NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) who purchased shares between August 12, 2014 and April 28, 2017. The action, which was filed in the USDC for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) findings related to toxicity in animals treated with lumateperone (ITI-007) were observed; (2) these findings posed an additional safety concern regarding lumateperone; (2) and as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. On August 4, 2016, the Company’s CEO Sharon Mates touted the “efficacy and safety of ITI-007 for the treatment of schizophrenia.” Then on May 1, 2017, Intra-Cellular disclosed that the U.S. Food and Drug Administration requested information from the Company in order to verify whether or not there are safety risks associated with long term exposure of ITI-007 to patients.
Shareholders have until July 11, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/intra-cellular-therapies-inc?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.