X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OPINION AND ORDER This is a putative shareholder class action consolidated from three related lawsuits brought against Intellipharmaceutics International Inc. (“IPCI”) and two of its executives, Isa Odidi and Domenic Della Penna (collectively, “Defendants”) based on their alleged violations of the Securities Exchange Act of 1934 (“Exchange Act”). The crux of the plaintiffs’ allegations is that Defendants misled investors regarding the types of research and testing IPCI had performed on one of its products, and that plaintiffs’ stock value dropped once the truth came to light.On November 21, 2017, the Court consolidated the three actions and appointed David Ducharme, Sam Snyder, and Julia Ann Snyder as Lead Plaintiffs pursuant to the Private Securities Litigation Reform Act of 1995 (“PSLRA”), 15 U.S.C. §78u-4(a). (Dkt. No. 23.) Lead Plaintiffs then filed an Amended Complaint on January 29, 2018, asserting claims under Sections 10(b) and 20(a) of the Exchange Act on behalf of all purchasers of Defendant IPCI’s securities at allegedly artificially inflated prices. (Dkt. No. 25 (“AC”)

1, 155, 162, 172.)Before the Court is Defendants’ motion to dismiss the Amended Complaint for failure to state a claim pursuant to Federal Rule of Civil Procedure 12(b)(6). (Dkt. No. 29.) For the reasons that follow, Defendants’ motion is granted in part and denied in part.I. Factual BackgroundUnless otherwise noted, the facts discussed below are drawn from the Amended Complaint (Dkt. No. 25 (“AC”)) and are assumed to be true for purposes of Defendants’ motion to dismiss.A. The PartiesDefendant IPCI is a publicly traded Canadian pharmaceutical company specializing in the research and development of controlled-release drugs, with a particular focus on abuse-deterrent opioids. (AC

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Team Accounts

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now

New York Legal Awards 2021

October 13, 2021
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Register

General Counsel Conference East 2021

September 22, 2021 - September 23, 2021
New York, NY

GCC East addresses General Counsel trends in regulatory, data protection, tech management, legal operations, and leadership.


Register

New Jersey Legal Awards 2021

September 23, 2021
Virtual, NJ

New Jersey Law Journal honors lawyers leaving a mark on the legal community in New Jersey with their dedication to the profession.


Register

Corporate Transactional Associate

Hackensack, New Jersey, United States

COLE SCHOTZ P.C. CORPORATE/TRANSACTIONAL ASSOCIATE- DELAWARE, FLORIDA, MARYLAND, NEW JERSEY, NEW YORK OR TEXAS OFFICES:   Promi...


Apply Now ›

Litigation Attorney - Atlanta, Georgia

Atlanta, Georgia, United States

Sole practitioner seeks attorney for complex litigation. Hours are flexible and can be part-time. Must be able to work remote...


Apply Now ›

Trusts & Estates Administrative Paralegal

Hackensack, New Jersey, United States

COLE SCHOTZ P.C. TRUSTS & ESTATES ADMINISTRATION PARALEGAL- NEW JERSEY, NEW YORK OR FLORIDA OFFICE: Prominent NJ based law firm with m...


Apply Now ›

JAVERBAUM WURGAFT HICKS

09/20/2021
NJLJ Web

JAVERBAUM WURGAFT HICKS mourn the passing of our Co-Founding Partner, collegue, and friend.


View Announcement ›

BARTON GILMAN LLP

09/14/2021
CLT Web

Barton Gilman Expands Into Connecticut


View Announcement ›

BARTON GILMAN LLP

09/14/2021
TLI Web

Barton Gilman LLP is excited to announce that its expansion into Philadelphia


View Announcement ›