Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Intellipharmaceutics International Inc. (NASDAQ:IPCI) in connection to alleged violations of securities laws by IPCI. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Intellipharmaceutics International between January 14, 2016 and July 26, 2017.
The class action complaint specifically alleges that during the period in question, IPCI might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company failed to perform a study of human abuse liability in connection with its New Drug Application for Rexista; that the company failed to include in that application certain studies it performed to examine abuse of Rexista by various pathways; that the company did not provide adequate data in support of the NDA’s approval; and that consequently the company’s statements about its business, operations and prospects were false and misleading during the relevant period. When the Food and Drug Administration published a report on July 27, 2017 stating that “The safety information collected in the pharmacokinetic studies was of limited value,” IPCI declined more than 45%, closing at $1.36/share on that date.
According to the company’s website, Intellipharmaceutics International is a pharmaceutical company “engaged in the research, development, and commercialization of controlled-release and targeted pharmaceutical products.” The company’s description continues: “Controlled-release means releasing a drug into the bloodstream or at a target site in the body, over an extended period of time or at predetermined times. In some circumstances, controlled-release drug delivery can enhance efficacy and patient compliance as compared to immediate release formats for the same drug. Our proprietary Hypermatrix™ technology is at the core of our controlled-release drug delivery approach. The flexibility of the Hypermatrix™ technology allows for the intelligent and efficient design of drugs through the precise control of a number of key variables. This allows us to respond to varying drug attributes and patient requirements, producing a desired controlled-release effect in a time and cost-effective manner.”