Corcept Therapeutics Incorporated (NASDAQ: CORT) Investor Securities Class Action Lawsuit 03/14/2019

If you purchased a significant amount of shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) between August 2, 2017 and February 5, 2019, and / or if you purchased any NASDAQ: CORT shares prior to August 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 13, 2019. NASDAQ: CORT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Corcept Therapeutics
Case Name: 
Corcept Therapeutics Sharrholder Class Action Lawsuit 03/14/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: CORT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/14/2019
Class Period Begin: 
08/02/2017
Class Period End: 
02/05/2019
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
05/13/2019
Summary: 

An investor in shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Corcept Therapeutics in connection with certain allegedly false and misleading statements made between August 2, 2017 and February 5, 2019.

Menlo Park, CA based Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. Corcept Therapeutics Incorporated reported that its annual Total Revenue rose from $81.32 million in 2016 to $159.2 million in 2017 and that its Net Income increased from $8.14 million in 2016 to $129.122 million in 2017.

Shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) reached as high as $25.96 per share in early 2018.
On January 25, 2019, a report was published concluding Corcept Therapeutics Incorporated is an example of what's wrong with the healthcare system and questioned whether the Company might be using its speakers bureau program to improperly compensate doctors for prescribing its drug known as Korlym.

On January 31, 2019, Corcept Therapeutics Incorporated forecast a sharp slowdown in sales of Korlym, projecting full-year 2019 revenue of $285 million to $315 million while investors and analysts had expected approximately $328 million.

On February 5, 2019, Blue Orca Capital published a report alleging that Corcept’s “sole specialty pharmacy and exclusive distributor is an undisclosed related party” and that the relationship “creates a material risk that the Company is using its captured pharmacy to boost sales, hide losses, or engage in other financial shenanigans.”

Shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) declined to as low as $9.14 per share on February 5, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Corcept Therapeutics Incorporated (NASDAQ: CORT) common shares between August 2, 2017 and February 5, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 2, 2017 and February 5, 2019, the defendants failed to disclose to investors that the Company had improperly paid doctors to promote its drug Korlym, that the Company aggressively promoted Korlym for off-label uses, that the Company’s sole specialty pharmacy was a related party, that the Company artificially inflated its revenue and sales using illicit sales practices through a related party, that such practices are reasonably likely to lead to regulatory scrutiny, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.