NEW YORK, Aug. 11, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in IntelliPharmaCeutics International Inc. ("IntelliPharmaCeutics" or the "Company") (NasdaqCM:IPCI) of the September 29, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in IntelliPharmaCeutics stock or options between January 14, 2016 and July 26, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/IPCI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased IntelliPharmaCeutics securities January 14, 2016 and July 26, 2017 (the "Class Period"). The case, Shanawaz v. Intellipharmaceutics International Inc. et al., No. 1:17-cv-05761 was filed on July 28, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) IntelliPharmaCeutics failed to conduct a human abuse liability study in support of its New Drug Application ("NDA") for Rexista, the Company's opioid painkilling drug; (2) the Company did not include adequate studies to support abuse-deterrent label claims of Rexista; (3) the Company failed to submit sufficient data to support approval of the NDA; and (4) as a result, the Company's statements were false and misleading.
According to the complaint, on July 27, 2017, the Company announced that two advisory committees of the U.S. Food and Drug Administration ("FDA") voted 22 to 1 against approving the Company's NDA for Rexista. Additionally, the committees voted 19 to 4 that the Company failed to adequately demonstrate certain abuse-deterrent properties of Rexista, and 23 to 0 that there was insufficient data to include language regarding abuse-deterrent properties on the drug's product label for intravenous administration. Lastly, the committees expressed a desire to review additional safety and efficacy data from human abuse potential studies.
Following this announcement, IntelliPharmaCeutics' share price fell from $2.49 per share on July 26, 2017 to a closing price of $1.36 on July 27, 2017—a $1.13 or a 45.38% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding IntelliPharmaCeutics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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