NEW YORK, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) from September 28, 2019 through October 7, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Intercept Pharmaceuticals, Inc. investors under the federal securities laws.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) defendants downplayed the true scope and severity of safety concerns associated with Ocaliva’s (obeticholic acid (“OCA”)) use in treating primary biliary cholangitis; (2) the foregoing increased the likelihood of an FDA investigation into Ocaliva’s development, thereby jeopardizing Ocaliva’s continued marketability and the sustainability of its sales; (3) any purported benefits associated with OCA’s efficacy in treating nonalcoholic steatohepatitis (“NASH”) were outweighed by the risks of its use; (4) as a result, the FDA was unlikely to approve Intercept’s New Drug Application for OCA in treating patients with liver fibrosis due to NASH; and (5) as a result of the foregoing, defendants’ positive statements about Intercept’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than January 4, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938