NEW YORK, May 15, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Intra-Cellular Therapies, Inc. (“Intra-Cellular” or the “Company”) (NASDAQ symbol:ITCI) in United States District Court on behalf of a class consisting of investors who purchased or otherwise acquired Intra-Cellular securities between August 12, 2014 and April 28, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Intra-Cellular made false and/or misleading statements and/or failed to disclose: that findings related to toxicity in animals treated with lumateperone (ITI-007) were observed; that these findings posed an additional safety concern regarding lumateperone; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times.
On August 4, 2016, Intra-Cellular’s CEO Sharon Mates touted the “efficacy and safety of ITI-007 for the treatment of schizophrenia.” On May 1, 2017, Intra-Cellular disclosed that the U.S. Food and Drug Administration requested information from the Company in order to verify whether or not there are safety risks associated with long term exposure of ITI-007 to patients. When this information was released, Intra-Cellular’s stock price lowered materially, which harmed investors according to the Complaint.
If you wish to serve as lead plaintiff, you must move the Court no later than July 11, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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