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Fri. 3 Jun 2022, 9:00pm ET Benzinga News, Legal, Press Releases

NEW YORK, June 03, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Verrica Pharmaceuticals, Inc. (NASDAQ:VRCA), Gap, Inc. (NYSE:GPS), and Corcept Therapeutics, Inc. (NASDAQ:CORT). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.

Verrica Pharmaceuticals, Inc. (NASDAQ:VRCA)

Verrica is a dermatology therapeutics company that develops and commercializes treatments for people with skin diseases in the United States.

On May 24, 2022, after the market closed, Verrica announced that the U.S. Food and Drug Administration ("FDA") had issued a Complete Response Letter regarding its New Drug Application for molluscum contagiosum treatment, VP-102. Specifically, the FDA cited "deficiencies identified at a general reinspection of Sterling Pharmaceuticals Services, LLC (Sterling), the contract manufacturing organization (CMO) that manufactures Verrica's bulk solution drug product."

On this news, the price of Verrica shares declined by $3.55 per share, or approximately 63.8%, from $5.56 per share to close at $2.01 per share on May 25, 2022.

For more information on the Verrica investigation go to: https://bespc.com/cases/VRCA

Gap, Inc. (NYSE:GPS)

On May 20, 2022, during trading hours, The Wall Street Journal published an article entitled "Old Navy Made Clothing Sizes for Everyone. It Backfired. The clothing brand's push for inclusivity left it with a shortage of middle sizes. ‘It's super-frustrating.'" The article stated that "Old Navy set out to make clothes shopping more inclusive for women of all body types. It ended up with too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up." Further, the article stated that "Gap warned that sales for the spring quarter would fall short of expectations in part due to troubles at Old Navy[,]" but that "[t]he extended sizes were the culprit, according to current and former employees." Finally, the article stated that "Old Navy's stumbles don't bode well for Gap Inc. In 2021, Old Navy accounted for 54% of the company's sales and roughly 80% of profits[.]"

On this news, Gap Inc.'s stock fell $0.60 per share, or 5.5%, to close at $10.33 on May 23, 2022, the next full trading day.

For more information on the Gap investigation go to: https://bespc.com/cases/GPS

Corcept Therapeutics, Inc. (NASDAQ:CORT)

On December 8, 2021, Corcept disclosed in a filing with the U.S. Securities and Exchange Commission that "[o]n November 15, 2021, the Company received a records subpoena from the U.S. Attorney's Office for the District of New Jersey (the ‘NJ USAO') pursuant to Section 248 of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) seeking information relating to the sale and promotion of Korlym, Corcept's relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym." Corcept further disclosed that "[t]he 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."

On this news, Corcept's stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.

For more information on the Corcept investigation go to: https://bespc.com/cases/CORT

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.

Brandon Walker, Esq.

Melissa Fortunato, Esq.

(212) 355-4648

investigations@bespc.com

www.bespc.com