Incyte Corporation Investor Alert: Lawsuit alleges Misleading Statements

SAN DIEGO - April 2, 2013 - PRLog -- An investor in shares of Incyte Corporation  filed a lawsuit in the U.S. District Court for the District of Delaware over alleged violations of Federal Securities Laws by Incyte Corporation in connection with certain allegedly false and misleading statements, including about the demand for its myelofibrosis drug, Jakafi.
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If you purchased shares of Incyte Corporation  between April 26, 2012 and August 1, 2012, you have certain options and there are short and strict deadlines running. Deadline: May 6, 2013. NASDAQ-INCY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Incyte Corporation  common stock during the period between April 26, 2012 and August 1, 2012, that Incyte Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between April 26, 2012 and August 1, 2012 allegedly materially false and misleading statements concerning Incyte’s business and prospects, including about the demand for its drug, Jakafi.


The plaintiff claims that based on defendants’ reports of strong sales demand for Jakafi and their positive statements supporting Incyte’s increased sales growth guidance for fiscal 2012, Incyte stock traded at inflated prices between April 26, 2012 and August 1, 2012, reaching over $26 per share by July 10, 2012.

Then, on August, 2, 2012, Incyte Corporation  reported its 2012 second quarter financial results.

The plaintiff alleges that defendants also disclosed for the first time that many of the new patients prescribed Jakafi during the fourth quarter of 2011 and first quarter of 2012 “were [so] very advanced ... they would not have been eligible for the Phase III trial in which life expectancy had to be at least six months.” According to the lawsuit, defendants conceded that while prescriptions to these patients had increased fourth quarter 2011 and first quarter 2012 sales revenues, those were not revenues that would continue for the three years on average that defendants had claimed between April 26, 2012 and August 1, 2012 the pre-approval clinical data had suggested patients would remain on Jakafi, because, as defendants were forced to disclose during Incyte’s August 2, 2012 conference call, “early on we had people discontinue because they died.”

Shares of Incyte Corporation  fell from $26.09 on August 1, 2012, to as low as $17.60 on August 8, 2012.

On March 6, 2013, NASDAQ-INCY shares closed at $22.97 per share.

Those who purchased shares of Incyte Corporation  between April 26, 2012 and August 1, 2012, have certain options and there are short and strict deadlines running. Deadline: May 6, 2013. NASDAQ-INCY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.