Intercept Pharmaceuticals, Inc. (ICPT)


Intercept Pharmaceuticals, Inc.
Stock Symbol: ICPT
Class Period: 05/31/2016 - 09/20/2017
Status: New Case

According to the Class Action Complaint, Intercept focuses on the development and commercialization of therapeutics to treat chronic liver diseases utilizing proprietary bile acid chemistry. The Company’s lead product candidate, Ocaliva (“obeticholic acid” or “OCA”), is a bile acid analog, a chemical substance focused on treating chronic liver diseases, such as primary biliary cholangitis (“PBC”).

On May 31, 2016, the first day of the Class Period, Intercept announced that the U.S. Food and Drug Administration (“FDA”) granted accelerated approval of Ocaliva for the treatment of PBC. Based upon FDA guidance, the Company purportedly recommended dosages of 5 mg once per week for patients with liver impairment.

According to the Complaint, Intercept made materially false and misleading statements and failed to disclose that Ocaliva dosages exceeding FDA-recommended levels could cause serious physical harm, including death, to patients suffering from PBC.  For example, in the Company’s 2016 annual report, Intercept stated that “OCA was generally well tolerated” and “[a]dverse events were generally mild to moderate in severity,” without revealing that dosing Ocaliva at elevated levels presented heightened risk of liver failure and death.

On this news, the Intecepts’s share price fell $15.36 per share, or 13.53 percent, to close at $98.12 on September 12, 2017.

Then, on September 21, 2017, the FDA issued a safety announcement entitled “FDA Drug Safety Communication: FDA warns about serious liver injury with Ocaliva for rare chronic liver disease,” warning doctors after reports of multiple deaths linked to the drug. The announcement stated that Ocaliva “is being incorrectly dosed in some patients with moderate to severe decreases in liver function, resulting in an increased risk of serious liver injury and death.”

On this news, the Company’s share price fell $24.42 per share, or 24.88 percent, to close at $73.70 on September 21, 2017.

IMPORTANT INVESTOR ALERT: JFJN LAW ANNOUNCES FILING OF A CLASS ACTION AGAINST INTERCEPT PHARMACEUTICALS, INC.

GARDEN CITY, NY –October 23, 2017 – JFJN Law (the “firm) announces the filing of a class action lawsuit against Intercept Pharmaceuticals, Inc., (“ICPT” or the “Company”) (Nasdaq:ICPT). Investors who purchased or otherwise acquired shares between May 31, 2016 and September 20, 2017, inclusive (the “Class Period”) are encouraged to contact the Firm in advance of the November 27, 2017 lead plaintiff motion deadline.

If you purchased shares in ICPT during the Class Period, please contact Justin Frankel, Esq. or Jason Newfield, Esq., of JFJN Law, 1-888-459-0507 or click here before November 27, 2017.

THERE HAS NOT BEEN A CLASS CERTIFICATION OF THIS CASE YET. UNTIL CERTIFICATION OCCURS, YOU ARE NOT REPRESENTED BY AN ATTORNEY. YOU MAY CHOOSE TO TAKE NO ACTION AND REMAIN A PASSIVE CLASS MEMBER.

According to the Class Action Complaint, Intercept focuses on the development and commercialization of therapeutics to treat chronic liver diseases utilizing proprietary bile acid chemistry. The Company’s lead product candidate, Ocaliva (“obeticholic acid” or “OCA”), is a bile acid analog, a chemical substance focused on treating chronic liver diseases, such as primary biliary cholangitis (“PBC”).

On May 31, 2016, the first day of the Class Period, Intercept announced that the U.S. Food and Drug Administration (“FDA”) granted accelerated approval of Ocaliva for the treatment of PBC. Based upon FDA guidance, the Company purportedly recommended dosages of 5 mg once per week for patients with liver impairment.

According to the Complaint, Intercept made materially false and misleading statements and failed to disclose that Ocaliva dosages exceeding FDA-recommended levels could cause serious physical harm, including death, to patients suffering from PBC.  For example, in the Company’s 2016 annual report, Intercept stated that “OCA was generally well tolerated” and “[a]dverse events were generally mild to moderate in severity,” without revealing that dosing Ocaliva at elevated levels presented heightened risk of liver failure and death.

On this news, the Intecepts’s share price fell $15.36 per share, or 13.53 percent, to close at $98.12 on September 12, 2017.

Then, on September 21, 2017, the FDA issued a safety announcement entitled “FDA Drug Safety Communication: FDA warns about serious liver injury with Ocaliva for rare chronic liver disease,” warning doctors after reports of multiple deaths linked to the drug. The announcement stated that Ocaliva “is being incorrectly dosed in some patients with moderate to severe decreases in liver function, resulting in an increased risk of serious liver injury and death.”

On this news, the Company’s share price fell $24.42 per share, or 24.88 percent, to close at $73.70 on September 21, 2017.

This press release may be considered Attorney Advertising in some jurisdictions.

If you suffered a loss in Intercept (ICPT). you have until November 27, 2017 to request that the Court appoint you as a lead plaintiff.  Your ability to share in any recovery does not require you serve as a lead plaintiff. 

Contact:

Justin C. Frankel, Esq. or Jason Newfield, Esq.

Toll-Free Telephone: 1-888-459-0507

Website:          www.jfjnclassaction.com






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FREE Case Evaluation: If you have suffered a loss as the result of corporate fraud or misconduct, contact JFJN Class Action today to find out how we can help.

If you prefer, contact us at info@jfjnclassaction.com, call toll-free 888-459-0507 to speak with our office directly, or fill out the Contact Us form.