The Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Delaware District Court on behalf of all purchasers of the common stock of Incyte Corporation (“Incyte” or the “Company”) (NASDAQ:INCY) between April 26, 2012 and August 1, 2012, inclusive (the “Class Period”).
Incyte, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary small molecule drugs for oncology and inflammation. The complaint alleges that Incyte misled investors with false reports of strong demand for the Company’s myelofibrosis drug, Jakafi.
On August 2, 2012, Incyte announced the Company’s second quarter 2012 financial results and disclosed that the sales growth of Jakafi had been much softer during the second quarter of 2012 than investors and certain stock analysts had been led to expect. In response to these disclosures, the price of Incyte stock declined 22% from its August 1, 2012 close of $24.92 per share to close at $19.57 per share on August 2, 2012, on heavy trading volume.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Incyte common stock during the Class Period, you have certain rights, and have until May 6, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.