Portnoy Law Firm has initiated a class action lawsuit against Corcept Therapeutics Incorporated on behalf of investors who purchased company securities during the period between October 31, 2024 and December 31, 2025. The complaint alleges that Corcept made material misrepresentations regarding the clinical evidence supporting its drug candidate relacorilant while simultaneously concealing known regulatory concerns from the market.
The legal action follows Corcept's December 31, 2025 disclosure that the U.S. Food and Drug Administration issued a Complete Response Letter rejecting the new drug application for relacorilant. The announcement triggered a significant market decline, with Corcept's stock price falling more than 50% following the announcement. According to the lawsuit, the FDA's correspondence—portions of which were redacted—documented repeated warnings the agency had issued to Corcept during pre-submission meetings, citing inadequate clinical evidence for the drug candidate.
The class action seeks to hold the company accountable for the disparity between its public statements regarding the drug candidate and the FDA's documented reservations. The litigation centers on whether investors were provided sufficient disclosure regarding the regulatory obstacles the company was facing during the covered period, which would have been material to investment decisions.