Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Incyte Corporation
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the District of
Delaware on behalf of a class (the “Class”) comprising all purchasers of
the common stock of Incyte Corporation (“Incyte” or the “Company”)
(NASDAQ:INCY) between April 26, 2012 and August 1, 2012 (the “Class
Period”). The Complaint alleges that certain statements issued by Incyte
during the Class Period were false and misleading regarding the
Company’s business and financial prospects.
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.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Incyte shares during the Class Period, 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, and
you may retain counsel of your choice. If you wish to learn
more or have any questions concerning your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire, of
Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at
(888) 773-9224, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
