An investigation for investors in Intercept Pharmaceuticals Inc (NASDAQ:ICPT) shares over potential securities laws violations by Intercept Pharmaceuticals was announced and NASDAQ:ICPT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 11/19/2014 -- An investigation on behalf of investors of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) shares over potential securities laws violations by Intercept Pharmaceuticals and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) concerning whether a series of statements by Intercept Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On January 9, 2014, Intercept Pharmaceuticals announced that the FLINT clinical trial study of obeticholic acid (OCA) was stopped early for efficacy after a planned interim analysis showed the primary endpoint had been met. OCA is being developed by Intercept for the treatment of nonalcoholic steatohepatitis. On this news announcement, shares of Intercept Pharmaceuticals increased over 500% over the next two trading sessions.
After the market close on Friday, January 10, 2014, The Wall Street Journal issued a report via a statement made by the National Institutes of Health stating that patients treated with Intercept's OCA in the clinical trial experienced "lipid abnormalities," higher levels of "bad" LDL cholesterol and lowers levels of "good" HDL cholesterol, compared to patients treated with placebo.
On Sunday, January 12, 2014, Intercept Pharmaceuticals made an announcement providing additional details of the OCA study including the lipid abnormalities disclosed in The Wall Street Journal report. In midday trading on Tuesday, January 14, 2014, the stock has traded down as much as $210.83 or 47% since the announcement made on Sunday.
In February 2014 a lawsuit was filed against Intercept Pharmaceuticals Inc over alleged securities laws violations. The plaintiff claims that on January 9, 2014 and January 10, 2014, Intercept Pharmaceuticals Inc announced that its Phase 2 trial of OCA for the treatment of NASH had been stopped early for efficacy based on an interim analysis that showed that the efficacy endpoint of the trial had been met and that as a result of the Company's announcements, Intercept Pharmaceuticals Inc’s stock price skyrocketed from a January 8, 2014 close of $72.39 per share to a January 10, 2014 close of $445.83 per share.
On May 7, 2014, Intercept Pharmaceuticals Inc reported its first quarter 2014 financial results. Among other things, Intercept Pharmaceuticals Inc announced that its first quarter Net loss increased from $10.21 million in 2013 to $257.66 million in 2014.
On August 11, 2014, Intercept Pharmaceuticals Inc announced its second quarter 2014 financial results. Intercept Pharmaceuticals Inc reported that its second quarter Net Loss of $13.47 million in 2013 turned into a second quarter Net Income of $33.47 million in 2014.
On November 6, 2014, Intercept Pharmaceuticals Inc reported its third quarter 2014 financial results and provided a business update. Intercept Pharmaceuticals Inc announced that its third quarter Net Loss increased from $31.73 million in 2013 to $35.84 million in 2014.
Shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) declined from $462.26 per share in March 2014 to as low as $152.51 per share on November 12, 2014.
On November 17, 2014, NASDAQ:ICPT shares closed at $158.10 per share.
Those who purchased shares of Intercept Pharmaceuticals Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego