DENVER, CO, August 5, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Corcept Therapeutics, Inc. (“Corcept” or the “Company”) (Nasdaq: CORT). Corcept is a pharmaceutical company.
The Firm’s investigation relates to allegations raised in a January 25, 2019 report by the nonprofit Foundation for Financial Journalism (“FFJ”) titled “Corcept Therapeutics: The Company That Perfectly Explains the Health Care Crisis”. In its report, FFJ alleged a Company-wide “off-label” marketing scheme involving a Corcept drug called Korlym. FFJ further alleged that increasing deaths had been associated with the drug. Korlym is not approved by the FDA for general treatment of endogenous Cushing’s Syndrome, a rare disease affecting approximately 20,000 Americans. Rather, Korlym has only been FDA-approved for treatment of a tiny fraction of Cushing’s Syndrome patients who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. FFJ alleged, however, that pursuant to Corcept’s “off-label” marketing scheme, physicians were induced via honoraria and speaker payments to prescribe Korlym for general treatment of Cushing’s Syndrome. Less than a week after the FFJ report was published, on January 31, 2019, Corcept forecasted a slowdown in Korlym sales, projecting full-year 2019 revenues which were well below analysts’ expectations. As a result, Corcept’s stock price dropped by over 10% on February 1, 2019. A federal securities fraud class action against Corcept was subsequently filed on March 14, 2019 in the U.S. District Court for the Northern District of California. That case remains pending.
If you currently own Corcept common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at email@example.com.