SAN DIEGO & MALVERN, Pa.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all purchasers of Ocugen, Inc. (NASDAQ: OCGN) who acquired Ocugen securities between February 2, 2021 and June 10, 2021. The complaint asserts claims under the Securities Exchange Act of 1934. Ocugen purports to be a biopharmaceutical company focused on developing gene therapies to cure blindness and developing vaccines to save lives from COVID-19. Ocugen's main developments are a modifier gene therapy platform based on nuclear hormone receptors ("NHRs") to generate therapies for patients with inherited retinal diseases ("IRDs") and dry age-related macular degeneration ("AMD").
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Ocugen, Inc. (OCGN) Made Misstatements Regarding the Viability of its COVID-19 Vaccine
According to the complaint, Ocugen issued a press release on February 2, 2021, announcing an agreement with Bharat Biotech International Limited, in which Ocugen obtained the an exclusive right to and license to develop, manufacture, and commercialize COVIXIN™, an advanced stage whole-virion inactivated vaccine candidate/product for the prevision of COVID-19 in humans in the U.S. The press release detailed that Ocugen would "be responsible for clinical development, regulatory approval (including EUA [Emergency Use Approval]) and commercialization for the US market" and would retain 45% of the profits from the sale of COVIXIN™ in the US market. On this news, Ocugen's share price rose from $1.81 per share on February 1, 2021, to close at $3.26 per share on February 2, 2021, an increase of approximately 80%. During the class period, the Company touted that it was on track to obtain EUA approval of the vaccine. In reality, it would be unable to obtain such approval.
On June 10, 2021, Ocugen issued a press release announcing that on the recommendation of the FDA it would pursue a "biologics license application" ("BLA") instead of the previously announced EUA. The announcement explained that the BLA would take additional time to obtain and would likely require "data from an additional clinical trial … to support the submission." On this news, Ocugen's share price fell from $9.31 per share on June 9, 2021, to close at $6.69 per share on June 10, 2021, a decline of more than 28%.
If you purchased shares of Ocugen, Inc. (OCGN) between February 2, 2021 and June 10, 2021, you have until August 17, 2021, to ask the court to appoint you lead plaintiff for the class.
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