Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT)

A class action has been commenced on behalf of purchasers of Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) common stock during the period between May 31, 2016 and September 20, 2017 (the “Class Period”).

The complaint charges Intercept and certain of its officers with violations of the Securities Exchange Act of 1934. Intercept manufactures and markets biopharmaceutical products. The Company focuses on the development and commercialization of therapeutics to treat chronic liver diseases utilizing proprietary bile acid chemistry. The Company’s lead product candidate, Ocaliva, is a bile acid analog that was granted approval for the treatment of primary biliary cholangitis (“PBC”) on May 31, 2016 by the U.S. Food and Drug Administration (“FDA”). The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or omitted adverse information regarding the Company’s business and prospects, including that Ocaliva had undisclosed safety risks, including death, when used to treat patients suffering from PBC. As a result of defendants’ false statements and/or omissions, Intercept securities traded at artificially inflated prices during the Class Period, with its stock price reaching highs of more than $170 per share. On September 12, 2017, Intercept issued a letter warning physicians that Ocaliva had been tied to liver injuries and death among patients suffering from PBC. On this news, the price of Intercept shares fell $15.36 per share, or more than 13%, to close at $98.12 per share. Then on September 21, 2017, the FDA issued a safety announcement, entitled “FDA Drug Safety Communication: FDA warns about serious liver injury with Ocaliva for rare chronic liver disease,” warning doctors about reports of multiple deaths linked to the drug. On this news, the price of Intercept shares fell $24.42 per share, or nearly 25%, to close at $73.70 on September 21, 2017.

If you are a current shareholder and purchased stock between May 31, 2016 and September 20, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.

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