Intra-Cellular Therapies, Inc. Derivative Litigation – Important Settlement InformationApril 24, 2023
On March 21, 2023, the parties in the action Solak v. Mates, et al. (Intra-Cellular Derivative Litigation), Index No. 652377/2022, filed an Amended Stipulation of Compromise and Settlement (the “Settlement”) [CLICK HERE TO VIEW SETTLEMENT AGREEMENT], which sets forth the terms and conditions for the proposed settlement and dismissal with prejudice of the action, subject to review and approval by the Court and upon notice of the current stockholders of Intra-Cellular Therapies, Inc. (“Intra-Cellular” or the “Company”) [CLICK HERE TO VIEW AMENDED NOTICE].
On April 12, 2022, Justice Melissa A. Crane of the Supreme Court for the State of New York, New York County, Commercial Division entered a scheduling order which set a date to consider approval of the Settlement (the “Settlement Hearing”), which shall be held on July 17, 2023, at 9:30 a.m. ET in the Supreme Court for the State of New York, New York County Courthouse, 60 Centre St., New York, New York 10007. At the Settlement Hearing, the Court will: (a) determine whether the proposed Settlement, on the terms and conditions provided for in the Settlement Agreement, is fair, reasonable, and adequate and in the best interests of Intra-Cellular and its current stockholders; (b) determine whether the Court should finally approve the Settlement and enter the Order and Final Judgment as provided in the Settlement, dismissing the Action with prejudice and extinguishing and releasing the Released Claims; (c) hear and determine any objections to the proposed Settlement; (d) determine whether the Court should approve Plaintiff’s Fee and Expense Application; and (e) rule on such other matters as the Court may deem appropriate. [CLICK HERE TO VIEW SCHEDULING ORDER].
Intra-Cellular shareholders with questions about the Settlement should contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or by email at email@example.com.