NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Intra-Cellular Therapies, Inc. (“Intra-Cellular” or the “Company”) (NASDAQ:ITCI).
The investigation focuses on whether the Company and its executives violated federal securities laws by making misleading statements about the efficacy and safety of its schizophrenia treatment, ITI-007 (lumaterperone).
Specifically, on August 4, 2016, Intra-Cellular’s CEO Sharon Mates specified during an earnings call that “our studies to-date supports the efficacy and safety of ITI-007 for the treatment of schizophrenia.”
Then on May 1, 2017, Intra-Cellular revealed that the U.S. Food and Drug Administration had requested additional data related to nonclinical animal toxicology studies. The agency indicated that elevated levels of drug-related metabolites that were retained in certain animal species for an extended period of time may be suggestive of a safety risk associated with long term exposure in humans. Following this news, Intra-Cellular stock dropped on heavy volume during intraday trading on May 1, 2017.
If you invested in Intra-Cellular stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/ITCI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
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