NEW YORK, Aug. 15, 2017 /PRNewswire/ -- Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a boutique securities firm headquartered at the Empire State Building in New York City announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York (Case No. 1:17-cv-05761) against IntelliPharmaCeutics International Inc (NasdaqCM: IPCI)("IntelliPharmaCeutics" or the "Company") on behalf of purchasers of the Company's securities between Janurary 14, 2016 and July 26, 2016, inclusive (the "Class Period").
The lawsuit is based on whether IntelliPharmaCeutics and its executives violated federal securities law by misleading investors by failing to disclose that the Company failed to conduct a human abuse liability study to support its New Drug Application (''NDA'') for Rexista.
On July 24, 2017, scientists from the Food & Drug Administration (''FDA'') expressed concerns that the Company failed to provide enough data about the abuse potential of its opioid painkilling drug, Rexista. On July 26, 2017, IntelliPharmaCeutics disclosed that two advisory committees of the FDA voted 22 to 1 to oppose the Company's New Drug Application for Rexista, citing insufficient data regarding the abuse-deterrent properties of the drug as a motivating concern. When this news was released, the Company's stock price fell materially, which harmed investors according to the Complaint.
Mr. Monteverde would like to personally discuss with you how to potentially recover your monetary losses, if incurred during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2017. 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.
Monteverde & Associates PC is a boutique class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct.
Contact: Juan E. Monteverde, Esq. MONTEVERDE & ASSOCIATES PC The Empire State Building 350 Fifth Ave, Suite 4405 New York, NY 10118 United States of America [email protected] Tel: (212) 971-1341 Attorney Advertising. (C) 2017 Monteverde & Associates PC. Prior results do not guarantee a similar outcome with respect to any future matter.