Intercept Pharmaceuticals, Inc. investors may rceive additional information about the case by clicking the link "Submit Your Information" above.
Intercept manufactures and markets biopharmaceutical products, and focuses on the development and commercialization of therapeutics to treat chronic liver diseases. The Company’s lead product is Ocaliva, which was approved by the U.S. Food and Drug Administration (“FDA”) in May 2016 for the treatment of Primary Biliary Cholangitis (“PBC”), an autoimmune disease of the liver.
The shareholder class action complaint alleges that Intercept and certain of its senior executive officers made a series of false and misleading statements and/or failed to disclose to investors that Ocaliva entailed undisclosed safety risks, including death, to patients suffering from PBC.
On September 12, 2017, Intercept issued a warning letter to physicians concerning Ocaliva and dosing levels, and advised that the drug had been tied to liver injuries and death among patients suffering from PBC. Following this news, shares of the Company’s stock declined $15.36 per share, or over 13.5%, to close on September 12, 2017 at $98.12 per share.
Then, on September 21, 2017, the FDA issued a safety announcement entitled “FDA Drug Safety Communication: FDA warns about serious liver injury with Ocaliva for rare chronic liver disease,” which further warned doctors about Ocaliva dosing levels, and which followed reports of multiple deaths being linked to the drug. On this news, shares of the Company’s stock declined an additional $24.42 per share, or nearly 25%, to close on September 21, 2017 at $73.70 per share.
If you are a member of the class described above, you may no later than November 27, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
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