NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN) securities from February 2, 2021 through June 10, 2021, inclusive (the “Class Period”). Investors have until August 16, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Ocugen is a biopharmaceutical company. Pursuant to an agreement with Bharat Biotech, Ocugen has the exclusive right to develop, manufacture, and commercialize COVAXIN, a vaccine candidate for COVID-19.
On June 10, 2021, Ocugen announced that it would “no longer pursue an emergency use authorization” for its COVID-19 vaccine candidate, Covaxin, and would instead go through the process of obtaining full approval. The Company said that the decision was “based on a recommendation from the U.S. Food and Drug Administration,” which also “requested more information and data” for the approval. The news shocked the market, as the Company had previously indicated that it intended to apply for Emergency Use Authorization (“EUA”). On this news, the Company’s share price declined by $2.62 per share, or approximately 28.14%, from $9.31 per share to close at $6.69 per share on June 10, 2021.
The lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the information submitted to the U.S. Food and Drug Administration (“FDA”) was insufficient to support an EUA; (2) Ocugen would not file an EUA with the FDA; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Ocugen securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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