NEW YORK, Aug. 22, 2017 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Intellipharmaceutics International Inc. (NASDAQ:IPCI) from January 14, 2016 through July 26, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Intellipharmaceutics investors under the federal securities laws.
To join the Intellipharmaceutics class action, go to http://rosenlegal.com/cases-1172.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Intellipharmaceutics failed to conduct a human abuse liability study to support its Rexista New Drug Application (“NDA”); (2) Intellipharmaceutics did not include abuse-deterrent studies conducted to suppose abuse-deterrent label claims related to abuse of the drug by various pathways; (3) Intellipharmaceutics was not submitting sufficient data to support approval of the NDA; and (4) as a result, defendants’ statements about Intellipharmaceutics’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis. On July 27, 2017, the FDA released a report disclosing that “The safety information collected in the pharmacokinetic studies was of limited value…” On this news, shares of Intellipharmaceutics fell over 45% to close at $1.36 per share on July 27, 2017, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1172.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.