Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Instadose Pharma Corp. f/k/a Mikrocoze, Inc. (INSD)
Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming February 28, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Instadose Pharma Corp. f/k/a Mikrocoze, Inc.("Instadose" or the "Company") (OTC: INSD) securities between December 8, 2020 and November 24, 2021, inclusive (the "Class Period").
If you suffered a loss on your Instadose investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/instadose-pharma-corp/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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 comany 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.
If you purchased or otherwise acquired Instadose securities during the Class Period, you may move the Court no later than February 28, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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