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 May 31, 2016 and September 20, 2017. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (i) the Company's lead product candidate, Ocaliva, entailed undisclosed safety risks, including death, to patients suffering from primary biliary cholangitis; and (ii) as a result of the foregoing, Intercept’s public statements were materially false and misleading at all relevant times. On September 12, 2017, Intercept issued a letter warning physicians against overdosing patients with Ocaliva, advising them that the drug has been tied to liver injuries and death among patients suffering from PBC. On September 21, 2017, the FDA issued a safety announcement warning doctors after reports of multiple deaths linked to the drug.
Shareholders have until November 27, 2017 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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