Welcome to the Intercept Pharmaceuticals, Inc. Securities Litigation Website
This website has been established to provide general information related to the proposed settlement of the Intercept Pharmaceuticals, Inc. ("Intercept" or the "Company") Securities Litigation. The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated May 2, 2016, which can be found and downloaded by clicking on the Case Documents tab above.
This is a securities class action litigation currently pending before the Honorable Naomi Reice Buchwald in the United States District Court for the Southern District of New York (the “Court”), and the litigation is known as In re Intercept Pharmaceuticals, Inc. Securities Litigation, Civil Action No. 1:14-cv-01123-NRB. The Court has appointed the law firm of Robbins Geller Rudman & Dowd LLP as Lead Counsel to represent the Plaintiffs and all other Settlement Class Members in the Litigation.
The proposed settlement will create a cash fund in the principal amount of Fifty-Five Million Dollars ($55,000,000.00) (the “Settlement Amount”), plus any interest that may accrue thereon less certain deductions (the “Settlement Fund”).
This is a securities class action brought against Intercept and certain of its officers alleging that Defendants made materially false and misleading statements to investors between January 9, 2014 and January 10, 2014, inclusive (the “Class Period”), in violation of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. As a result of alleged corrective disclosures, Intercept’s stock price is alleged to have dropped on January 13-14, 2014 and May 19-20, 2014, damaging persons who purchased or otherwise acquired the Company’s common stock during the Class Period.
Plaintiffs allege that on January 9, 2014 and January 10, 2014, Defendants made false and misleading statements regarding Intercept’s pharmaceutical product, obeticholic acid (“OCA”). At the time of the proposed settlement, Plaintiffs had substantially completed fact discovery and were preparing the case for trial. Defendants at all times denied that they had made any false statements or omissions, and continue to maintain that their statements complied with all applicable laws and regulations.
The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax related expenses and for attorneys’ fees and expenses as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including the number of shares of Intercept common stock you purchased or acquired on January 9, 2014 and January 10, 2014, the timing of your purchases, acquisitions, and any sales, and how many other Class Members make claims. While the recovery for any Class Member is dependent on numerous factors, including the timing and price of a Class Member’s transactions in Intercept common stock, if all eligible Class Members make claims, it is estimated that the average distribution per eligible share of Intercept common stock will be approximately $48.27 before deduction of Court-approved fees and expenses. Historically, actual claims are less than 100%, resulting in higher per share distributions on average.
The Class is defined as all persons and entities who purchased or otherwise acquired Intercept common stock during January 9, 2014 and January 10, 2014, inclusive, and were damaged thereby.
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency of Class Action and Proposed Settlement and the Stipulation, both of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.
IMPORTANT DATES & DEADLINES
|Submit a Claim Form:
||October 5, 2016
||August 11, 2016
|File an Objection:
||June 7. 2016
||September 8, 2016 at 11:00 a.m.