The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) who purchased shares between September 28, 2019 and October 7, 2020. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Intercept lawsuit alleges that (i) Defendants downplayed the true scope and severity of safety concerns associated with the use of Ocaliva (obeticholic acid (“OCA”)), Intercept's lead product candidate, in treating primary biliary cholangitis; (ii) the foregoing increased the likelihood of a U.S. Food and Drug Administration ("FDA") investigation into Ocaliva’s development, thereby jeopardizing Ocaliva’s continued marketability and the sustainability of its sales; (iii) any purported benefits associated with OCA’s efficacy in treating nonalcoholic steatohepatitis ("NASH") were outweighed by the risks of its use; (iv) as a result, the FDA was unlikely to approve the Company’s New Drug Application for OCA in treating patients with liver fibrosis due to NASH; and (v) as a result of all the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until January 4, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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