Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Ocugen, Inc. (OCGN)

Friday, 18. June 2021 20:52

NEW YORK, June 18, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ocugen, Inc. (“Ocugen”) (NASDAQ: OCGN) in the United States District Court for the Eastern District of Pennsylvania on behalf of those who purchased or otherwise acquired Ocugen publicly traded securities between February 2, 2021 and June 10, 2021, inclusive (the “Class Period”).

The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) the information submitted to the FDA was insufficient to support an EUA; (2) the Company would not file an Emergency Use Authorization with the FDA; (3) as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about the Company’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On June 10, 2021, the Company 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. On this news, the Company’s share price dropped to $6.69 from $9.31 at close the day before.

Investors who purchased or otherwise acquired shares of Ocugen during the Class Period should contact the Firm prior to the August 17, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.


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