{"id":384244,"date":"2020-11-18T11:33:16","date_gmt":"2020-11-18T16:33:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384244"},"modified":"2020-11-18T11:33:16","modified_gmt":"2020-11-18T16:33:16","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-intercept-pharmaceuticals-inc-icpt-investors-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-intercept-pharmaceuticals-inc-icpt-investors-2\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Intercept Pharmaceuticals, Inc. (ICPT) Investors"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n LOS ANGELES<\/span>, Nov. 18, 2020<\/span> \/PRNewswire\/ — The Law Offices of Frank R. Cruz<\/span><\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company”) (NASDAQ: ICPT<\/a>) securities between September 28, 2019<\/span> and October 7, 2020<\/span><\/b>, inclusive (the “Class Period”). Intercept investors have until January 4, 2021<\/span><\/b>to file a lead plaintiff motion. <\/p>\n

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\n \"(PRNewsfoto\/The
\n <\/a>\n <\/p>\n<\/p><\/div>\n

If you are a shareholder who suffered a loss, click here<\/a> to participate.<\/p>\n

On May 22, 2020<\/span>, Intercept stated that the U.S. Food and Drug Administration (“FDA”) “has notified Intercept that its tentatively scheduled June 9, 2020<\/span> 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.”<\/p>\n

On this news, Intercept’s stock price fell $11.18<\/span> per share, or 12%, to close at $80.51<\/span> per share on May 22, 2020<\/span>.<\/p>\n

On June 29, 2020<\/span>, Intercept disclosed receipt of a Complete Response Letter (“CRL”) from the FDA rejecting its NDA for Ocaliva for the treatment of liver fibrosis due to NASH. According to the CRL, “[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.”<\/p>\n

On this news, the Company’s stock price fell $30.79<\/span> per share, or nearly 40%, to close at $46.70<\/span> per share on June 29, 2020<\/span>.<\/p>\n

On October 8, 2020<\/span>, news outlets reported that the Company 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.”<\/p>\n

On this news, the Company’s stock price fell $3.30<\/span> per share, or 8%, to close at $37.69<\/span> per share on October 8, 2020<\/span>.<\/p>\n

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants downplayed the true scope and severity of safety concerns associated with Ocaliva’s use in treating PBC; (2) 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; (3) any purported benefits associated with OCA’s efficacy in treating NASH were outweighed by the risks of its use; (4) 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 (5) as a result of all the foregoing, the Company’s public statements were materially false and misleading at all relevant times.<\/p>\n

Follow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.<\/p>\n

If you purchased Intercept securities during the Class Period, you may move the Court no later than January 4, 2021<\/span><\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. \u00a0If you purchased Intercept securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz<\/span>, of The Law Offices of Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California<\/span> 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-intercept-pharmaceuticals-inc-icpt-investors-301175720.html<\/a><\/p>\n

SOURCE The Law Offices of Frank R. Cruz<\/span>, Los Angeles<\/span><\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire LOS ANGELES, Nov. 18, 2020 \/PRNewswire\/ — The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company”) (NASDAQ: ICPT) securities between September 28, 2019 and October 7, 2020, inclusive (the “Class Period”). Intercept investors have until January 4, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On May 22, 2020, Intercept stated that the U.S. Food and Drug Administration (“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 … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Intercept Pharmaceuticals, Inc. (ICPT) Investors”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-384244","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Intercept Pharmaceuticals, Inc. 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(“Intercept” or the “Company”) (NASDAQ: ICPT) securities between September 28, 2019 and October 7, 2020, inclusive (the “Class Period”). Intercept investors have until January 4, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On May 22, 2020, Intercept stated that the U.S. Food and Drug Administration (“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 … Continue reading "The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Intercept Pharmaceuticals, Inc. 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