NEW YORK, May 22, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Intra-Cellular Therapies, Inc. ("Intra-Cellular" or the "Company") (NASDAQ: ITCI) of the July 11, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Intra-Cellular stock or options between August 12, 2014 and April 28, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ITCI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Intra-Cellular securities between August 12, 2014 and April 28, 2017 (the "Class Period"). The case, Yoo v. Intra-Cellular Therapies, Inc. et al, No. 17-cv-02928 was filed on May 12, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by by making misleading statements about the efficacy and safety of its schizophrenia treatment, ITI-007 (lumaterperone).
Specifically, on August 4, 2016, Intra-Cellular's CEO Sharon Mates specified during an earnings call that "our studies to-date supports the efficacy and safety of ITI-007 for the treatment of schizophrenia."
Then on May 1, 2017, Intra-Cellular revealed that the U.S. Food and Drug Administration had requested additional data related to nonclinical animal toxicology studies. The agency indicated that elevated levels of drug-related metabolites that were retained in certain animal species for an extended period of time may be suggestive of a safety risk associated with long-term exposure in humans.
Following this news, Intra-Cellular's share price fell from $13.82 per share on April 28, 2017 to a closing price of $10.49 on May 1, 2017—a $3.33 or a 24.1% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Intra-Cellular's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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