NEW YORK, Aug. 3, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of Pennsylvania, and docketed under 21-cv-03182, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Ocugen securities between February 2, 2021, and June 10, 2021, inclusive (the “Class Period”), seeking to recover damages for violations of the federal securities laws under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Ocugen securities during the Class Period, you have until August 17, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Ocugen identifies itself as a biopharmaceutical company focused on developing gene therapies to cure blindness and developing a vaccine to save lives from COVID-19. The Company’s main developments are a modifier gene therapy platform based on nuclear hormone receptors to generate therapies for patient with inherited retinal diseases and dry age-related macular degeneration.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, these statements were false and/or misleading statements and/or failed to disclose that: (i) the information submitted to the FDA was insufficient to support an EUA, (ii) Ocugen would not file an Emergency Use Authorization with the FDA, (iii) as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about Ocugen’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On February 2, 2021, Ocugen issued a press release announcing an agreement with Bharat Biotech International Limited (“Bharat”), a biotechnology headquartered in Hyderabad, India. Pursuant to the agreement, Ocugen obtained an exclusive right and license under certain of Bharat’s intellectual property rights, with the right to grant sublicenses, to develop, manufacture and commercialize COVAXINTM, an advanced stage whole-virion inactivated vaccine candidate/product for the prevention of COVID-19 in humans in the United States of America.
On this news, the Company’s share price rocketed from a close of $1.81 per share of Ocugen stock on February 1, 2021, to close at $3.26 per share on February 2, 2021, an increase of approximately 80.1 percent.
On February 5, 2021, after the market close, Ocugen filed a Form 8-K with the Securities and Exchange Commission. Attached to the Form 8-K as exhibit 99.1 was an investor presentation regarding the Company’s apparent new mission to “develop a vaccine to save lives from COVID-19”. The presentation described in great detail the Covaxin vaccine characteristics, the “unmet need in the United States” and Ocugen’s plan to develop and file an Emergency Use Authorization (“EUA”) with the U.S. Food and Drug Administration (“FDA”).
On June 10, 2021, Ocugen issued a press release announcing that it would pursue a “biologics license application” with the FDA instead of the previously announced EUA.
On the release of the news, the Company’s share price declined from $9.31 per share of Ocugen stock on June 9, 2021, to close at $6.69 per share on June 10, 2021, a drop of approximately -28.14 percent.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP