A securities class action has been filed against Instadose Pharma Corp. (INSD) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Instadose securities between December 8, 2020 through November 24, 2021. This case has been filed in the USDC – E.D.VA.
On November 24, 2021, in a filing with the U.S. Securities and Exchange Commission, Instadose Pharma disclosed that “[o]n November 23, 2021, the Company was notified by the SEC that it had ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of [Instadose Pharma] is suspended for the period from 9:30 a.m. EDT on November 24, 2021, through 11:59 p.m. EDT on December 8, 2021.” Instadose Pharma advised investors that the SEC’s order specifically stated that “it appears to the [SEC] that the public interest and the protection of investors require a suspension in the trading of [Instadose Pharma] securities . . . because of questions and concerns regarding the adequacy and accuracy of information about Instadose Pharma in the marketplace, including: (1) significant increases in the stock price and share volume unsupported by the company’s assets and financial information; (2) trading that may be associated with individuals related to a control person of Instadose Pharma; and (3) the operations of Instadose Pharma’s Canadian affiliate.”