BENSALEM, Pa. — Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company”) (NASDAQ:ICPT) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by Intercept concerning the Company’s operations and financial prospects.
Intercept is a development stage biopharmaceutical company, focused on the development and commercialization of novel therapeutics to treat chronic liver diseases utilizing Intercept’s proprietary bile acid chemistry. The Company’s primary drug compound is obeticholic acid (“OCA”), a bile acid analog that is in various stages of clinical development for the treatment of cirrhosis and other chronic liver diseases. The Investigation is related to the Company’s January 9, 2014, and January 10, 2014, announcements that the Phase 2 clinical trial of OCA for treatment of non-alcoholic steatohepatitis met its efficacy endpoint with a high degree of statistical significance.
On January 10, 2014, the National Institutes of Health’s National Institute of Diabetes and Digestive Kidney Diseases issued a statement that although the efficacy primary endpoint for OCA had already been met, study participants suffered disproportionate levels of lipid abnormalities. Following this news, Intercept stock dropped from its $445.83 per share closing price on January 10, 2014, to a closing price of $255.12 per share on January 14, 2014.
If you purchased Intercept Pharmaceuticals, Inc. securities between January 9, 2014 and January 10, 2014, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.