The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the effectiveness and potential of its anti-PDGF therapy, Fovista.
Specifically, on December 12, 2016, Ophthotech announced results of the two pivotal phase 3 trials of Fovista disclosing that the treatment, administered in combination with Lucentis, had failed to achieve its primary endpoint of visual acuity at 12 months compared to Lucentis administered as a monotherapy under the guidelines established by the FDA.
After the announcement, Ophthotech's share price fell from $38.77 per share on December 9, 2016 to a closing price of $5.29 on December 12, 2015—a $33.50 or a 86.4% drop.
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If you invested in Ophthotech common stock or options between May 11, 2015 and December 12, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/OPHT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ophthotech's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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