Robbins LLP: Intra-Cellular Therapies, Inc. (ITCI) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Intra-Cellular Therapies, Inc. (NasdaqGS: ITCI) in the U.S. District Court for the Eastern District of New York. The complaint is brought on behalf of all purchasers of Intra-Cellular securities between August 12, 2014 and April 28, 2017, for alleged violations of the Securities Exchange Act of 1934 by Intra-Cellular’s officers and directors. Intra-Cellular, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases and diseases of the elderly, including Parkinson’s and Alzheimer’s disease. The company’s lead drug candidate, ITI-007 or lumateperone, is designed to treat schizophrenia and other neuropsychiatric and neurological disorders.
Intra-Cellular Accused of Failing to Disclose Findings of Toxicity in Its Study
According to the complaint, in a series of press releases, Intra-Cellular announced positive topline results from the company’s Phase 2 study of ITI-007, noting “statistically significant improvement in symptoms associated with schizophrenia at the 60mg dose on the trial’s pre-specified primary endpoint and a favorable safety profile.” The complaint alleges that, despite touting promising data for ITI-007, Intra-Cellular did not disclose the full truth about the safety of its drug. On May 1, 2017, Intra-Cellular issued a press release revealing findings of toxicity in animals treated with lumateperone and that the U.S. Food and Drug Administration (“FDA”) requested additional information to confirm the findings are not indicative of a safety risk associated with long term exposure in humans. Intra-Cellular noted that if the FDA deemed its responses insufficient, it may place the company’s long term safety study on clinical hold. On this news, Intra-Cellular’s stock fell $3.33 per share, or over 24%, to close at $10.49 per share on May 1, 2017.
Intra-Cellular Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.