DOJ Declines Intervention in Qui Tam Suit Against Corcept, Reducing Legal Exposure
CORT has more than doubled off its 52-week low of $28.66.
Summary
The Department of Justice and several states have declined to intervene in a qui tam lawsuit against Corcept Therapeutics, as confirmed by an 8-K filing today. While the relator has filed an amended complaint, the DOJ's decision significantly reduces the potential legal and financial risk for Corcept compared to a government-led prosecution. The original suit alleges issues related to the company's drug, Korlym. Corcept intends to vigorously defend against the claims.
At the time of this announcement, CORT was trading at $70.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $7.6B. The 52-week trading range was $28.66 to $91.00. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.