NEW YORK, March 29, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Incyte Corporation ("Incyte" or the "Company") (NASDAQ: INCY).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Incyte's reported fourth quarter 2011 and first quarter 2012 sales had been artificially inflated due to a large number of extremely sick, advanced-stage myelofibrosis patients being prescribed the drug initially upon FDA approval in November 2011; (2) many of these extremely sick, more advanced patients were discontinuing use of Jakafi during the second quarter of 2012, which was significantly diminishing Jakafi's second quarter 2012 sales growth; and (3) drug dropout rates achieved during clinical trials could not be used to determine then-current dropout rates.
On August 2, 2012, Incyte announced the Company's second quarter 2012 financial results for the period ended June 30, 2012, and disclosed that Jakafi sales growth had been much softer during the second quarter of 2012 than investors and certain stock analysts had been led to expect. Incyte also disclosed for the first time that many of the new patients prescribed Jakafi during the fourth quarter of 2011 and first quarter of 2012 "were [so] very advanced ... they would not have been eligible for the Phase III trial in which life expectancy had to be at least six months."
In response to these disclosures, the price of Incyte stock fell precipitously from its August 1, 2012 close of $24.92 per share to close at $19.57 per share on August 2, 2012, a 22% decline, on extremely high volume.
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If you invested in Incyte stock or options between April 26, 2012 and August 1, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/INCY. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Incyte's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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