October 4, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Intra-Cellular Therapies Inc (NASDAQ:ITC) shares over potential securities laws violations by Intra-Cellular Therapies and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Intra-Cellular Therapies Inc (NASDAQ:ITC) concerning whether a series of statements by Intra-Cellular Therapies regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On September 28, 2016, Intra-Cellular Therapies Inc (NASDAQ:ITC) announced top-line results from the second Phase 3 clinical trial (Study 302) of ITI-007, an oral, first-in-class investigational medicine for the treatment of schizophrenia.

Intra-Cellular Therapies Inc said that in this trial, neither dose of ITI-007 separated from placebo on the primary endpoint, change from baseline on the Positive and Negative Syndrome Scale (PANSS) total score, in the pre-defined patient population, while risperidone, an approved schizophrenia drug, did separate from placebo.

Shares of Intra-Cellular Therapies Inc (NASDAQ:ITC) declined from $42.40 per share on September 28, 2016 to as low as $14.44 per share on September 30, 2016.