Law Offices of Howard G. Smith announces that investors of Incyte Corporation (“Incyte” or the “Company”) (NASDAQ:INCY) have until May 6, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the District of Delaware on behalf of a class (the “Class”) comprising all purchasers of Incyte common stock 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 treatment of inflammation. The Complaint alleges that Incyte issued misleading statements concerning 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.
If you are a member of the Class described above, 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, or may retain counsel of your choice. If you wish to discuss this action or learn more 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.