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Intercept Pharmaceuticals Inc (NASDAQ:ICPT) Investor Securities Class Action Lawsuit 09/27/2017

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Lawsuit Overview

Case Dismissed
Company
Intercept Pharmaceuticals Inc
Security
NASDAQ: ICPT

Case Name
Intercept Pharmaceuticals Shareholder Class Action Lawsuit 09/27/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 26, 2020 - The court granted the defendants' motion to dismiss.

September 14, 2018 - A motion to dismiss the amended complaint was filed.

July 31, 2018 - An amended complaint was filed.

September 27, 2017 - An investor in shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Intercept Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between May 31, 2016, and September 20, 2017.

New York, NY based Intercept Pharmaceuticals, Inc. is a biopharmaceutical company that is focused on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. The Company’s lead product candidate, Ocaliva (obeticholic acid, or OCA), is a bile acid analog, a chemical substance that has a structure based on a naturally occurring human bile acid, that selectively binds to and activates the farnesoid X receptor, or FXR. On May 31, 2016, Intercept announced that the U.S. Food and Drug Administration (“FDA”) had approved Ocaliva for the treatment of patients with primary biliary cholangitis (“PBC”). Intercept Pharmaceuticals Inc reported that its annual Total Revenue rose from $2.78 million in 2015 to $24.95 million in 2016 and that its Net loss increased from $226.43 million in 2015 to $412.83 million in 2016.

On September 12, 2017, Intercept issued a letter warning physicians against overdosing patients with Ocaliva (obeticholic acid), the Company's treatment for primary biliary cholangitis ( PBC ), advising them that the drug has been tied to liver injuries and death among patients suffering from PBC.

According to the complaint the plaintiff alleges on behalf of purchasers of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) common shares between May 31, 2016, and September 20, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 31, 2016, and September 20, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Ocaliva entailed undisclosed safety risks, including death, to patients suffering from PBC, and that as a result of the foregoing, Intercept’s public statements were materially false and misleading at all relevant times.