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NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Corcept Therapeutics Incorporated (“Corcept” or the “Company”) (Nasdaq: CORT) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Corcept between August 2, 2017 through February 5, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Corcept had improperly paid doctors to promote its drug, Korlym; (2) Corcept aggressively promoted Korlym for off-label uses; (3) Corcept’s sole specialty pharmacy was a related party; (4) Corcept artificially inflated its revenue and sales using illicit sales practices through a related party; (5) such practices were reasonably likely to lead to regulatory scrutiny; and (6) as a result, Defendants’ positive statements about Corcept’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the May 13, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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