- Following a sharp decline in morning hours, the shares of Corcept Therapeutics (CORT -21.9%) have reached a 52-week low after disclosing that it received a records subpoena from the Attorney’s Office for the District of New Jersey.
- The subpoena relates to the sales and promotional activities for Korlym, Cushing’s syndrome drug marketed by the company. News of legal concerns regarding Korlym comes just a day after a U.S. appeals court rejected Teva’s (NYSE:TEVA) bid to invalidate a patent for the drug.
- “The 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,” Corcept (NASDAQ:CORT) wrote in its regulatory filing on Wednesday.
- In addition, the company also announced an extension to the expiration of its previously announced tender offer for common stock. Early last month, Corcept (CORT) announced the beginning of a tender offer to purchase up to 10M of its common stock par value of $0.001 per share. According to the update, the offer is now expected to close one minute after 11:59 P.M., New York City time, on Dec. 15, from the previously announced time of one minute after 11:59 P.M., New York City time on Dec. 07.
- So far, about 8.2M shares have been tendered for purchase, Corcept (CORT) said, adding that the offer is subject to at least 3M shares being tendered.
- Read more on the company’s tender offer, as announced previously.
This was corrected on 12/08/2021 at 1:59 PM. This post was updated to reflect that the company has received a subpoena related to Korlym.