SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP announced today that it filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company) (NASDAQ: ICPT) publicly traded securities between January 9, 2014 and January 10, 2014, inclusive (the “Class Period”). This complaint alleges that Intercept and certain of its officers violated the Securities Exchange Act of 1934. Intercept is a pharmaceutical company headquartered in New York, New York and focuses on liver disease treatments.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts. Specifically, before the stock market opened on January 9, 2014, Intercept announced that the FLINT clinical trial study of obeticholic acid (OCA) was stopped early for efficacy after a planned interim analysis showed the primary endpoint had been met. OCA is being developed by Intercept for the treatment of nonalcoholic steatohepatitis. On this news announcement, shares of Intercept Pharmaceuticals increased over 500% over the next two trading sessions.
After the market close on Friday, January 10, 2014, The Wall Street Journal issued a report via a statement made by the National Institutes of Health stating that patients treated with Intercept's OCA in the clinical trial experienced "lipid abnormalities", higher levels of "bad" LDL cholesterol and lowers levels of "good" HDL cholesterol, compared to patients treated with placebo. By Tuesday, January 14, 2014, the stock traded down as much as $210 or 47%.
Plaintiff seeks to recover damages on behalf of all purchasers of Intercept publicly traded securities during the Class Period (the “Class”).
If you wish to serve as a lead plaintiff, you must move the Court no later than 60 days from today.
If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-230-0063. More information concerning this action is also available at www.johnsonandweaver.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm with offices in New York, New York and San Diego, California. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.