NEW YORK, Feb. 24, 2014 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Intercept Pharmaceuticals, Inc. ("Intercept" or the "Company") (NasdaqGS: ICPT ), during the period between January 9, 2014 and January 10, 2014, inclusive (the "Class Period").
The complaint charges Intercept and certain of its executives with violations of federal securities laws. On January 9 and 10, 2014, Intercept announced that its Phase 2 trial of its primary drug compound obeticholic acid had been stopped early based on an interim analysis that showed that the efficacy endpoint of the trial had been met.
Then, on Friday, January 10, 2014, after the markets closed, the National Institutes of Health issued a written statement revealing that, while the efficacy primary endpoint in the study had already been met, participants in the study who received the drug suffered disproportionate levels of lipid abnormalities. On this news, Intercept stock dropped from its $445.83 per share closing price on January 10, 2014, to a closing price of $255.12 per share on January 14, 2014.
Plaintiff seeks to recover damages on behalf of all Intercept shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. April 22, 2014 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
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