Company: CORT
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037005
Chunk: 114

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 114
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 Action No. 1:19-cv-02308. These complaints named the then-existing members of our board of directors, our Chief Executive Officer and our current Chief Business Officer as defendants, and Corcept as a nominal defendant. The complaints allege breach of fiduciary duty, violation of Section 14(a) of the Exchange Act, insider selling, misappropriation of insider information and waste of corporate assets and seek damages in an amount to be proved at trial. These actions had been stayed pending resolution of the Melucci Litigation. On June 21, 2024, the United States District Court for the District of Delaware consolidated the Williams 

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and Jeweltex cases into one case but later stayed these cases pending the outcome of a separate derivative case filed in the Delaware Court of Chancery, as discussed below.

In January 2022, a purported shareholder derivative complaint was filed in the Delaware Court of Chancery by Joel B. Ritchie, captioned Joel B. Ritchie v. G. Leonard Baker, et al., Case No. 2022-0102-SG. The complaint named certain members of our Board of Directors, our Chief Executive Officer, our current Chief Business Officer and our President of Corcept Endocrinology as defendants, and Corcept as nominal defendant. The complaint alleged a single cause of action for breach of fiduciary duty and sought unspecified damages. In May 2024, we filed a motion to dismiss this complaint, which the Court granted on July 22, 2025. 

Given the overlapping allegations in these shareholder derivative actions, we and the individual defendants previously filed a One Forum Motion in both the United States District Court for the District of Delaware and the Delaware Court of Chancery requesting that the Courts coordinate to determine the jurisdiction (Federal or Chancery Court) in which these matters would first proceed. In response to that motion, the Federal Court stayed proceedings in the Williams and Jeweltex cases until the Chancery Court made its ruling which, as described above, it did in our favor on July 22, 2025. We cannot predict when or how the United States District Court will respond to the Chancery Court’s decision.

We will continue to respond vigorously to the above allegations but cannot predict how the United States District Court for the District of Delaware will resolve the Williams and Jeweltex cases considering the dismissal granted by the Delaware Court.

Records Subpoena

In November 2021, we received a records subpoena from the United