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Shanawaz v. Intellipharmaceutics Int'l Inc.

Partial Dismissal of Securities Fraud Claims Over Drug Maker's NDA for Opioid Explained

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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

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