NEW YORK, Aug. 31, 2017 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Ocular Therapeutix, Inc. (NASDAQ: OCUL) from May 5, 2017 through July 11, 2017, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Ocular investors under the federal securities laws.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Ocular's management has been misleading investors about DEXTENZA manufacturing issues, including that more than 50% of lots manufactured by Ocular contain bad product; (2) such manufacturing issues could imperil the approval of DEXTENZA by the FDA; and (3) as a result, Defendants' public statements were materially false and misleading at all relevant times. On July 6, 2017, Seeking Alpha published an article concerning DEXTENZA manufacturing issues. On that same day, STAT published an article asserting that DEXTENZA could be rejected by the FDA because of product contamination. On this news, shares of Ocular Therapeutix fell $3.06 per share or over 30% over two trading days to close at $7.12 per share on July 7, 2017, damaging investors. On July 11, 2017, Ocular disclosed that it received a Complete Response Letter from the FDA stating "that the FDA has determined that it cannot approve the NDA in its present form." On this news, shares of Ocular fell $0.93 per share or over 12% to close at $6.67 per share on July 12, 2017, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 5, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1158.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].