Market Newsdesk

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Intercept Pharmaceuticals, Inc.  (“Intercept” or the “Company”) (NASDAQ: ICPT) and certain of its officers.   The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05377, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Intercept securities between September 28, 2019 and October 7, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Intercept securities during the class period, you have until January 4, 2021, 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 [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Intercept is a biopharmaceutical company that focuses on the development and commercialization of therapeutics to treat progressive non-viral liver diseases in the U.S.

Intercept’s lead product candidate is Ocaliva (obeticholic acid (“OCA”)), a farnesoid X receptor agonist used for the treatment of primary biliary cholangitis (“PBC”), a rare and chronic liver disease, in combination with ursodeoxycholic acid in adults. The Company is also developing OCA for various other indications, including nonalcoholic steatohepatitis (“NASH”).

In 2016, the U.S. Food and Drug Administration (“FDA”) granted accelerated approval of Ocaliva for treating PBC.

Then, in late 2017, both Intercept and the FDA issued warnings concerning the risk of overdosing patients with the drug, and multiple reports of severe liver injuries and deaths linked with its use.

Despite these concerns, Defendants continued to tout Ocaliva sales and purported benefits, and its potential indication for treating various other medical conditions. For example, just two years later, in September 2019, Intercept submitted a New Drug Application (“NDA”) to the FDA for OCA to treat patients with liver fibrosis due to NASH.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants downplayed the true scope and severity of safety concerns associated with Ocaliva’s use in treating PBC; (ii) the foregoing increased the likelihood of an FDA investigation into Ocaliva’s development, thereby jeopardizing Ocaliva’s continued marketability and the sustainability of its sales; (iii) any purported benefits associated with OCA’s efficacy in treating NASH were outweighed by the risks of its use; (iv) as a result, the FDA was unlikely to approve the Company’s NDA for OCA in treating patients with liver fibrosis due to NASH; and (v) as a result of all the foregoing, the Company’s public statements were materially false and misleading at all relevant times.

On May 22, 2020, Intercept reported that the FDA “has notified Intercept that its tentatively scheduled June 9, 2020 advisory committee meeting (AdCom) relating to the company’s [NDA] for [OCA] for the treatment of liver fibrosis due to [NASH] has been postponed” to “accommodate the review of additional data requested by the FDA that the company intends to submit within the next week.”

On this news, Intercept’s stock price fell $11.18 per share, or 12.19%, to close at $80.51 per share on May 22, 2020.

On June 29, 2020, Intercept issued a press release announcing that the FDA had issued a Complete Response Letter (“CRL”) rejecting the Company’s NDA for Ocaliva for the treatment of liver fibrosis due to NASH. According to that press release, “[t]he CRL indicated that, based on the data the FDA has reviewed to date,” the FDA “has determined that the predicted benefit of OCA based on a surrogate histopathologic endpoint remains uncertain and does not sufficiently outweigh the potential risks to support accelerated approval for the treatment of patients with liver fibrosis due to NASH.” The press release further advised, among other things, that the “[t]he FDA recommends that Intercept submit additional post-interim analysis efficacy and safety data from the ongoing REGENERATE study in support of potential accelerated approval and that the long-term outcomes phase of the study should continue.”

On this news, Intercept’s stock price fell $30.79 per share, or 39.73%, to close at $46.70 per share on June 29, 2020.

Then, on October 8, 2020, news outlets reported that Intercept was “facing an investigation from the [FDA] over the potential risk of liver injury in patients taking Ocaliva, [Intercept’s] treatment for primary biliary cholangitis, a rare, chronic liver disease.”

On this news, Intercept’s stock price fell $3.30 per share, or 8.05%, to close at $37.69 per share on October 8, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Axovant Gene Therapies Ltd. (“Axovant” or the “Company”) (NASDAQ: AXGT).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Axovant and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On October 29, 2020, Axovant disclosed that manufacturing delays would potentially postpone the start of enrollment in the Company’s planned randomized, sham-controlled trial of AXO-Lenti-PD gene therapy for Parkinson’s disease, and that the trial seemed unlikely to enroll patients by the end of the calendar year 2021. 

On this news, Axovant’s stock price fell $1.52 per share, or 41.64%, to close at $2.13 per share on October 30, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE: WFC) and certain of its officers.   The class action, filed in United States District Court for the Northern District of California and docketed under 20-cv-07997, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Wells Fargo securities between October 13, 2017 and October 13, 2020, inclusive (the “Class Period”).  Plaintiff seeks to pursue remedies against Wells Fargo and certain of the Company’s current and former senior executives under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Wells Fargo securities during the Class Period, you have until December 29, 2020, 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 [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Wells Fargo is a global financial services company headquartered in San Francisco, California.  The Company provides banking, investment and mortgage products and services, as well as other consumer and commercial financial services.  It is one of the largest banks in the world as measured by both market capitalization and total assets.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo had systematically failed to follow appropriate underwriting standards and due diligence guidelines in issuing billions of dollars’ worth of commercial loans, including by inflating the net income and future expected cash flows of its commercial clients to justify issuing excessive loan amounts; (ii) a materially higher proportion of Wells Fargo’s commercial loan customers were of poor credit quality and/or at a substantially higher risk of default than disclosed to investors; (iii) Wells Fargo had failed to timely write down commercial loans, collateralized loan obligations (“CLOs”) and commercial mortgage backed securities (“CMBS”) on its books that had suffered impairments; (iv) Wells Fargo had materially understated the reserves needed for expected credit losses in its commercial portfolios; (v) Wells Fargo had systematically misrepresented the credit quality and likelihood of default of the loans it packaged and securitized into CLOs and CMBS, including by artificially inflating the net income and expected cash flows of its commercial clients in loan and securitization documentation; (vi) the CLO and CMBS-related loans issued and investment securities held by Wells Fargo were of lower credit quality and worth far less than represented to investors; (vii) as a result of (i)-(vi) above, Wells Fargo’s Class Period statements regarding the credit quality of its commercial loans, its underwriting and due diligence practices, and the value of its CLO and CMBS books were materially false and misleading; and (viii) as a result of all the foregoing, Wells Fargo was exposed to severe undisclosed risks of financial, reputational and legal harm, in particular in the event of significant and sustained stress in the commercial credit markets.

On April 14, 2020, Wells Fargo issued a press release providing its results for the first quarter of 2020.  The release revealed a stunning deterioration in the Company’s credit portfolio, particularly with respect to its commercial loans.

On this news, Wells Fargo’s stock price fell 14% over the following three trading sessions, closing at $26.89 per share on April 16, 2020.

Then, on May 5, 2020, Wells Fargo filed its quarterly report for the first quarter with the SEC, which stated that the fair value of the Company’s CLO investments held-for-sale had fallen to $26.9 billion by the quarter’s end, a 9% decline from the end of the quarter and year ended December 31, 2019 (“FY19”), and that Wells Fargo had suffered $1.7 billion in unrealized losses on its CLO investments during the quarter.

On this news, Wells Fargo’s stock price fell another 6% over two trading days to close at $25.61 per share on May 6, 2020.

Then, on June 10, 2020, Wells Fargo’s Chief Financial Officer John Shrewsberry (“Shrewsberry”) presented at the Morgan Stanley Virtual US Financials Conference.  During the conference, Shrewsberry revealed that Wells Fargo’s second quarter reserve build would be even “bigger than the first quarter” as a result of continued deterioration in the Company’s credit portfolio. 

On this news, Wells Fargo’s stock price fell 18% over two trading days to close at $26.79 per share on June 11, 2020.

On July 14, 2020, Wells Fargo issued a release providing its results for the second quarter of 2020.  The release stated that Wells Fargo had suffered a $2.4 billion loss during the quarter, or ($0.66) per share, largely as a result of deterioration in its commercial credit portfolio.

On this news, Wells Fargo’s stock price fell another 5% to close at $24.25 per share on July 14, 2020. 

Finally, on October 14, 2020, Wells Fargo issued a release providing its results for the third quarter of 2020.  The release stated that Wells Fargo had recognized another provision expense of $769 million and that non-accrual loans had increased $2.5 billion, or 45%, to $8 billion during the quarter.

On this news, Wells Fargo’s stock price fell another 6% to close at $23.25 per share on October 14, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Molecular Templates, Inc. (“Molecular” or the “Company”) (NASDAQ: MTEM).   Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980. 

The investigation concerns whether Molecular and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On November 6, 2020, Molecular Templates disclosed that the U.S. Food and Drug Administration (“FDA”) had placed the Company’s “MT-3724 clinical studies on partial clinical hold following a treatment-related fatality in one subject who experienced Grade 5 capillary leak syndrome in the Phase 2 MT-3724 monotherapy study in in relapsed/refractory diffuse large B-cell lymphoma patients.”  Molecular Templates advised investors that the Company “is working to address the clinical and MT-3724 product lot information requests from the FDA and will then seek agreement from FDA to remove the partial clinical hold.” 

On this news, Molecular Templates’ stock price fell $2.30 per share, or 21.18%, to close at $8.56 per share on November 6, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Neovasc Inc. (“Neovasc” or the “Company”) (NASDAQ: NVCN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Neovasc and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On October 28, 2020, before the market opened, Neovasc announced that a U.S. Food and Drug Administration advisory panel had voted overwhelmingly against the safety and effectiveness of the Company’s Reducer product, a medical device that treats refractory angina by altering blood flow in the heart’s circulatory system. The panel noted concerns with the Company’s clinical data, including “that the lack of blinding assessment made the primary endpoint difficult to interpret.” As a result, the panel reached a consensus “that additional premarket randomized clinical data was necessary.”

On this news, Neovasc’s stock price fell $0.77 per share, or approximately 42%, to close at $1.06 per share on October 28, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of bluebird bio, Inc. (“bluebird” or the “Company”) (NASDAQ: BLUE).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether bluebird and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On November 4, 2020, bluebird disclosed that the Company will no longer be applying for U.S. Food and Drug Administration (“FDA”) approval of its bb1111 product as a treatment for sickle cell disease in the second half of 2021 as expected.  Instead, citing “feedback” from the FDA, “alongside COVID-19 related shifts and contract manufacturing organization COVID-19 impacts, bluebird is adjusting its submission timing to late 2022.” 

On this news, bluebird’s stock price fell $12.66 per share, or 21.62%, over the following two trading sessions, to close at $45.89 per share on November 6, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Vasta Platform Limited (“Vasta” or the “Company”) (NASDAQ: VSTA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Vasta and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On or about July 31, 2020, Vasta conducted its initial public offering (“IPO”), selling approximately 18.6 million shares of stock priced at $19.00 a share, raising nearly $353 million in new capital. Then, on August 20, 2020, Vasta announced the Company’s financial results for the second quarter and the first half of 2020. Among other results, Vasta reported a second-quarter net loss of 54.9 million Reais and revenue of 120.23 million Reais, representing a revenue decline of 12.9% from the same period in the prior year.

On this news, Vasta’s stock price fell $1.63 per share, or 8.81%, to close at $16.88 per share on August 21, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Tenneco Inc. (“Tenneco” or the “Company”) (NYSE: TEN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Tenneco and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On November 2, 2020, Tenneco issued a press release announcing its financial and operating results for the third quarter of 2020. Among other results, Tenneco reported a net loss of $499 million, or $6.12 per diluted share, which included a non-tax valuation allowance charge of $523 million.

On this news, Tenneco’s stock price fell $1.24 per share, or 14.39%, to close at $7.38 per share on November 2, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Quotient Technology Inc. (“Quotient” or the “Company”) (NYSE: QUOT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Quotient certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On November 5, 2020, Quotient reported its financial and operating results for the third quarter of 2020, including revenue that fell short of consensus estimates. In addition, for the three and nine months ended September 30, 2020, Quotient reported “restructuring charges of zero and $1.5 million, respectively, certain acquisition related costs of $0.4 million and $1.0 million, respectively, and loss contingency of $2.0 million related to a contract dispute resulting from a retailer’s failure to perform certain obligations related to a guaranteed distribution fee arrangement for both respective periods.”

On this news, Quotient’s stock price fell $2.08 per share, or 21.89%, to close at $7.42 per share on November 6, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980