NEW YORK, April 11, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Corcept Therapeutics Incorporated ("Corcept" or the "Company")(NASDAQ: CORT) of the May 13, 2019 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 Corcept stock or options between August 2, 2017 and February 5, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/CORT. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Corcept securities between August 2, 2017 and February 5, 2019 (the "Class Period"). The case, Melucci v. Corcept Therapeutics Incorporated et al., No. 19-cv-01372 was filed on March 14, 2019, and has been assigned to Magistrate Judge Elizabeth D. Laporte.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the Company had improperly paid doctors to promote its drug Korlym; (2) that the Company aggressively promoted Korlym for off-label uses; (3) that the Company's sole specialty pharmacy was a related party; (4) that the Company artificially inflated its revenue and sales using illicit sales practices through a related party; and (5) that such practices are reasonably likely to lead to regulatory scrutiny.
On January 25, 2019, SIRF published a report alleging that Corcept paid doctors to prescribe its drug Korlym for off-label uses.
On this news, Corcept's share price fell from 13.81 per share on January 24, 2019 to a closing price of $12.29 on January 25, 2019: a $1.52 or a 11.01% drop.
On January 31, 2019, the Company forecast a sharp slowdown in sales of Korlym, projecting full-year 2019 revenue of $285 million to $315 million while investors and analysts had expected approximately $328 million.
On this news, Corcept's share price fell from $11.18 per share on January 31, 2019 to a closing price of $10.03 on February 1, 2019: a $1.15 or a 10.29% 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 Corcept's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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