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April 23, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of
Delaware on behalf of investors who purchased Incyte Corporation ("Incyte" or the "Company") (NasdaqGS: INCY) stock between
April 26, 2012 and
August 1, 2012 (the "Class Period").
For more information, click here:
According to the complaint, Incyte's reported fourth quarter 2011 and first quarter 2012 sales were artificially inflated due to a large number of advanced-stage myelofibrosis patients being prescribed the drug upon FDA approval in
November 2011--patients who had been too sick to participate in the clinical trials.
August 2, 2012, Incyte disclosed that Jakafi sales growth had been much softer during the second quarter of 2012 than investors had been led to expect. Defendants also disclosed that many of the new patients prescribed Jakafi were so sick they would not have been eligible for the Phase III trial. Defendants conceded that while prescriptions to these patients had increased sales revenues, these were not revenues that would continue for the suggested three years on average that defendants claimed, as certain patients died. In response to these disclosures, the price of Incyte stock fell from its
August 1, 2012 close of
$24.92 per share to close at
$19.57 per share on
August 2, 2012.
If you suffered a loss in Incyte you have until
May 6, 2013to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact
Joseph E. Levi, Esq. either via email at
email@example.com or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in
New Jersey, and
Washington, D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 24th Floor
New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (866) 367-6510
SOURCE Levi & Korsinsky, LLP