The investigation concerns whether Intra-Cellular and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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On December 18, 2018, Intra-Cellular Therapies issued a press release announcing that "an independent data monitoring committee (DMC) has completed a pre-specified interim analysis of the Company's ongoing clinical trial with low-dose lumateperone (9 mg ITI-007) for the treatment of agitation in patients with probable Alzheimer's disease (Study 201)." Intra-Cellular Therapies stated that "[t]he DMC concluded that Study 201 is not likely to meet its primary endpoint upon completion and therefore recommended the study should be stopped for futility. As a result of this recommendation, the Company has determined to discontinue Study 201." Following this announcement, Intra-Cellular Therapies' stock price fell sharply during intraday trading on December 18, 2018.
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SOURCE Pomerantz LLP
