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CORT.US
id: 585

Corcept Therapeutics (CORT) $14M Securities Settlement

$14,000,000
Cash Settlement
N.D. California
Court
3:19-CV-01372
Case number
08/02/2017
Class period Start
01/31/2019
Class period End
05/13/2024
Claim deadline
Corcept Therapeutics (CORT) agreed to settle $14 million with investors to end a securities class action lawsuit over concealing that it improperly paid doctors to promote its drug Korlym and inflated its revenue and sales using illicit sales practices through a related party.
Case Type
US Securities Class Action
Case Status
Distribution Started
Alleged Offence
Misleading Statements, 
Financial Misrepresentation, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.06
Filing date
03/14/2019
Lead Plaintiff Deadline
05/13/2019
Plaintiffs
Ferraro Family Foundation
Attorneys
Levi & Korsinsky, LLP (San Francisco, CA)
Defendants
Joseph K. Belanoff, Charles Robb, Sean Maduck
Judge
Hon. Lucy H. Koh
Administrator
A.B. Data Ltd
Settlement agreement date
2023-04-11
Court hearing date
06/06/2024
Exclusion deadline
05/13/2024
Objection deadline
05/13/2024
Trades matching type
FIFO
Disbursement date
03/10/2025

Frequently Asked Questions

Who is eligible for this settlement?

All persons who purchased or otherwise acquired common stock or options to purchase common stock of Corcept Therapeutics Incorporated during the period between August 2, 2017 to January 31, 2019, inclusive.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How much will my payment be?

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $0.06 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.24 per share.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.