Intercept Pharma (ICPT) Receives Final Approval for Securities Class Action Settlement
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Intercept Pharma (Nasdaq: ICPT) disclosed the following in a U.S. SEC filing on Monday:
Item 8.01 Other Events.
On September 8, 2016, the U.S. District Court for the Southern District of New York (the “Court”) granted final approval of the previously announced agreement with the lead plaintiff to settle the purported securities class action litigation, styled In re: Intercept Pharmaceuticals, Inc. Securities Litigation, against Intercept Pharmaceuticals, Inc. (the “Company” or “Intercept”) and certain of its officers.
The settlement included the payment of $55 million, of which $10 million was funded by the Company’s insurers. The defendants do not admit any liability as part of the settlement.
The final judgment and order of the Court included a dismissal of the action with prejudice against all defendants.
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