NEW YORK, July 16, 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 United States District Court of the Eastern District of Pennsylvania, and listed under 21-cv-03182, is in the name of a class made up of all persons and entities other than the Defendants who have purchased or otherwise acquired Ocugen securities between February 2, 2021, and June 10, 2021, inclusive (the “Remedy Period”), seeking damages for violations of 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 by virtue of it, against the Company and certain of its senior executives.
If you are a shareholder who purchased or otherwise acquired securities of Ocugen during the Class Period, you have up to August 17, 2021 ask the court to appoint you as the principal 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 inquiring by e-mail are encouraged to provide 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 on developing a vaccine to save lives against COVID-19. The main developments of the Company are a modifying gene therapy platform based on nuclear hormone receptors to generate therapies for patients with inherited retinal diseases and age-related dry macular degeneration.
The complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operations and compliance policies. Specifically, these statements were false and / or misleading statements and / or did not reveal that: (i) the information submitted to the FDA was insufficient to justify an EUA, (ii) Ocugen would not file a use authorization emergency to the FDA, (iii) as a result of the foregoing, the Company’s financial statements, as well as the statements of the Defendants regarding Ocugen’s business, operations and prospects, were false and misleading and / or lacked a reasonable basis.
At February 2, 2021, Ocugen issued a press release announcing an agreement with Bharat Biotech International Limited (“Bharat”), a biotechnology company based in Hyderabad, India. Pursuant to the agreement, Ocugen has obtained an exclusive right and license under certain intellectual property rights from Bharat, with the right to sub-license, to develop, manufacture and market COVAXINTM, a vaccine candidate / inactivated product at late-stage whole virion for the prevention of COVID-19 in humans by United States of America.
Following this news, the Company’s share price has skyrocketed from a close of $ 1.81 per Ocugen share on February 1, 2021, to close at $ 3.26 per share on February 2, 2021, an increase of about 80.1%.
At February 5, 2021, after the market closed, Ocugen filed a Form 8-K with the Securities and Exchange Commission. Attached to Form 8-K as Exhibit 99.1 was a presentation to investors regarding the company’s apparent new mission to “develop a vaccine to save lives from COVID-19.” The presentation described in detail the characteristics of the Covaxin vaccine, the “unmet need for United States“and Ocugen’s plan to develop and file an Emergency Use Authorization (” EUA “) with the United States Food and Drug Administration (” FDA “).
At 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.
Upon publication of the news, the Company’s share price rose from $ 9.31 per Ocugen share on June 9, 2021, to close at $ 6.69 per share on June 10, 2021, a decrease of about -28.14 percent.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980
SOURCE Pomerantz LLP