Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
12/30/2021
Initial Lawsuit
12/30/2021
Lawsuit Progression
02/28/2022
This is a federal securities class action 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 and November 24, 2021, both dates inclusive.
According to the complaint, 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 allegedly failed to disclose to investors that:
(i) Instadose (formerly Mikrocoze, Inc.) had performed inadequate due diligence into the business combination with Instadose Pharma Corp. and/or ignored significant red flags associated with Instadose Pharma Corp.;
(ii) Instadose’s internal controls and policies were inadequate to detect and/or prevent impermissible trading activity by control persons of the
company;
(iii) the foregoing subjected Instadose to a heightened risk of regulatory scrutiny and enforcement action; and
(iv) as a result, the company’s public statements were materially false and misleading at all relevant times.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.