INSTADOSE PHARMA CORP. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against Instadose Pharma Corp. in the United States District Court for the Eastern District of Virginia
NEW YORK, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia against Instadose Pharma Corp. f/k/a Mikrocoze, Inc. (“Instadose”, “Mikrocoze”, (or the “Company”) (OTCMKTS: INSD; MZKR) on behalf of a class consisting of all persons who purchased or otherwise acquired Instadose securities between December 8, 2020 and November 24, 2021, inclusive (the “Class Period’).
All investors who purchased the shares of Instadose Pharma Corp. and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Instadose Pharma Corp,, you may, no later than February 28, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Instadose Pharma Corp.
Instadose does not have significant operations and was at all relevant times classified as a “shell” company. Instadose was formerly known as “Mikrocoze, Inc.”, which was organized to sell micro-furniture for small spaces via the Internet. The Company has since pivoted its business to focus on growth and acquisition of pharmaceutical grade agricultural products.
On December 7, 2020, Instadose (then still known as Mikrocoze) entered into a non-binding letter of intent with Instadose Pharma Corp., a Canadian-based cannabis producer (“Instadose Canada”), and holders of a majority of its outstanding shares for a transaction to acquire 100% of the outstanding common shares of Instadose Canada in exchange for approximately 80% of the issued and outstanding shares of common stock of the Company following such exchange (the “Business Combination”).
On July 9, 2021, the Ontario Securities Commission (“OSC”) announced that the Chairman and Chief Executive Officer (“CEO”) of Instadose Canada, Grant Ferdinand Sanders (“Sanders”), was charged quasi-criminally with one count of fraud in relation to his role as Chairman and CEO of Instadose Canada, which, since July 2017, had raised more than $9.4 million from investors. The OSC alleged that investor funds were diverted to the benefit of Sanders, his family, and associates, and that Instadose Canada materially misrepresented the nature of its business.
Then, on October 15, 2021, Instadose Canada announced that an overwhelming majority of its shareholders voted in favor of the Business Combination, which remains subject to customary closing conditions, including approval by a Canadian court. Following completion of the Business Combination, Instadose expected that its Board of Directors would consist of, among others, Sanders.
Subsequently, on November 24, 2021, in a filing with the U.S. Securities and Exchange Commission (“SEC”), Instadose 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 [Exchange Act], that trading in the securities of [Instadose] 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 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] securities . . . because of questions and concerns regarding the adequacy and accuracy of information about Instadose . . . 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 . . .; and (3) the operations of Instadose’s Canadian affiliate.”
On this news, and after Instadose’s common stock began publicly trading again on December 9, 2021, the Company’s stock price fell $22.61 per share, or 91.87%, to close at $2.00 per share on December 9, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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