NEW YORK--(BUSINESS WIRE)--
Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/intercept/)
today announced that a class action has been commenced in the United
States District Court for the Southern District of New York on behalf of
purchasers of Intercept Pharmaceuticals, Inc. ("Intercept")
(NASDAQ:ICPT) publicly traded securities during the period between
January 9, 2014 and January 10, 2014, inclusive (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Samuel
H. Rudman or David
A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at firstname.lastname@example.org. If
you are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/intercept/.
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.
The complaint charges Intercept and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
Intercept is a pharmaceutical company that has been developing and
trying to bring to market new clinical drugs. The Company's primary drug
compound, known as obeticholic acid ("OCA"), is in various phases of
clinical development, primarily for the purpose of treating chronic
liver diseases, including non-alcoholic steatohepatitis ("NASH").
The complaint alleges on January 9, 2014 and January 10, 2014, Intercept
announced that its Phase 2 trial of OCA for the treatment of NASH had
been stopped early for efficacy based on an interim analysis that showed
that the efficacy endpoint of the trial had been met. As a result of the
Company's announcements, the Company's stock price skyrocketed from a
January 8, 2014 close of $72.39 per share to a January 10, 2014 close of
$445.83 per share.
Then, on Friday, January 10, 2014, after the markets closed, the
National Institutes of Health's ("NIH") National Institute of Diabetes
and Digestive and Kidney Diseases issued a press release stating that
while the efficacy primary endpoint for OCA in the Phase 2 study had
already been met, participants in the study who received the drug
suffered disproportionate levels of lipid abnormalities. The complaint
alleges that, as a result of the NIH's January 10, 2014 disclosure of
OCA's safety risks, Intercept's stock price dropped over $81 per share -
a decline of 18.2% - from $445.83 to $364.36 per share on Monday,
January 13, 2014, and continued to fall on January 14, 2014 to a close
of $255.12 per share, as investors continued to digest and react to this
Plaintiff seeks to recover damages on behalf of all purchasers of
Intercept publicly traded securities during the Class Period (the
"Class"). The plaintiff is represented by Robbins Geller, which has
expertise in prosecuting investor class actions and extensive experience
in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in ten offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $2 trillion. The firm has obtained many of the largest
recoveries in history and has been ranked number one in the number of
shareholder class action recoveries in MSCI's Top SCAS 50 every
year since 2003. Please visit http://www.rgrdlaw.com
for more information.
Source: Robbins Geller Rudman & Dowd LLP