Cocrystal Pharma Inc. will implement a series of corporate reforms to settle three derivative suits brought by shareholders over an alleged $27 million pump-and-dump scheme that drove down the value of the company’s stock, according to a motion Friday in New Jersey federal court seeking preliminary approval of the deal.
The settlement — which was reached with the help of retired U.S. District Judge Jose L. Linares, a partner at McCarter & English LLP — would resolve the New Jersey suit as well as two similar derivative actions in Washington state, according to court documents.