NEW YORK, June 2, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Intra-Cellular Therapies, Inc. ("Intra-Cellular" or the "Company") (NASDAQ: ITCI) and certain of its officers. The class action, filed in United States District Court, Eastern District of New York, and docketed under 17-cv-03197, is on behalf of a class consisting of investors who purchased or otherwise acquired Intra-Cellular securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Intra-Cellular securities between August 12, 2014 and April 28, 2017, both dates inclusive, you have until July 11, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Intra-Cellular Therapies, Inc. is a biopharmaceutical company that is focused on the discovery and clinical development of innovative, small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system, or CNS. The Company's lead drug candidate, ITI-007 also known as lumateperone, is supposed to treat schizophrenia, behavioral disturbances in dementia, bipolar disorder and other neuropsychiatric and neurological disorders.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the findings related to toxicity observed in animals treated with lumateperone (ITI-007); (ii) these findings posed an additional safety concern regarding lumateperone; (iii) as a result of the foregoing, Intra-Cellular's public statements were materially false and misleading at all relevant times.
On May 1, 2017, before the market opened, the Company issued a press release entitled, "Intra-Cellular Therapies Provides Corporate Update on Schizophrenia Program" which revealed findings of toxicity in animals treated with lumateperone.
On this news, Intra-Cellular's share price fell $3.33, or over 24%, to close at $10.49 on May 1, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP