SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
Against Intercept Pharmaceuticals, Inc. and Certain Officers -- ICPT
NEW YORK, Feb. 28, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class
action lawsuit against Intercept Pharmaceutical, Inc. ("Intercept" or the
"Company") (Nasdaq:ICPT) and certain of its officers. The class action, filed
in United States District Court, Southern District of New York, and docketed
under 1:14-cv-1373, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired Intercept securities between
January 9, 2014 and January 10, 2014, both dates inclusive (the "Class
Period"). This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased Intercept securities during the Class
Period, you have until April 22, 2014 to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
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.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements regarding the results of its PHASE 2 trial of
Specifically, on January 9, 2014 and January 10, 2014, Intercept announced
that its Phase 2 trial of OCA for the treatment of non-alcoholic
steatohepatitis ("NASH") had met its efficacy endpoints with a high degree of
statistical significance. As a result of the Company's announcement,
Intercept's common 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.
However, on January 10, 2014, after the market close, the National Institutes
of Health's ("NIH") National Institute of Diabetes and Digestive and Kidney
Diseases ("NIDDK") issued a press release stating that while the efficacy
primary end-point 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.
On this news, the Company's shares fell more than $81.00 per share to $364.36,
or over 18.2%, on Monday, January 13, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
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