{"id":392345,"date":"2020-12-03T04:08:23","date_gmt":"2020-12-03T09:08:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392345"},"modified":"2020-12-03T04:08:23","modified_gmt":"2020-12-03T09:08:23","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-intercept-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline-icpt-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-intercept-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline-icpt-2\/","title":{"rendered":"SHAREHOLDER ALERT:  Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intercept Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline &#8211;  ICPT"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 3, 2020<\/span> \/PRNewswire\/ &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Intercept Pharmaceuticals, Inc. \u00a0(&#8220;Intercept&#8221; or the &#8220;Company&#8221;) (NASDAQ: ICPT) and certain of its officers.\u00a0 The class action, filed in <span class=\"xn-location\">United States<\/span> District Court for the Eastern District of <span class=\"xn-location\">New York<\/span>, 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 <span class=\"xn-chron\">September 28, 2019<\/span> and <span class=\"xn-chron\">October 7, 2020<\/span>, both dates inclusive (the &#8220;Class Period&#8221;), seeking to recover damages caused by Defendants&#8217; 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 &#8220;Exchange Act&#8221;) and Rule <span class=\"xn-money\">10b<\/span>-5 promulgated thereunder, against the Company and certain of its top officials.<\/p>\n<p>If you are a shareholder who purchased Intercept securities during the class period, you have until <span class=\"xn-chron\">January 4, 2021<\/span>, to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3001063-2&amp;h=3789581381&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a>.\u00a0To discuss this action, contact <span class=\"xn-person\">Robert S. Willoughby<\/span> at <a target=\"_blank\" href=\"mailto:newaction@pomlaw.com\" rel=\"nofollow noopener noreferrer\">newaction@pomlaw.com<\/a>\u00a0or 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.\u00a0 <\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3001063-2&amp;h=1604588402&amp;u=https%3A%2F%2Fpomlaw.com%2Flearn-more-form%3Fcompany%3DICPT&amp;a=%5BClick+here+for+information+about+joining+the+class+action%5D\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <b>[Click here for information about joining the class action]<\/b><br \/>\n        <\/a>\u00a0<\/p>\n<p>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.<\/p>\n<p>Intercept&#8217;s lead product candidate is Ocaliva (obeticholic acid (&#8220;OCA&#8221;)), a farnesoid X receptor agonist used for the treatment of primary biliary cholangitis (&#8220;PBC&#8221;), a rare and chronic liver disease, in combination with ursodeoxycholic acid in adults.\u00a0 The Company is also developing OCA for various other indications, including nonalcoholic steatohepatitis (&#8220;NASH&#8221;).<\/p>\n<p>In 2016, the U.S. Food and Drug Administration (&#8220;FDA&#8221;) granted accelerated approval of Ocaliva for treating PBC.<\/p>\n<p>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.<\/p>\n<p>Despite these concerns, Defendants continued to tout Ocaliva sales and purported benefits, and its potential indication for treating various other medical conditions.\u00a0 For example, just two years later, in <span class=\"xn-chron\">September 2019<\/span>, Intercept submitted a New Drug Application (&#8220;NDA&#8221;) to the FDA for OCA to treat patients with liver fibrosis due to NASH.<\/p>\n<p>The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company&#8217;s business, operational, and compliance policies.\u00a0 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&#8217;s use in treating PBC; (ii) the foregoing increased the likelihood of an FDA investigation into Ocaliva&#8217;s development, thereby jeopardizing Ocaliva&#8217;s continued marketability and the sustainability of its sales; (iii) any purported benefits associated with OCA&#8217;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&#8217;s NDA for OCA in treating patients with liver fibrosis due to NASH; and (v) as a result of all the foregoing, the Company&#8217;s public statements were materially false and misleading at all relevant times.<\/p>\n<p>On <span class=\"xn-chron\">May 22, 2020<\/span>, Intercept reported that the FDA &#8220;has notified Intercept that its tentatively scheduled <span class=\"xn-chron\">June 9, 2020<\/span> advisory committee meeting (AdCom) relating to the company&#8217;s [NDA] for [OCA] for the treatment of liver fibrosis due to [NASH] has been postponed&#8221; to &#8220;accommodate the review of additional data requested by the FDA that the company intends to submit within the next week.&#8221;<\/p>\n<p>On this news, Intercept&#8217;s stock price fell <span class=\"xn-money\">$11.18<\/span> per share, or 12.19%, to close at <span class=\"xn-money\">$80.51<\/span> per share on <span class=\"xn-chron\">May 22, 2020<\/span>.<\/p>\n<p>On <span class=\"xn-chron\">June 29, 2020<\/span>, Intercept issued a press release announcing that the FDA had issued a Complete Response Letter (&#8220;CRL&#8221;) rejecting the Company&#8217;s NDA for Ocaliva for the treatment of liver fibrosis due to NASH.\u00a0 According to that press release, &#8220;[t]he CRL indicated that, based on the data the FDA has reviewed to date,&#8221; the FDA &#8220;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.&#8221;\u00a0 The press release further advised, among other things, that the &#8220;[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.&#8221;<\/p>\n<p>On this news, Intercept&#8217;s stock price fell <span class=\"xn-money\">$30.79<\/span> per share, or 39.73%, to close at <span class=\"xn-money\">$46.70<\/span> per share on <span class=\"xn-chron\">June 29, 2020<\/span>.<\/p>\n<p>Then, on <span class=\"xn-chron\">October 8, 2020<\/span>, news outlets reported that Intercept was &#8220;facing an investigation from the [FDA] over the potential risk of liver injury in patients taking Ocaliva, [Intercept&#8217;s] treatment for primary biliary cholangitis, a rare, chronic liver disease.&#8221; <\/p>\n<p>On this news, Intercept&#8217;s stock price fell <span class=\"xn-money\">$3.30<\/span> per share, or 8.05%, to close at <span class=\"xn-money\">$37.69<\/span> per share on <span class=\"xn-chron\">October 8, 2020<\/span>.<\/p>\n<p>The Pomerantz Firm, with offices in <span class=\"xn-location\">New York<\/span>, <span class=\"xn-location\">Chicago<\/span>, <span class=\"xn-location\">Los Angeles<\/span>, and <span class=\"xn-location\">Paris<\/span> is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late <span class=\"xn-person\">Abraham L. Pomerantz<\/span>, 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 <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3001063-2&amp;h=3789581381&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a>.<\/p>\n<p>\n        <b>CONTACT:<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Robert S. Willoughby<\/span><br \/>\n        <br \/>Pomerantz LLP<br \/><a target=\"_blank\" href=\"mailto:rswilloughby@pomlaw.com\" rel=\"nofollow noopener noreferrer\">rswilloughby@pomlaw.com<\/a>\u00a0<br \/>888-476-6529 ext. 7980<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO11842&amp;sd=2020-12-03\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-intercept-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline---icpt-301185456.html\">http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert&#8211;pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-intercept-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline&#8212;icpt-301185456.html<\/a><\/p>\n<p>SOURCE  Pomerantz LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO11842&amp;Transmission_Id=202012030405PR_NEWS_USPR_____IO11842&amp;DateId=20201203\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, Dec. 3, 2020 \/PRNewswire\/ &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Intercept Pharmaceuticals, Inc. \u00a0(&#8220;Intercept&#8221; or the &#8220;Company&#8221;) (NASDAQ: ICPT) and certain of its officers.\u00a0 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 &#8220;Class Period&#8221;), seeking to recover damages caused by Defendants&#8217; 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 &#8220;Exchange &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-intercept-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline-icpt-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SHAREHOLDER ALERT:  Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intercept Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline &#8211;  ICPT&#8221;<\/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-392345","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intercept Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline - ICPT - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-intercept-pharmaceuticals-inc-of-class-action-lawsuit-and-upcoming-deadline-icpt-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intercept Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline - ICPT - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, Dec. 3, 2020 \/PRNewswire\/ &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Intercept Pharmaceuticals, Inc. \u00a0(&#8220;Intercept&#8221; or the &#8220;Company&#8221;) (NASDAQ: ICPT) and certain of its officers.\u00a0 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 &#8220;Class Period&#8221;), seeking to recover damages caused by Defendants&#8217; 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 &#8220;Exchange &hellip; Continue reading &quot;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intercept Pharmaceuticals, Inc. of Class Action Lawsuit and Upcoming Deadline &#8211; 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