NEW YORK, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Intercept Pharmaceuticals, Inc. ("Intercept" or the "Company") (NASDAQ: ICPT ) on behalf of investors who purchased or otherwise acquired shares between May 31, 2016, and September 20, 2017, inclusive (the "Class Period").
Investors who have incurred losses in Intercept Pharmaceuticals, Inc . are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Intercept Pharmaceuticals, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than November 24, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that:
- the Company's lead product candidate, Ocaliva, a bile acid analog for the treatment of primary biliary cholangitis ("PBC"), entailed undisclosed safety risks, including death, to patients suffering from PBC; and
- as a result, Intercept's public statements were materially false and misleading at all relevant times.
On September 12, 2017, Intercept issued a letter warning physicians against overdosing patients with Ocaliva, advising them that the drug has been tied to liver injuries and death among patients suffering from PBC. On this news, Intercept's share price fell from $113.48 per share on September 11, 2017 to a closing price of $98.12 on September 12, 2017, a decline of $15.36 per share.
Subsequently, on September 21, 2017, the United States Food and Drug Administration ("FDA") issued a safety announcement entitled "FDA Drug Safety Communication: FDA warns about serious liver injury with Ocaliva for rare chronic liver disease," warning doctors after reports of multiple deaths linked to the drug.
On this news, Intercept's share price fell from $98.12 per share on September 20, 2017 to a closing price of $73.70 on September 21, 2017, an additional decline of $24.42 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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