Corcept Therapeutics Incorporated (CORT) is Being Investigated for Illicit Sales Practices
Robbins LLP is investigating the officers and directors of Corcept Therapeutics Incorporated (NASDAQ: CORT) for breaches of fiduciary duty, mismanagement, corporate waste, and violations of the securities laws. Corcept is a pharmaceutical company that develops medications to treat severe metabolic, oncologic, and psychiatric disorders. Corcept’s drug Korylm is a cortisol receptor blocker used to control hyperglycemia.
On December 8, 2021, Corcept disclosed that “[o]n November 15, 2021, the Company received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey (the ‘NJ USAO’) pursuant to Section 248 of the Health Insurance Portability and Accountability Act of 1996 (HIPPA) seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym.” The Company further disclosed that “[t]he NJ USAO has informed Corcept that it is investigating whether any criminal or civil violations by Corcept occurred in connection with the matters referenced in the subpoena.”
On this news, Corcept’s stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.
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