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NEW ORLEANS, Aug. 30, 2017 -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., have filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of shareholders who purchased or otherwise acquired securities of IntelliPharmaCeutics International, Inc. (Nasdaq:IPCI) between May 21, 2015 and July 26, 2017, inclusive (the "Class Period").
What You May Do
If you purchased shares of IntelliPharmaCeutics and would like to discuss your legal rights you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit http://ksfcounsel.com/cases/nasdaqcm-ipci/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by September 29, 2017.
About the Lawsuit
IntelliPharmaCeutics is a pharmaceutical company specializing in research, development, and manufacture of oral solid dosage drugs. The Company’s main product candidate was Rexista, an abuse-deterrent oxycodone hydrochloride extended release tablet indicated for the management of pain severe enough to require daily, long-term opioid treatment.
The complaint alleges that IntelliPharmaCeutics made false and/or misleading statements and/or failed to disclose material information in violation of the federal securities laws, including that: (i) IntelliPharmaCeutics didn’t conduct a human abuse liability study to support its New Drug Application (“NDA”); (ii) IntelliPharmaCeutics didn’t include abuse-deterrent studies to support abuse-deterrent label claims related to abuse of the drug; and (iii) IntelliPharmaCeutics did not submit sufficient data to support approval of the Rexista NDA.
On July 27, 2017, the Company disclosed that its NDA for Rexista was not approved. As the truth was revealed, IntelliPharmaCeutics' stock declined approximately 45.6% to close at $1.36 per share on July 27, 2017.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
Contact: Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner [email protected] 1-877-515-1850 206 Covington St. Madisonville, LA 70447
