NEW YORK, Aug. 02, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased IntelliPharmaCeutics International, Inc. (“IntelliPharmaCeutics” or the “Company”) (NASDAQ:IPCI) common stock between January 14, 2016 and July 26, 2017, inclusive (“Class Period”).
Investors who have incurred losses in IntelliPharmaCeutics International, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased securities of IntelliPharmaCeutics International, Inc., you may, no later than September 29, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that during the Class Period, IntelliPharmaCeutics made false and/or misleading statements, and/or failed to disclose material information about its business and prospects.
On July 24, 2017, scientists from the U.S. Food & Drug Administration (“FDA”) expressed concerns that the Company failed to provide sufficient data about the abuse potential of its opioid painkilling drug, Rexista.
Subsequently, on July 26, 2017, IntelliPharmaCeutics announced that two advisory committees of the FDA voted 22 to 1 to oppose the Company’s New Drug Application (NDA) for Rexista, citing insufficient data regarding the abuse-deterrent properties of the drug as a motivating concern.
Following this news, the Company’s stock price closed at $1.36 per share, a decline of 45.4% from the previous close of $2.49 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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