Instadose Pharma Corp.

Instadose Pharma Corp.

Ticker: INSD

Class Period Start: 12/08/2020

Class Period End: 11/24/2021

Registration Deadline: 02/28/2022

Instadose Pharma Corp. (“Instadose” or the “Company”) is a medicinal cannabis supplier.

On November 23, 2021, the U.S. Securities and Exchange Commission (“SEC”) announced a temporary suspension in the trading of Instadose securities due to concerns regarding the adequacy and accuracy of information about the Company in the marketplace. The SEC specifically noted stock price and volume increases of Instadose stock unsupported by the Company’s assets and financial information, trading that may be associated with individuals related to a control person at the Company, and operations at the Company’s Canadian affiliate.

On this news, the Company’s share price declined by $3.69 per share, or approximately 13%, from $28.30 per share to close at $24.61 per share on November 23, 2021, which was immediately before trading was halted. On December 9, 2021, when the Company’s securities resumed trading, the stock price opened and closed at $2.00 per share.

A securities class action has been filed against Instadose on behalf of shareholders that purchased Instadose shares between December 8, 2020 and November 24, 2021.  This case has been filed in the U.S. District Court for the Eastern District of Virginia.

According to the Complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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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