NEW YORK--(BUSINESS WIRE)--The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Intercept Pharmaceuticals, Inc. (Intercept) (NASDAQ: ICPT).
Intercept is developing a drug, obeticholic acid (OCA), to treat nonalcoholic steatohepatitis (NASH), a leading cause of cirrhosis and liver failure.
On January 9, 2014, Intercept announced that the FLINT clinical trial assessing the safety and efficacy of OCA to treat NASH had been stopped early based on an interim efficacy analysis showing statistically significant substantial improvements in measures of liver health (the primary endpoint of the trial). The trial was sponsored and conducted by the National Institute of Diabetes & Digestive & Kidney Diseases (NIDDK), a part of the National Institutes of Health, at eight leading U.S. academic hepatology centers.
Upon the above news, ICPT stock soared from a close of $72.39/share on January 8, 2014, to a close of $445.83 on January 10, 2014.
After the close of the market on January 10, 2014, NIDDK advised the Wall Street Journal that, in addition to improvements in liver health, patients taking OCA in the FLINT trial showed "disproportionate lipid abnormalities" -- including worsened cholesterol levels -- compared with patients who received a placebo.
Upon the above news, ICPT dropped to $364.36/share in trading on January 13, 2014.
Persons with relevant information, and ICPT shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/icpt.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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