The settlement amount of up to $8,500,000 consists of: - a $7,500,000 cash payment
- with a potential additional payment of up to $1,000,000 contingent on the occurrence of certain events as described more fully in the Stipulation of Settlement.

December 16, 2016 - The court approved the settlement and the plan of allocation and entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

September 1, 2016 - The court preliminarily approved the settlement.

August 31, 2016 - Parties filed a stipulation of settlement.

December 1, 2015 - The court denied defendants' motion to dismiss.

November 20, 2012 - The court denied the defendants' motion to dismiss.

October 15, 2012 - The lead plaintiff filed a second amended complaint.

September 26, 2012 - The court granted the defendants' motion to dismiss without prejudice.

June 20, 2012 - The court ordered the defendants' April 19, 2002 motion to dismiss, dismissed without prejudice as moot.

June 8, 2012 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Pain Therapeutics Inc (NASDAQ: PTIE) common stock between December 27, 2010 to June 26, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 27, 2010 to June 26, 2011.

April 19, 2012 - The defendants filed a motion to dismiss.

April 9, 2012 - The lead plaintiff and lead counsel were appointed.

January 31, 2012 - Lead plaintiff motions were filed.

December 2, 2011 - An investor in shares of Pain Therapeutics Inc (NASDAQ: PTIE) filed a lawsuit in U.S. District Court for the Western District of Texas against Pain Therapeutics Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 3, 2011 and June 23, 2011.

According to the complaint the plaintiff alleges that Pain Therapeutics Inc and certain of its officers violated under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5 by issuing allegedly false and/or misleading statements and/or by failing to disclose material facts about a new drug, REMOXY.

Pain Therapeutics Inc’s annual revenue decreased from $65.98 million for 2007 to $16.81 million in 2010. Its Net Income fell from $20.30 million for 2007 to a Net Loss of $12.02 million in 2010.

Shares of Pain Therapeutics Inc (NASDAQ: PTIE) rose from as low as $3.84 in March 2009 to as high as $9.98 on June, 2011. Then on June 24, 2011 Pfizer (NYSE: PFE) andPain Therapeutics Inc (NASDAQ: PTIE) announced that a Complete Response Letter was received from the U.S. Food and Drug Administration (“FDA”) on the resubmission to the new drug application for REMOXY® (oxycodone) Extended-Release Capsules CII.

On June 27, 2011, Pain Therapeutics Inc disclosed that the FDA's Complete Response Letter raised concerns related to, among other things, the chemistry, manufacturing, and controls sections of the new drug application for REMOXY.

Pain Therapeutics Inc (NASDAQ: PTIE) shares dropped significantly and traded on June 29, 2011 as low as $3.75 per share.