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Ophthotech Corp (NASDAQ: OPHT) Investor Securities Class Action Lawsuit 01/11/2017

  • If you purchased shares of Ophthotech Corp (NASDAQ: OPHT), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Ophthotech Corp
Security
NASDAQ: OPHT

Case Name
Ophthotech Shareholder Class Action Lawsuit 01/11/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

September 17, 2019 - The court denied the defendants' motion to dismiss.

July 27, 2018 - A motion to dismiss the amended consolidated complaint was filed.

June 4, 2018 - An amended consolidated complaint was filed.

January 11, 2017 - An investor in shares of Ophthotech Corp (NASDAQ: OPHT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ophthotech Corp in connection with certain allegedly false and misleading statements made between May 11, 2015 and December 12, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Ophthotech Corp (NASDAQ: OPHT) common shares between May 11, 2015 and December 12, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 11, 2015 and December 12, 2016, Ophthotech Corp made allegedly overtly positive representations about the effectiveness and potential of its treatment Fovista when used in combination with Lucentis, a commercially available anti-vascular endothelial growth factor agent, despite awareness that the phase 3 clinical trial of Fovista would fail to achieve its primary endpoint of change in best corrected visual acuity from baseline at 12 months over Lucentis alone.

Ophthotech Corp reported that its annual Total Revenue rose from $41.26 million in 2014 to $51.56 million in 2015 and that its Net Loss declined from $116.77 million in 2014 to $105.72 million in 2015.

On December 12, 2106, Ophthotech Corp (NASDAQ: OPHT) announced that the pre-specified primary endpoint of mean change in visual acuity at 12 months was not achieved in its two pivotal Phase 3 clinical trials investigating the superiority of Fovista® (pegpleranib) anti-PDGF therapy in combination with Lucentis® (ranibizumab) anti-VEGF therapy compared to Lucentis® monotherapy for the treatment of wet age-related macular degeneration (AMD). Ophthotech Corp also said that the addition of Fovista® to a monthly Lucentis® regimen did not result in benefit as measured by the mean change in visual acuity at the 12 month time point.

Shares of Ophthotech Corp (NASDAQ: OPHT) declined to as low as $4.53 per share on December 15, 2016.