Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Intercept Pharmaceuticals (NASDAQ:ICPT) in connection to alleged violations of securities laws by ICPT. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Intercept Pharmaceuticals between April 1, 2016, and May 2, 2017.
The class action complaint specifically alleges that during the period in question, ICPT might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company’s lead pharmaceutical product candidate, Ocaliva, posed significant and undisclosed safety risks, such as death, to patients with primary biliary cholangitis; and that consequently the company’s statements to the public during the relevant period were false and misleading. The company published a letter on September 12, 2017 warning doctors that Ocaliva was connected to liver problems and death; on September 21, 2017, the Food and Drug Administration published an announcement warning doctors of deaths connected to Ocaliva. The complaint alleges that when these details came to light, investors suffered losses.
According to the company’s website, Intercept Pharmaceuticals is “a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases.” The company’s description continues: “Intercept’s lead product, OCALIVA® (obeticholic acid), was granted accelerated approval by U.S. Food and Drug Administration (FDA) in May of 2016 for the treatment of primary biliary cholangitis, previously known as primary biliary cirrhosis (PBC), in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. OCALIVA is the first PBC therapy that targets the farnesoid X receptor (FXR), a key regulator of bile acid, inflammatory, fibrotic and metabolic pathways.”
A class action lawsuit has already been filed in connection with Intercept Pharmaceuticals. If you wish to serve as lead plaintiff in the ICPT lawsuit, you must move the Court no later than November 27, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.