SAN DIEGO & MENLO PARK, Calif.–(BUSINESS WIRE)–$CORT #ClassAction–Shareholder rights law firm Robbins LLP announces that a purchaser of Corcept Therapeutics Incorporated (NASDAQ: CORT) filed a complaint against the company’s officers and directors for breaches of fiduciary duty, mismanagement, corporate waste, and violations of the Securities Exchange Act of 1934. Corcept is a pharmaceutical company that develops medications to treat severe metabolic, oncologic, and psychiatric disorders. Corcept’s drug Korylm is a cortisol receptor blocker used to control hyperglycemia.
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Corcept Therapeutics Incorporated (CORT) Accused of Illicit Sales Practices
According to the complaint, in 2012, Corcept launched its prescription medicine Korlym, which served as Corcept’s only revenue-generating product. Due to the limited population of potential Korlym users, Corcept’s officers and directors improperly paid doctors to prescribe Korlym for non-approved applications and disguised these bribes as speaking fees for its speakers bureau program. Then, on January 25, 2019, Corcept’s ruse was revealed when Southern Investigative Reporting Foundation published a report alleging that Corcept paid doctors to prescribe Korlym for off-label uses. In addition to this wrongdoing, on February 5, 2019, Blue Orca Capital published a report alleging that the specialty pharmacy Corcept switched to for processing Korlym orders was actually an undisclosed related party that Corcept was using to artificially boost sales and hide losses. As a result of these revelations, Corcept’s public statements appeared to be materially false and misleading, damaging the Company’s credibility. As a result, Corcept has been named a defendant in a securities class action lawsuit, opening the Company up to future damages.
Corcept Therapeutics Incorporated (CORT) Shareholders Have Legal Options
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Leo Kandinov
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[email protected]
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Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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Leo Kandinov
Robbins LLP
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[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
