Update Ferraro Family Foundation, Inc. and James L. Ferraro v. Corcept Therapeutics, Inc., et. al., Case No. 3:19-cv-01372-JD (N.D. Cal.):
A settlement has been reached and was preliminarily approved on January 4, 2024. The settlement provides for the payment of $14 million to eligible class members. Lead plaintiff Ferraro Family Foundation, Inc. and James L. Ferraro alleged violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 based on the defendants’ alleged false and misleading statements concerning the off-label marketing practices of its “core” drug product, Korlym.
The hearing on the Motion for Final Approval is scheduled for June 6, 2024.