Bragar Eagel & Squire, P.C. Is Investigating Medallion, Cortexyme, SelectQuote, and Corcept and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
Apr 10, 2022, 9:00 PM ET
NEW YORK, April 10, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Medallion Financial Corp. (NASDAQ: MFIN), Cortexyme, Inc. (NASDAQ: CRTX), SelectQuote, Inc. (NYSE: SLQT), and Corcept Therapeutics, Inc. (NASDAQ: CORT). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Medallion Financial Corp. (NASDAQ: MFIN)
On December 29, 2021, the SEC charged Medallion and its President and Chief Operating Officer, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, the two had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”
On this news, Medallion’s stock fell up to 27% during intraday trading on December 29, 2021, thereby injuring investors.
For more information on the Medallion investigation go to: https://bespc.com/cases/MFIN
Cortexyme, Inc. (NASDAQ: CRTX)
On October 26, 2021, Cortexyme issued a press release “report[ing] top-line results from its Phase 2/3 GAIN Trial, a double-blind, placebo-controlled study evaluating the efficacy of atuzaginstat (COR388), an investigational orally administered small-molecule that targets gingipain proteases from the bacterium Porphyromonas gingivalis (P. gingivalis).” The press release reported, in relevant part, that the study had failed to meet statistical significance in its co-primary endpoints of improving cognitive and functional abilities in patients with mild-to-moderate Alzheimer’s disease. On this news, Cortexyme’s stock price fell $44.17 per share, or 76.58%, to close at $13.51 per share on October 27, 2021. Then, on January 26, 2022, Cortexyme disclosed receipt of a letter from the U.S. Food and Drug Administration ("FDA") advising that the FDA had “plac[ed] a full clinical hold on atuzaginstat’s (COR388) Investigational New Drug application (IND 134303).”
On this news, Cortexyme's stock price fell $2.85 per share, or 31.46% to close at $6.21 per share on January 26, 2022.
For more information on the Cortexyme investigation go to: https://bespc.com/cases/CRTX
SelectQuote, Inc. (NYSE: SLQT)
On February 7, 2022, SelectQuote reported its financial results for the second quarter of fiscal year 2022. Among other items, SelectQuote reported a quarterly loss of $0.84 per share and a 45% year-over-year revenue decline. The Company's Chief Executive Officer Tim Danker attributed the shortfall to “unexpected challenges” in SelectQuote’s Medicare Advantage business. In addition, SelectQuote updated its 2022 guidance to forecast a net loss of $255 million to $236 million.
On this news, SelectQuote’s stock price fell $2.99 per share, or 45.79%, to close at $3.54 per share on February 8, 2022.
For more information on the SelectQuote investigation go to: https://bespc.com/cases/SLQT
Corcept Therapeutics, Inc. (NASDAQ: CORT)
On December 8, 2021, Corcept disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n November 15, 2021, the Company received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey (the ‘NJ USAO’) pursuant to Section 248 of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym.” Corcept further disclosed that “[t]he NJ USAO has informed Corcept that it is investigating whether any criminal or civil violations by Corcept occurred in connection with the matters referenced in the subpoena.”
On this news, Corcept’s stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.
For more information on the Corcept investigation go to: https://bespc.com/cases/CORT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.