BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Intra-Cellular Therapies, Inc. (“Intra-Cellular” or the “Company”) (NASDAQ: ITCI) securities between August 12, 2014 and April 28, 2017, inclusive (the “Class Period”). Intra-Cellular investors have until July 11, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Intra-Cellular investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On August 4, 2016, Intra-Cellular's CEO Sharon Mates touted the “efficacy and safety of ITI-007 for the treatment of schizophrenia.” However, shortly thereafter, on May 1, 2017, Intra-Cellular disclosed that the FDA had 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. On this news, shares of Intra-Cellular fell sharply, nearly 25%, to just $10.42 per share during intra-day trading on May 1, 2017.
The complaint filed in this class action alleges that throughout the class period Defendants issued 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; (3) and as a result of the above, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Intra-Cellular during the Class Period you may move the Court no later than July 11, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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