CORT Shareholders - Lead Plaintiff Deadline: April 21, 2026

Corcept Therapeutics Incorporated Class Action Lawsuit – CORT

Introduction to Corcept Therapeutics Incorporated (CORT) Securities Class Action Lawsuit

A securities fraud class action has been filed against Corcept Therapeutics Incorporated (NASDAQ: CORT) and several executives in the U.S. District Court for the Northern District of California, alleging violations of the Securities Exchange Act of 1934, including Sections 10(b) and 20(a) and Rule 10b-5. The lawsuit covers investors who purchased Corcept Therapeutics common stock on the NASDAQ, ticker CORT, between October 31, 2024, and December 30, 2025. Investors allege that the company and its executives misrepresented the strength of clinical trial evidence supporting its new drug application for relacorilant and hid repeated FDA warnings about inadequate clinical data and concealed material risks related to an unfavorable benefit-risk assessment. On December 31, 2025, the FDA rejected the application through a Complete Response Letter, or CRL, revealing that the agency had warned Corcept Therapeutics Incorporated on several occasions during pre-submission meetings about significant review issues. The stock price collapsed, a 50.4% single-day decline that wiped out approximately $3.6 billion in market capitalization.

Corcept Therapeutics Incorporated (CORT) Securities Lawsuit Case Details

Case Name: Allegheny County Employees' Retirement System v. Corcept Therapeutics Incorporated, et al.

Case No.: 3:26-cv-1525

Jurisdiction: U.S. District Court, Northern District of California

Filed on: February 20, 2026

Corcept Therapeutics Incorporated (CORT) Company Profile

Corcept Therapeutics Incorporated is a commercial-stage pharmaceutical company, publicly traded on the NASDAQ as CORT, focused on developing medications to treat severe endocrinologic, oncologic, metabolic, and neurologic disorders by modulating the effects of cortisol. Since 2012, the company has marketed Korlym for the treatment of patients suffering from hypercortisolism, also known as Cushing's syndrome.

Corcept Therapeutics Incorporated (CORT) Securities Lawsuit Class Period

October 31, 2024 - December 30, 2025, inclusive

All persons or entities that purchased or otherwise acquired Corcept Therapeutics Incorporated common stock on the NASDAQ under ticker CORT during the Class Period may be eligible to join the Corcept Therapeutics Incorporated (CORT) class action lawsuit.

Allegations in the Corcept Therapeutics Incorporated (CORT) Securities Class Action Lawsuit

According to the complaint, Corcept Therapeutics Incorporated, along with Chief Executive Officer Joseph K. Belanoff, Chief Development Officer William Guyer, Chief Business Officer Gary Charles Robb, and President of Endocrinology Sean Maduck, allegedly misled investors about the strength of clinical evidence and the adequacy of clinical trials to demonstrate efficacy supporting the company's new drug application for relacorilant as a treatment for hypercortisolism. On October 30, 2024, Belanoff announced that results from the GRACE and GRADIENT Phase 3 studies would clear the path for relacorilant's new drug application in Cushing's syndrome, which the company planned to submit by year-end, representing to investors that approval was approaching. He stated that the outcomes of the GRACE study would provide powerful evidence of efficacy for the NDA, though they did not stand alone. During the same earnings call, Guyer expressed confidence in submitting an NDA based on the GRADIENT data, stating that the totality of evidence from all studies demonstrated a successful path to a positive NDA that would happen in the coming weeks. Robb added that the FDA had made clear that a single well-controlled study like GRACE, along with confirmatory evidence, was sufficient to demonstrate drug safety and efficacy. Belanoff further assured investors that the company had talked to the FDA plenty about the program and foresaw absolutely no impediments to getting the NDA submitted, stating there were no significant review issues.

The confidence continued through 2025, with repeated statements that approval was approaching. On February 26, 2025, Belanoff again characterized the positive results from GRACE, GRADIENT, and Phase 2 studies as powerful support for a successful relacorilant NDA. By May 5, 2025, he told investors the application was under review with an FDA action date of December 30, 2025, and was progressing towards approval by year-end. Maduck projected that within three to five years, relacorilant would generate $3 billion to $5 billion in annual revenue in hypercortisolism alone, reinforcing market expectations and artificially inflating the stock price. On July 31, 2025, Belanoff stated that relacorilant was approaching approval and that the company expected approval by the end of the year, again signaling imminent approval. On November 4, 2025, just weeks before the FDA decision, Belanoff told investors the company expected FDA approval of relacorilant the following month. The complaint alleges that throughout this period, the FDA had repeatedly raised concerns about the adequacy of the clinical evidence supporting the NDA in pre-submission meetings. Investors allege that the FDA had warned Corcept Therapeutics Incorporated about concerns regarding the adequacy of the program assessing relacorilant's effectiveness in treating hypertension in patients with hypercortisolism, including the design of the GRACE study itself, and raised the prospect of significant review issues.

The complaint contends there was a known material risk that Corcept Therapeutics Incorporated's relacorilant NDA would not be approved, which the company and its executives concealed from investors, causing Corcept Therapeutics Incorporated securities to trade at artificially inflated prices, and violating the Securities Exchange Act of 1934 through material misstatements and omissions under Rule 10b-5.

The Truth Emerges

On December 31, 2025, Corcept disclosed that the FDA, the U.S. Food and Drug Administration, had issued a Complete Response Letter, or CRL, regarding the NDA for relacorilant as a treatment for patients with hypertension secondary to hypercortisolism. The FDA concluded it could not arrive at a favorable benefit-risk assessment for relacorilant without Corcept Therapeutics Incorporated Incorporated providing additional evidence of effectiveness, finding the clinical evidence insufficient to demonstrate efficacy. Belanoff stated the company was surprised and disappointed by the outcome. According to the complaint, this disclosure, which stated the FDA could not reach a favorable benefit-risk assessment without additional evidence, called into question earlier statements that the data provided "powerful support" and that the company foresaw no impediments to approval, and undermined prior assurances about approval likelihood.

On January 30, 2026, the FDA published a redacted copy of the Complete Response Letter, or CRL. The FDA had determined it could not approve the application in its present form and detailed reasons why the evidence from the GRACE and GRADIENT studies was not sufficient to demonstrate the effectiveness of relacorilant for the proposed indication, including concerns about trial design and endpoints in the GRACE trial. The letter revealed that during pre-submission meetings, the FDA had informed Corcept Therapeutics Incorporated on several occasions of concerns about the adequacy of the clinical development program to assess the effect of relacorilant on hypertension in the intended population, including the design of the GRACE study, and warned the company to expect significant review issues if it submitted the application, and that additional effectiveness data would be required.

Market Reaction

The December 31, 2025 disclosure caused the price of Corcept Therapeutics Incorporated common stock on the NASDAQ (CORT) to decline by $35.40 per share, or 50.4%, from a closing price of $70.20 on December 30, 2025, to a closing price of $34.80 on December 31, 2025. The single-day collapse erased more than half of the company's market value, approximately $3.6 billion in market capitalization, as investors reacted to the Complete Response Letter and the revelation that the agency had repeatedly warned Corcept Therapeutics Incorporated about concerns regarding the adequacy of the clinical development program.

Next Steps

●      The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

●      The Court will then consider motion for class certification.

●      The Court will later consider a Motion to Dismiss.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

  1. I have reviewed a complaint filed in the action.
  2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.
  3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.
  4. My transaction(s) in Corcept Therapeutics Incorporated which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.
  5. Within the last 3 years,
  6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

Are you US Citizen?

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Corcept Therapeutics Incorporated. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

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