A settlement has been reached in Melucci v. Corcept Therapeutics Incorporated, et al., Case No. 5:19-cv-01372-LHK (N.D. Cal.).
The settlement, once approved, will provide for the payment of $14 million to eligible class members. Lead Plaintiffs Ferraro Family Foundation, Inc. and James L. Ferraro alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on false and misleading misstatements that the company made that allegedly concealed from shareholders its off-label marketing of the drug Korlym.
Lead Plaintiff’s Unopposed Motion for Preliminary Approval of the Proposed Class Action Settlement was filed on April 11, 2023 and is currently pending preliminary approval in the United States District Court for the Northern District of California. Corcept Therapeutics' announcement of the settlement can be viewed here.