According to the lawsuit, throughout the Class Period, defendants represented that the key clinical trials supporting the use of relacorilant as treatment for patients with hypercortisolism were “powerful support” for the New Drug Application (“NDA”) that Corcept submitted to the U.S. Food and Drug Administration (“FDA”) for this indication. Defendants also stated that they had communicated with the FDA about this NDA and were confident in submitting the NDA, foreseeing no impediments to approval. Toward the latter part of the Class Period, defendants repeatedly told investors that “relacorilant is approaching approval.” In truth, the FDA had repeatedly raised concerns about the adequacy of the clinical evidence supporting the relacorilant NDA and, as a result, there was a known material risk that Corcept’s relacorilant NDA would not be approved.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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