Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Intercept
NEW YORK -- February 21, 2014
Robbins 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 email@example.com. 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
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 negative news.
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
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.
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman or David A. Rosenfeld
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