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 thereunder.
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 rswilloughby@pomlaw.com 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 OCA.
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 .
Robert S. Willoughby Pomerantz LLP
