Court Appoints Faruqi & Faruqi, LLP As Lead Counsel For Class Action Against Intercept Pharmaceuticals, Inc.

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Jun 05, 2018, 03:15 ET

NEW YORK, June 5, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, announces that it has been appointed as Lead Counsel in DeSmet v. Intercept Pharmaceuticals, Inc., et al., No. 1:17-cv-07371-LAK, a class action alleging violations of the federal securities laws against Intercept Pharmaceuticals, Inc. ("Intercept" or the "Company") and certain of the Company's officers and directors.

The lawsuit 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: (i) 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 (ii) as a result, Intercept's public statements were materially false and misleading at all relevant times.

Specifically, on September 12, 2017, Intercept issued a letter that warned 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 $15.36 or a 13.54% drop.

Then, on September 21, 2017, the U.S. 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," which warned doctors about 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—a $24.42 or a 24.89% drop.

If you purchased shares between May 31, 2016 and September 20, 2017, both dates inclusive, please contact the firm to discuss this matter with us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an email to [email protected].

Faruqi & Faruqi, LLP also encourages anyone with information regarding Intercept's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request more information now by clicking here: www.faruqilaw.com/ICPT. There is no cost or obligation to you.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/faruqilaw or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330

SOURCE Faruqi & Faruqi, LLP