Case Page

 

Case Status:    SETTLED
On or around 06/07/2016 (Ongoing date of last review)

Filing Date: February 21, 2014

According to the law firm press release, 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 steatohepatitis (“NASH”).

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.

On May 15, 2014, the Court issued an Order consolidating cases, appointing lead plaintiff, and approving the selection of lead counsel. Lead Plaintiff filed a consolidated complaint on June 27.

On May 2, 2016, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on May 23.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ICPT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 14-CV-01123
JUDGE:
DATE FILED: 02/21/2014
CLASS PERIOD START: 01/09/2014
CLASS PERIOD END: 01/10/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver LLP
    99 Madison Avenue, 5th Floor, Johnson & Weaver LLP, NY 10016
    212.802.1486 212.602.1592 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-01123
JUDGE:
DATE FILED: 06/27/2014
CLASS PERIOD START: 01/09/2014
CLASS PERIOD END: 01/10/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date