SHARFEHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Instadose Pharma Corp. f/k/a Mikrocoze, Inc. of Class Action Lawsuit and Upcoming Deadline

NEW YORK, January 17, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit against Instadose Pharma Corp. f/k/a Mikrocoze, Inc. (“Instadose”, “Mikrocoze” or the “Company”) (OTCMKTS: INSD; MZKR) and one of its officers. The class action lawsuit, filed United States The District Court for the Eastern District of Virginia, Norfolk Division, and registered number 21-cv-00675, is on behalf of a class consisting of all persons other than defendants who purchased or otherwise acquired Instadose Securities December 8, 2020 and November 24, 2021, both days inclusive (the “Collection Period”), to seek damages caused by the Defendants’ violations of the federal securities laws and remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 announced below, against the company and one of its top officials.

If you are a shareholder who purchased Instadose securities during the class period, you have up to February 28, 2022 to ask the court to appoint you as lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, ext. 7980. Persons inquiring by e-mail are asked to provide their mailing address, telephone number and the number of shares purchased.

[Click here for information about joining the class action]

Instadose has no significant business activities and has been classified as a ‘letterbox’ company at all relevant times. Instadose was formerly known as “Mikrocoze, Inc.” organized to sell micro furniture for small spaces over the internet. Since then, the company has realigned its business to focus on the growth and acquisition of pharmaceutical grade agricultural products.

on December 7, 2020, Instadose (then known as Mikrocoze) has entered into a non-binding letter of intent with Instadose Pharma Corp., a Canada-based cannabis producer (“Instadose Canada”), and the holders of a majority of its outstanding shares for a transaction to acquire 100% of the outstanding common stock of Instadose Canada in exchange for approximately 80% of the Company’s issued and outstanding common stock upon such exchange (the “Business Combination”).

The Complaint alleges that the Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies throughout the Class Period. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Instadose performed insufficient due diligence on the business combination and/or ignored significant red flags related to Instadose Canada; (ii) Instadose’s internal controls and policies were insufficient to detect and/or prevent improper trading activities by Company controllers; (iii) the foregoing exposed Instadose to increased risk of regulatory scrutiny and enforcement action; and (iv) as a result, the Company’s public statements were, at all relevant times, materially false and misleading.

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 with quasi-criminal fraud in a count relating to his role as chairman and CEO of Instadose Canada, which has since July 2017, had more than raised $9.4 million from investors. The OSC alleged that investor funds were diverted for the benefit of Sanders, his family and associates and that Instadose Canada materially misrepresented the nature of its business.

Then further October 15, 2021Instadose Canada announced that an overwhelming majority of its shareholders have voted in favor of the business combination, which remains subject to customary closing conditions, including Canadian court approval. Upon completion of the business combination, Instadose expected that its board of directors would include Sanders.

Then further November 24, 2021, in a filing with the US Securities and Exchange Commission (“SEC”), Instadose announced that “[o]n November 23, 2021, the Company has been notified by the SEC that pursuant to Section 12(k) of the [Exchange Act]that trading in securities of [Instadose] will be suspended for the period from 9:30 a.m. EDT on November 24, 2021, through 11:59 p.m. EDT on December 8th, 2021.” Instadose told investors that the SEC’s order specifically stated that “it appears [SEC] that the public interest and the protection of investors require a suspension of trading [Instadose] securities . . . due to questions and concerns about the adequacy and accuracy of information about Instadose. . . in the market, including: (1) significant increases in share price and volume not supported by the Company’s assets and financial information; (2) Trade that can be linked to persons related to an Instadose control person. . .; and (3) the operation of Instadose[]Canadian subsidiary of .

Upon this news and after Instadose common stock resumed public trading December 9, 2021, the company’s share price fell $22.61 per share, or 91.87%, at the close $2.00 per share December 9, 2021.

Pomerantz LLP, with offices in new York, Chicago, The angel, Paris, and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Chamber, Pomerantz pioneered securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.

CONTACT:
Robert S Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SOURCE Pomerantz LLP

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