The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that 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 14, 2021, inclusive (the “Class Period”). Instadose investors have until February 28, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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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If you purchased Instadose securities during the Class Period, you may move the Court no later than February 28, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Instadose securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220107005015/en/
Contacts:
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
