A lawsuit was filed on behalf of investors in Intra-Cellular Therapies Inc (NASDAQ:ITCI) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 06/05/2017 --An investor in shares of Intra-Cellular Therapies Inc (NASDAQ:ITCI), filed a lawsuit over alleged violations of Federal Securities Laws by Intra-Cellular Therapies Inc in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Intra-Cellular Therapies Inc (NASDAQ:ITCI) have certain options and for certain investors are short and strict deadlines running. Deadline: July 11, 2017. NASDAQ:ITCI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Intra-Cellular Therapies Inc (NASDAQ:ITCI) common shares between August 12, 2014 through April 28, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 12, 2014 through April 28, 2017, the defendants made false and/or misleading statements and/or failed to disclose thatfindings related to toxicity in animals treated with lumateperone (ITI-007) were observed, that these findings posed an additional safety concern regarding lumateperone, and that as a result, Intra-Cellular Therapies's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

New York Based Intra-Cellular Therapies, Inc. is a biopharmaceutical company that is discovering and developing drugs for the treatment of neurological and psychiatric disorders and Lumateperone (also known as ITI-007) is its lead product candidate.

On August 4, 2016, Intra-Cellular Therapies' CEO Sharon Mates specified during an earnings call that "our studies to-date supports the efficacy and safety of ITI-007 for the treatment of schizophrenia."

On September 28, 2016, Intra-Cellular Therapies Inc (NASDAQ:ITCI) 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.

On May 1, 2017, Intra-Cellular Therapies Inc revealed that U.S. Food and Drug Administration had requested further information to verify that the findings observed in nonclinical animal toxicology studies of lumateperone are not suggestive of a safety risk associated with long term exposure in humans.

Shares of Intra-Cellular Therapies Inc (NASDAQ:ITCI) declined from $42.40 per share on September 28, 2016 to as low as $9.04 per share on May 4, 2017.

Those who purchased shares of Intra-Cellular Therapies Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com