Robbins LLP: IntelliPharmaCeutics International Inc. (IPCI) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against IntelliPharmaCeutics International Inc. (NasdaqCM: IPCI) in the U.S. District Court for the Southern District of New York. The complaint is brought on behalf of all purchasers of IntelliPharmaCeutics securities between January 14, 2016 and July 26, 2017, for alleged violations of the Securities Exchange Act of 1934 by IntelliPharmaCeutics’ officers and directors. IntelliPharmaCeutics, a pharmaceutical company, researches, develops, and manufactures novel and generic controlled-release and targeted-release oral solid dosage drugs in Canada.
IntelliPharmaCeutics Accused of Submitting Insufficient Data for Approval of Its Drug
According to the complaint, IntelliPharmaCeutics portrayed a positive picture of its drug Rexista, an abuse-deterrent oxycodone hydrochloride extended release in tablet form, in its public filings and statements. For example, the company noted that its “suite of abuse-deterrent and overdose prevention technologies are best in class and we look forward to further expanding our development program for abuse-deterrent pain and other medications.” Despite the company’s confidence in its drug, the complaint alleges that IntelliPharmaCeutics failed to conduct a human abuse liability study to support its Rexista New Drug Application (“NDA”) and that the company was not submitting sufficient data to support approval of the Rexista NDA. On July 27, 2017, IntelliPharmaCeutics revealed that its NDA was not approved, that the company did not demonstrate that Rexista was expected to deter abuse by the intravenous route of administration, and that there was insufficient data for Rexista to support inclusion of language regarding abuse-deterrent properties in the product label for the intravenous route of administration. As the truth was revealed to investors, IntelliPharmaCeutics’ stock declined approximately 45.6% to close at $1.36 per share on July 27, 2017.
IntelliPharmaCeutics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.