NEW YORK, March 15, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Corcept Therapeutics Incorporated ("Corcept" or the "Company") (NASDAQ: CORT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Corcept and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 25, 2019, Southern Investigative Reporting Foundation ("SIRF") published a report alleging that Corcept paid doctors to prescribe its drug Korlym for off-label uses.
Following publication of the SIRF report, Corcept's stock price fell $1.52 per share, or more than 11%, to close at $12.29 per share on January 25, 2019.
On January 31, 2019, Corcept forecast a sharp slowdown in sales of Korlym, projecting full-year 2019 revenue of $285 million to $315 million, significantly lower than investor and analyst expectations of $328 million.
On this news, Corcept's stock price fell $1.15 per share, or more than 10%, to close at $10.03 per share on February 1, 2019.
On February 5, 2019, Blue Orca Capital published a report alleging that Corcept's "sole specialty pharmacy and exclusive distributor is an undisclosed related party" and that the relationship "creates a material risk that the Company is using its captured pharmacy to boost sales, hide losses, or engage in other financial shenanigans."
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP