SAN DIEGO & BEDFORD, Mass.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Ocular Therapeutix, Inc. (NasdaqGM: OCUL) in the U.S. District Court for the District of New Jersey. The complaint is brought on behalf of all purchasers of Ocular securities between May 5, 2017 and July 6, 2017, for alleged violations of the Securities Exchange Act of 1934 by Ocular's officers and directors. Ocular, a biopharmaceutical company, focuses on the development and commercialization of therapies for diseases and conditions of the eye using its proprietary hydrogel platform technology in the United States. The company's lead product is known as DEXTENZA.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/ocular-therapeutix-inc
Ocular Accused of Hiding Product Manufacturing Issues
According to the complaint, on May 5, 2017, Ocular disclosed that it received a Form 483 from the U.S. Food and Drug Administration ("FDA") that documented concerns discovered during inspection of Ocular's manufacturing operations. During an earnings conference call that same day, Ocular's Executive Vice President of Regulatory, Quality, and Compliance, Eric Ankerud, stated that the company had the situation under control and expected to resolve the issue in a timely manner. Ocular officials neglected to disclose the true extent of DEXTENZA manufacturing issues, including that 50% of the company's lots contain bad product, and that such issues could imperil the approval of DEXTENZA by the FDA. On July 6, 2017, STAT published an article asserting that DEXTENZA could be rejected by the FDA because of product contamination, including aluminum, found by an FDA inspector during a visit to the company's manufacturing facility. On this news, Ocular's stock fell $3.06 per share, or over 30%, to close at $7.12 per share on July 7, 2017.
Ocular Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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