LOS ANGELES, April 15, 2013 (GLOBE NEWSWIRE) -- The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the District of Delaware on behalf of a class (the "Class") comprising all purchasers of the common stock of Incyte Corporation ("Incyte" or the "Company") (Nasdaq:INCY) between April 26, 2012 and August 1, 2012, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 6, 2013 to file a motion with the Court to be appointed as lead plaintiff.
Incyte, a biopharmaceutical company, focuses on the discovery, development and commercialization of proprietary small molecule drugs for oncology and treatment of inflammation. The Complaint alleges that Incyte issued misleading statements concerning demand for the Company's myelofibrosis drug, Jakafi. On August 2, 2012, Incyte announced the Company's second quarter 2012 financial results and disclosed that the sales growth of Jakafi had been much softer during the second quarter of 2012 than investors and certain stock analysts had been led to expect. In response to these disclosures, the price of Incyte stock declined 22% from its August 1, 2012 close of $24.92 per share, to close at $19.57 per share on August 2, 2012 on heavy trading volume.
If you are a member of the above-described Class, you may move the Court no later than May 6, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent Class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to email@example.com.
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CONTACT: Todd M. Garber, Attorney at Law Los Angeles, California 213-700-7262 firstname.lastname@example.orgSource:Law Offices of Todd M. Garber