants, at the following addresses:

COURT:

Clerk of the Court

Daniel Patrick Moynihan

United States Courthouse

500 Pearl Street

New York, New York 10007

FOR LEAD PLAINTIFFS:

Lewis S. Kahn

KAHN SWICK & FOTI, LLC

1100 Poydras Street, Suite 3200

New Orleans, LA 70163

Lead Counsel for Lead Plaintiffs and the Class

FOR DEFENDANTS:

John J. Clarke, Jr.

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, New York 10020

Counsel for Defendants Intellipharmaceutics, Isa Odidi

and Domenic Della Penna

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

If you have any questions about the settlement, you may call 1-866-645-4810 or contact Lead Counsel for Lead Plaintiffs and the Class at the address listed above.

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SOURCE Kahn Swick & Foti, LLC