Drug Company To Pay $55M To Settle Federal Securities Fraud Claims
Mealey's (May 9, 2016, 2:29 PM EDT) -- NEW YORK — A drug company will pay $55 million to shareholders to settle claims that it failed to disclose adverse clinical trial results for its nonalcoholic steatohepatitis drug, obeticholic acid (OCA), in violation of federal securities laws, according to court documents filed in New York federal court on May 5 (In re Intercept Pharmaceuticals Inc. Securities Litigation, No. 14-1123, S.D. N.Y.).
(Motion for preliminary approval of settlement available. Document #57-160516-032B. Settlement agreement available. Document #57-160516-033B.)
Under the terms of the proposed settlement, which was filed...