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Corcept sinks to a 52-week low after disclosing U.S. subpoena on Korlym

Red arrow And dollar finance decline graph- Stock image

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  • 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

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.

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Comments (11)

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HaroldRamis profile picture
ok, still trading poorly .

no new info or
reassuring word about the tender from the co.

nice guys
HaroldRamis profile picture
Im not as smart as you guys, but apparently this spooky news was known by the co on 11/15

if the cancel the tender based on that , it would be outright fraud
funkskunk profile picture
@HaroldRamis You make a good point, it would be a bad look for management since they did screw this up. Perhaps the tender won't be cancelled to make it up to investors - this is just speculation on my part.
HaroldRamis profile picture
love how the news feeds blame the tender extension for the carnage

really insightful , those $5 an hour guys
What is the subpoena disclosure? I can't find anything.
funkskunk profile picture
@DiabloStocks It was mentioned in an 8-K filing this morning.
funkskunk profile picture
8.2 million shares submitted for tender, above the 3 million shares minimum condition. The tender extension is curious - the market is reacting like the tender will be cancelled, or is spooked by the subpoena disclosure. Looks like the extension has to do with the new disclosure, otherwise the company could have just cancelled the tender.
HaroldRamis profile picture
@funkskunk is this disclosure NEW or was it known for a while
HaroldRamis profile picture
@funkskunk meant known BY THE company
funkskunk profile picture
@HaroldRamis I think this situation was badly handled. There should have been an amendment to the tender documents (plus an 8-K) back in November when the subpoena was issued. To reveal this news today not by press release but hid away in an 8-K, and not mentioning it in the tender extension press release seems pretty shady. Obviously the market is not amused.
HaroldRamis profile picture
yes, extending the tender has sliced 30% off the price

who wants to wait an extra week. I sold mine at a $5 loss, no patience
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