Ocugen Inc. (“Ocugen” or the “Company”) 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 submit a biologics license application (“BLA”) for COVAXIN, which has a longer approval process than an Emergency Use Authorization (“EUA”) application, and that it anticipated conducting an additional clinical trial to support the submission.
On this news, the Company’s share price fell $2.62 per share, or 28%, to close at $6.69 per share on June 10, 2021, thereby injuring investors.
A securities class action has been filed against Ocugen on behalf of shareholders that purchased Ocugen shares between February 2, 2021 through June 10, 2021. This case has been filed in the U.S. District Court for the Eastern District of Pennsylvania.
The Complaint alleges that Defendants failed to disclose to investors that: (i) the information that Ocugen had 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.
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