{"id":388234,"date":"2020-11-24T19:03:06","date_gmt":"2020-11-25T00:03:06","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388234"},"modified":"2020-11-24T19:03:06","modified_gmt":"2020-11-25T00:03:06","slug":"bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-celsion-citigroup-raytheon-intercept-pharmaceuticals-and-encourages-investors-to-contact-the-fir","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-celsion-citigroup-raytheon-intercept-pharmaceuticals-and-encourages-investors-to-contact-the-fir\/","title":{"rendered":"Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Celsion, Citigroup, Raytheon, Intercept Pharmaceuticals and Encourages Investors to Contact the Firm"},"content":{"rendered":"
\n

NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Celsion Corporation (NASDAQ: CLSN), Citigroup, Inc. (NYSE: C), Raytheon Technologies Corporation (NYSE: RTX), and Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.<\/p>\n

\n Celsion<\/strong>
\n Corporation (NASDAQ: CLSN) <\/strong>\n <\/p>\n

Class Period: November 2, 2015 to July 10, 2020<\/p>\n

Lead Plaintiff Deadline: December 28, 2020<\/p>\n

Celsion is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies for the treatment of cancer.<\/p>\n

Celsion\u2019s lead product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin that is in Phase III clinical development for treating primary liver cancer.<\/p>\n

In February 2014, Celsion announced that the U.S. Food and Drug Administration (\u201cFDA\u201d) had reviewed and provided clearance for the Company\u2019s planned pivotal, double-blind, placebo-controlled Phase III trial of ThermoDox in combination with radio frequency ablation (\u201cRFA\u201d) in primary liver cancer, also known as hepatocellular carcinoma (\u201cHCC\u201d), called the \u201cOPTIMA Study.\u201d The trial design was purportedly based on a comprehensive analysis of data from the Company\u2019s Phase III HEAT Study, which purportedly demonstrated that treatment with ThermoDox resulted in a 55% improvement in overall survival (\u201cOS\u201d) in a substantial number of HCC patients that received an optimized RFA treatment.\u00a0<\/p>\n

On July 13, 2020, Celsion announced that \u201cit ha[d] received a recommendation from the independent [DMC] to consider stopping the global Phase III OPTIMA Study of ThermoDox\u00ae in combination with [RFA] for the treatment of [HCC], or primary liver cancer.\u201d According to the Company, \u201c[t]he recommendation was made following the second pre-planned interim safety and efficacy analysis by the DMC on July 9, 2020,\u201d which \u201cfound that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903.\u201d<\/p>\n

On this news, Celsion\u2019s stock price fell $2.29 per share, or 63.97%, to close at $1.29 per share on July 13, 2020.<\/p>\n

The complaint, filed on October 29, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s business, operational and compliance policies. Specifically, defendants made false and\/or misleading statements and\/or failed to disclose that: (i) defendants had significantly overstated the efficacy of ThermoDox; (ii) the foregoing significantly diminished the approval and commercialization prospects for ThermoDox; and (iii) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

For more information on the Celsion class action go to: https:\/\/bespc.com\/cases\/CLSN<\/a><\/p>\n

\n Citigroup, Inc. (NYSE: C) <\/strong>\n <\/p>\n

Class Period: January 15, 2016 to October 12, 2020<\/p>\n

Lead Plaintiff Deadline: December 29, 2020<\/p>\n

The Class Period begins on February 25, 2017, following the Company\u2019s submission of its 2016 Annual Report to the SEC. In that filing, and throughout the Class Period, Citi assured investors that there were no significant deficiencies or material weaknesses in the Company\u2019s internal controls. When faced with periodic regulatory penalties for noncompliance, the Company continued to assure investors that the specific deficiencies at issue were being remediated promptly and that internal controls and regulatory compliance were a top priority at Citi. In particular, Citi assured investors that it satisfied all regulatory requirements and maintained adequate internal controls, data governance, compliance risk management, and enterprise risk management.<\/p>\n

In reality, during the Class Period and unbeknownst to investors, Citi\u2019s internal controls and risk management capabilities suffered from \u201cserious\u201d and \u201clongstanding\u201d inadequacies that exposed the Company to massive regulatory penalties and will cost significantly more than $1 billion to remediate. Specific control failures about which Citi executives were warned remained unresolved for years and the Company\u2019s culture of non-compliance was so widespread that Citi\u2019s CEO, Defendant Michael Corbat, exhorted employees in an internal memo that regulatory compliance required more than \u201cchecking boxes.\u201d<\/p>\n

The truth began to emerge on September 14, 2020, when reports surfaced that regulators were preparing to reprimand Citi for failing to improve its risk-management systems.<\/p>\n

That disclosure caused the price of Citi\u2019s stock to decline $2.85 per share, from $51.00 to $48.15, erasing $5.91 billion in shareholder value.<\/p>\n

After the market closed on September 14, 2020, an internal memo sent to Citi employees revealed for the first time the Company\u2019s disregard for adequate internal controls and regulatory compliance.<\/p>\n

As a result, the price of Citi\u2019s stock declined an additional $3.34 per share, from $48.15 to $44.81, erasing $6.93 billion in shareholder value.<\/p>\n

Then, on October 13, 2020, Citi reported earnings for the third quarter of 2020, and disclosed that the Company\u2019s expenses increased during the third quarter by 5%, to $11 billion, due to an increase in costs including a $400 million fine, investments in infrastructure, and other remediation costs related to control deficiencies.<\/p>\n

These disclosures caused Citi\u2019s stock price to decline by $2.20 per share, from $45.88 to $43.68, erasing $4.57 billion in shareholder value.<\/p>\n

For more information on the Citigroup class action go to: https:\/\/bespc.com\/cases\/C<\/a><\/p>\n

\n Raytheon Technologies Corporation (NYSE: RTX) <\/strong>\n <\/p>\n

Class Period: February 10, 2016 to October 27, 2020<\/p>\n

Lead Plaintiff Deadline: December 29, 2020<\/p>\n

On October 27, 2020, after market hours, Raytheon filed its quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2020 (the \u201c3Q20 Report\u201d). The 3Q20 Report announced the DOJ Investigation, stating in pertinent part: \u201cOn October 8, 2020, the Company received a criminal subpoena from the DOJ seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company\u2019s Missiles & Defense business since 2009.\u201d<\/p>\n

On this news, the price of Raytheon shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020, on unusually heavy trading volume, damaging investors.<\/p>\n

The complaint, filed on October 30, 2020, alleges that throughout the Class Period defendants made false and\/or misleading statements and\/or failed to disclose that: (1) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs regarding Raytheon’s Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon would face a criminal investigation by the U.S. Department of Justice (\u201cDOJ\u201d); and (6) as a result, defendants’ public statements were materially false and\/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.<\/p>\n

For more information on the Raytheon class action go to: https:\/\/bespc.com\/cases\/RTX<\/a><\/p>\n

\n Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) <\/strong>\n <\/p>\n

Class Period: September 28, 2019 to October 7, 2020<\/p>\n

Lead Plaintiff Deadline: January 4, 2021<\/p>\n

Intercept\u2019s lead product candidate is Ocaliva (obeticholic acid (\u201cOCA\u201d)), a farnesoid X receptor agonist used for the treatment of primary biliary cholangitis (\u201cPBC\u201d), 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 (\u201cNASH\u201d).<\/p>\n

On May 22, 2020, Intercept reported that the FDA \u201chas notified Intercept that its tentatively scheduled June 9, 2020 advisory committee meeting (AdCom) relating to the company\u2019s [NDA] for [OCA] for the treatment of liver fibrosis due to [NASH] has been postponed\u201d to \u201caccommodate the review of additional data requested by the FDA that the company intends to submit within the next week.\u201d<\/p>\n

On this news, Intercept\u2019s stock price fell $11.18 per share, or 12.19%, to close at $80.51 per share on May 22, 2020.<\/p>\n

On June 29, 2020, Intercept issued a press release announcing that the FDA had issued a Complete Response Letter (\u201cCRL\u201d) rejecting the Company\u2019s NDA for Ocaliva for the treatment of liver fibrosis due to NASH.<\/p>\n

On this news, Intercept\u2019s stock price fell $30.79 per share, or 39.73%, to close at $46.70 per share on June 29, 2020.<\/p>\n

Then, on October 8, 2020, news outlets reported that Intercept was \u201cfacing an investigation from the [FDA] over the potential risk of liver injury in patients taking Ocaliva, [Intercept\u2019s] treatment for primary biliary cholangitis, a rare, chronic liver disease.\u201d<\/p>\n

On this news, Intercept\u2019s stock price fell $3.30 per share, or 8.05%, to close at $37.69 per share on October 8, 2020.<\/p>\n

The complaint, filed on November 5, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s 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\u2019s use in treating PBC; (ii) the foregoing increased the likelihood of an FDA investigation into Ocaliva\u2019s development, thereby jeopardizing Ocaliva\u2019s continued marketability and the sustainability of its sales; (iii) any purported benefits associated with OCA\u2019s efficacy in treating NASH were outweighed by the risks of its use; (iv) as a result, the FDA was unlikely to approve the Company\u2019s NDA for OCA in treating patients with liver fibrosis due to NASH; and (v) as a result of all the foregoing, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

For more information on the Intercept class action go to: https:\/\/bespc.com\/cases\/ICPT-2<\/a><\/p>\n

\n About <\/strong>
\n Bragar<\/strong>
\n Eagel<\/strong>
\n & Squire, P.C.:<\/strong>
\n
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com<\/u><\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n

\n Contact Information:<\/strong>
\n
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com<\/u><\/a>
www.bespc.com<\/a><\/u><\/p>\n


\n
\n \n <\/div>\n

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

NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Celsion Corporation (NASDAQ: CLSN), Citigroup, Inc. (NYSE: C), Raytheon Technologies Corporation (NYSE: RTX), and Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Celsion Corporation (NASDAQ: CLSN) Class Period: November 2, 2015 to July 10, 2020 Lead Plaintiff Deadline: December 28, 2020 Celsion is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, … <\/p>\n

Continue reading “Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Celsion, Citigroup, Raytheon, Intercept Pharmaceuticals and Encourages Investors to Contact the Firm”<\/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-388234","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBragar Eagel & Squire, P.C. 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Celsion Corporation (NASDAQ: CLSN) Class Period: November 2, 2015 to July 10, 2020 Lead Plaintiff Deadline: December 28, 2020 Celsion is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, … Continue reading "Bragar Eagel & Squire, P.C. 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Reminds Investors That Class Action Lawsuits Have Been Filed Against Celsion, Citigroup, Raytheon, Intercept Pharmaceuticals and Encourages Investors to Contact the Firm - Market Newsdesk","og_description":"NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Celsion Corporation (NASDAQ: CLSN), Citigroup, Inc. (NYSE: C), Raytheon Technologies Corporation (NYSE: RTX), and Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Celsion Corporation (NASDAQ: CLSN) Class Period: November 2, 2015 to July 10, 2020 Lead Plaintiff Deadline: December 28, 2020 Celsion is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, … Continue reading \"Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Celsion, Citigroup, Raytheon, Intercept Pharmaceuticals and Encourages Investors to Contact the Firm\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-celsion-citigroup-raytheon-intercept-pharmaceuticals-and-encourages-investors-to-contact-the-fir\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-25T00:03:06+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTY3MSMzODQyNDgxIzIxMDAzOTg=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-celsion-citigroup-raytheon-intercept-pharmaceuticals-and-encourages-investors-to-contact-the-fir\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-celsion-citigroup-raytheon-intercept-pharmaceuticals-and-encourages-investors-to-contact-the-fir\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Bragar Eagel & Squire, P.C. 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