SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Intra-Cellular Therapies, Inc. (NasdaqGS: ITCI) in the U.S. District Court for the Eastern District of New York. The complaint is brought on behalf of all purchasers of Intra-Cellular securities between August 12, 2014 and April 28, 2017, for alleged violations of the Securities Exchange Act of 1934 by Intra-Cellular's officers and directors. Intra-Cellular, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases and diseases of the elderly, including Parkinson's and Alzheimer's disease. The company's lead drug candidate, ITI-007 or lumateperone, is designed to treat schizophrenia and other neuropsychiatric and neurological disorders.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/intra-cellular-therapies-inc
Intra-Cellular Accused of Failing to Disclose Findings of Toxicity in Its Study
According to the complaint, in a series of press releases, Intra-Cellular announced positive topline results from the company's Phase 2 study of ITI-007, noting "statistically significant improvement in symptoms associated with schizophrenia at the 60mg dose on the trial's pre-specified primary endpoint and a favorable safety profile." The complaint alleges that, despite touting promising data for ITI-007, Intra-Cellular did not disclose the full truth about the safety of its drug. On May 1, 2017, Intra-Cellular issued a press release revealing findings of toxicity in animals treated with lumateperone and that the U.S. Food and Drug Administration ("FDA") requested additional information to confirm the findings are not indicative of a safety risk associated with long term exposure in humans. Intra-Cellular noted that if the FDA deemed its responses insufficient, it may place the company’s long term safety study on clinical hold. On this news, Intra-Cellular's stock fell $3.33 per share, or over 24%, to close at $10.49 per share on May 1, 2017.
Intra-Cellular Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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