NEW ORLEANS, Feb. 21, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 22, 2014 to file lead plaintiff applications in a securities class action lawsuit against Intercept Pharmaceuticals, Inc. (ICPT), if they purchased the Company's securities during the period between January 9, 2014 and January 10, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Intercept and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org) or KSF Partner Melinda Nicholson (email@example.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 22, 2014.
About the Lawsuit
Intercept and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On January 9 and 10, 2014, Intercept announced that its Phase 2 trial of its primary drug compound obeticholic acid had been stopped early based on an interim analysis that showed that the efficacy endpoint of the trial had been met.
Then, on Friday, January 10, 2014, after the markets closed, the National Institutes of Health issued a written statement revealing that, while the efficacy primary endpoint in the study had already been met, participants in the study who received the drug suffered disproportionate levels of lipid abnormalities. On this news, Intercept's stock price plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
Melinda Nicholson, Partner
206 Covington St.
Madisonville, LA 70447