NEW YORK, Oct. 4, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Intercept Pharmaceuticals, Inc. ("Intercept" or the "Company") (NASDAQ: ICPT) of the November 27, 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 Intercept stock or options between May 31, 2016 and September 20, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ICPT. 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.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Intercept securities between May 31, 2016 and September 20, 2017 (the "Class Period"). The case, DeSmet v. Intercept Pharmaceuticals, Inc. et al., No. 1:17-cv-07371 was filed on September 27, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company's lead product candidate Ocaliva, a bile acid analog for the treatment of primary biliary cholangitis ("PBC"), entailed undisclosed safety risks, including death, to patients suffering from PBC; and (ii) as a result, Intercept's public statements were materially false and misleading at all relevant times.
Specifically, on September 12, 2017, Intercept issued a letter warning physicians against overdosing patients with Ocaliva, advising them that the drug has been tied to liver injuries and death among patients suffering from PBC. On this news, Intercept's share price fell from $113.48 per share on September 11, 2017 to a closing price of $98.12 on September 12, 2017—a $15.36 or a 13.54% drop.
Then, on September 21, 2017, the U.S. Food and Drug Administration ("FDA") issued a safety announcement entitled "FDA Drug Safety Communication: FDA warns about serious liver injury with Ocaliva for rare chronic liver disease," warning doctors after reports of multiple deaths linked to the drug. On this news, Intercept's share price fell from $98.12 per share on September 20, 2017 to a closing price of $73.70 on September 21, 2017—a $24.42 or a 24.89% 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 Intercept's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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