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OHR Pharmaceutical Inc (NASDAQ:OHRP) Investor Securities Class Action Lawsuit 02/14/2018

  • If you purchased shares of OHR Pharmaceutical Inc (NASDAQ:OHRP), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
OHR Pharmaceutical Inc
Security
NASDAQ: OHRP

Case Name
OHR Pharmaceutical Shareholder Class Action Lawsuit 02/14/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 16, 2020 - The court issued an order denying plaintiffs' motion for leave to amend the complaint. The case was dismissed.

October 9, 2020 - The Court of Appeals affirmed the court's ruling and remanded the case to the court to make a determination whether to grant the plaintiffs leave to file a second amended complaint.

October 23, 2018 - A notice of appeal was filed.

September 20, 2018 - The court granted the defendants' motion to dismiss.

September 17, 2018 - A motion to dismiss the amended consolidated complaint was filed.

August 7, 2018 - An amended consolidated complaint was filed.

February 14, 2018 - An investor in shares of OHR Pharmaceutical Inc (NASDAQ:OHRP) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by OHR Pharmaceutical Inc in connection with certain allegedly false and misleading statements made between June 24, 2014 and January 4, 2018.

New York based Ohr Pharmaceutical, Inc. is a pharmaceutical company focused on the development of therapeutics and delivery technologies for the treatment of ocular disease.

On June 24, 2014, OHR Pharmaceutical Inc announced positive top-line interim results for its double-masked, placebo-controlled Phase II clinical trial of Squalamine eye drops in patients with wet age-related macular degeneration (wet AMD).

On January 05, 2018, Ohr Pharmaceutical, Inc. reported topline data from the MAKO study which did not meet its primary efficacy endpoint. The MAKO study evaluated the efficacy and safety of topically administered squalamine in combination with monthly Lucentis® injections for the treatment of wet age-related macular degeneration (“wet-AMD”). Shares of OHR Pharmaceutical Inc (NASDAQ:OHRP) declined from $2.18 per share on January 3, 2018 to as low as $0.35 per share on January 5, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of OHR Pharmaceutical Inc (NASDAQ:OHRP) common shares between June 24, 2014 and January 4, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 24, 2014 and January 4, 2018, the defendants made false and/or misleading statements and/or failed to disclose that OHR Pharmaceutical Inc’s lead product Squalamine would not produce vision improvements and was commercially not viable, and that as a result of the foregoing, Defendants’ statements about OHR Pharmaceutical Inc’s business, operations, and prospects were misleading and/or lacked a reasonable basis.