STEVENSON, Md., Feb. 24, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Intercept Pharmaceuticals, Inc. ("Intercept" or the "Company") (Nasdaq:ICPT) securities during the period between January 9, 2014 and January 10, 2014, inclusive (the "Class Period").
If you have suffered a net loss from investment in Intercept securities purchased on or after January 9, 2014 and held through the revelation of negative information on January 10, 2014, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 22, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that, while the efficacy primary endpoint in the study had already been met, participants in the Phase 2 trial of its primary drug compound obeticholic acid who received the drug suffered disproportionate levels of lipid abnormalities. Following the revelation on January 10, 2014, after the markets closed, by the National Institutes of Health that participants in the study who received the drug suffered disproportionate levels of lipid abnormalities, the value of Intercept shares significantly declined.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation