WHY: Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Ocugen, Inc. (NASDAQ: OCGN) resulting from allegations that Ocugen may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Ocugen securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT IS THIS ABOUT: On May 26, 2021, Ocugen stated its plan to submit an Emergency Use Authorization ("EUA") application for COVAXIN™, a COVID-19 vaccine, to the U.S. Food & Drug Administration ("FDA") in June 2021.
Then on June 10, 2021, the Company issued a press release announcing that it "will no longer pursue an Emergency Use Authorization (EUA) for COVAXIN™" but would instead "pursue submission of a biologics license application (BLA) for its COVID-19 vaccine candidate, COVAXIN™." The Company's Chairman of the Board, CEO, and co-founder further revealed that "[a]lthough we were close to finalizing our EUA application for submission, we received a recommendation from the FDA to pursue a BLA path[,]" and that "this will extend our timelines[.]"
On this news, Ocugen's stock price fell $2.62 per share, or 28%, to close at $6.69 per share on June 10, 2021, on unusually heavy trading volume, damaging investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.