LOS ANGELES, April 19, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP 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 Class described above, you may move the Court to serve as lead plaintiff no later than May 6, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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Source:Glancy Binkow & Goldberg LLP