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Lawsuit against Intercept Pharmaceutical directors dismissed by US court

Intercept Pharmaceuticals Inc. said a U.S. court granted a motion to dismiss a shareholder lawsuit which alleged that company directors breached their fiduciary duty.

The Supreme Court of the State of New York, County of New York dismissed the suit, Solak v. Fundaro, et al., which was filed August 2017, purportedly on behalf of the company.

The suit alleged that company directors violated the company's nonexecutive director compensation practices.

The New York-based biopharmaceutical company said the ruling is subject to appeal.