|[March 16, 2013]
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Incyte Corporation
LOS ANGELES --(Business Wire)--
The Law Offices of Todd M. Garber announces that a class action lawsuit
has been filed in the United States District Court for the Delaware
District Court on behalf of all purchasers of the common stock of Incyte
Corporation ("Incyte" or the "Company") (NASDAQ:INCY) between April 26,
2012 and August 1, 2012, inclusive (the "Class Period").
Incyte, a biopharmaceutical company, focuses on the discovery,
development, and commercialization of proprietary small molecule drugs
for oncology and inflammation. The complaint alleges that Incyte mislead
investors with false reports of strong demand for the Company's
myelofibrosis drug, Jakafi.
On August 2, 2012, Incyt announced the Company's second quarter 2012
financial results and disclosed that the sales growth of Jakafi had been
much softer during the second quarter of 2012 than investors and certain
stock analysts had been led to expect. In response to these disclosures,
the price of Incyte stock declined 22% from its August 1, 2012 close of
$24.92 per share to close at $19.57 per share on August 2, 2012, on
heavy trading volume.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Incyte common stock during the Class Period, you have
certain rights, and have until May 6, 2013 to move for lead plaintiff
status. To be a member of the class you need not take any action at this
time, and you may retain counsel of your choice. If you wish to discuss
this action or have any questions concerning your rights or interests
with respect to these matters, please contact Todd M. Garber, Esquire,
of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by
email to email@example.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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