|[February 22, 2014]
SHAREHOLDER ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Has Filed a Class Action Lawsuit Against Intercept Pharmaceuticals, Inc. and Certain Officers
SAN DIEGO --(Business Wire)--
Shareholder rights law firm Johnson & Weaver, LLP announced today that
it filed a class action lawsuit in the United States District Court for
the Southern District of New York on behalf of purchasers of Intercept
Pharmaceuticals, Inc. ("Intercept" or the "Company) (NASDAQ: ICPT)
publicly traded securities between January 9, 2014 and January 10, 2014,
inclusive (the "Class Period"). This complaint alleges that Intercept
and certain of its officers violated the Securities Exchange Act of
1934. Intercept is a pharmaceutical company headquartered in New York,
New York and focuses on liver disease treatments.
The Complaint alleges that throughout the Class Period, Defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts. Specifically, before the stock market opened on
January 9, 2014, Intercept announced that the FLINT clinical trial study
of obeticholic acid (OCA) was stopped early for efficacy after a planned
interim analysis showed the primary endpoint had been met. OCA is being
developed by Intercept for the treatment of nonalcoholic
steatohepatitis. On this news announcement, shares of Intercept
Pharmaceuticals increased over 500% over the next two trading sessions.
After the market close on Friday, January 10, 2014, The Wall Street
Journal issued a report via a statement made by the National Institutes
of Health stating that patients treated with Intercept's OCA in the
clinical trial experienced "lipid abnormalities", higher levels of "bad"
LDL cholesterol and lowers levels of "good" HDL cholesterol, compared to
patients treated with placebo. By Tuesday, January 14, 2014, the stock
traded down as much as $210 or 47%.
Plaintiff seeks to recover damages on behalf of all purchasers of
Intercept publicly traded securities during the Class Period (the
If you wish to serve as a lead plaintiff, you must move the Court no
later than 60 days from today.
If you wish to discuss this action, have any questions concerning this
notice, or your rights or interests, please contact lead analyst Jim
at 619-230-0063. More information concerning this action is also
available at www.johnsonandweaver.com.
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.
Johnson & Weaver, LLP is a nationally recognized shareholders' rights
law firm with offices in New York, New York and San Diego, California.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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