Instadose Pharma Corp.
|Company Name||Instadose Pharma Corp.|
|Class Period||December 08, 2020 to November 14, 2021|
|Lead Plaintiff Motion Deadline||February 28, 2022|
On November 23, 2021, the U.S. Securities and Exchange Commission (“SEC”) temporarily suspended trading of Instadose securities due to questions and concerns regarding the adequacy and accuracy of information about the company in the marketplace. The SEC specifically noted significant increases in the stock price and share volume unsupported by the company’s assets and financial information, trading that may be associated with individuals related to a control person of Instadose, and operations of Instadose’s Canadian affiliate.
On this news, once the Company’s trade suspension had ended, Instadose’s stock fell $22.61, or 91.87%, to close at $2.00 per share on December 9, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Instadose had performed inadequate due diligence into the Business Combination and/or ignored significant red flags associated with Instadose Canada; (2) Instadose's internal controls and policies were inadequate to detect and/or prevent impermissible trading activity by control persons of the Company; (3) the foregoing subjected Instadose to a heightened risk of regulatory scrutiny and enforcement action; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
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