Intellipharmaceutics International Inc. (TSX & Nasdaq: IPCI, FRA: I4AA)
Ontario Superior Court of Justice, Court File No.: CV-19-00614686-00CP
Andrew Morganti and Albert Pelletier have become members of Kim Spencer McPhee Barristers, P.C., and the authoritative page for this securities litigation can now be found at our new website.
On July 26, 2017 after trading had closed for the day on the TSX, IPCI issued a press release announcing that the FDA had voted Rexista should not be approved for marketing while simultaneously omitting other material facts. The FDA released another statement adding that IPCI’s pharmacokinetic studies were of limited value because they were for single-dose studies, IPCI did not include human abuse liability studies submitted with the Rexista NDA, and that the FDA never approved an abuse-deterrent labeling for a product that did not have all three categories of studies (i.e. contradicting IPCI’s statement released on January 14, 2016, and subsequently reaffirmed within the impugned Class Period documents.
Upon the release of these public corrective statements, the price of IPCI’s common shares listed on the TSX dropped from $31.00 to $16.90 per share, or down 45.48%, in a single day on abnormally-high trading volume.