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OvaScience Inc (NASDAQ: OVAS) Investor Securities Class Action Lawsuit 06/06/2014

  • If you purchased shares of OvaScience Inc (NASDAQ: OVAS), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
OvaScience Inc
Security
NASDAQ: OVAS

Case Name
OvaScience Shareholder Class Action Lawsuit 06/06/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

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

September 28, 2015 - The court granted defendants' motion to dismiss.
October 31, 2014 - The lead plaintiff filed an amended consolidated complaint.

September 25, 2014 - Lead plaintiff and lead counsel were appointed.

June 6, 2014 - An investor in shares of OvaScience Inc (NASDAQ: OVAS) filed a lawsuit in the U.S. District Court for the District of Massachusetts against OvaScience Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 25, 2013 and September 10, 2013.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of OvaScience Inc (NASDAQ: OVAS) between, that OvaScience Inc and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that OvaScience Inc represented to the Food and Drug Administration (“FDA”) and investors that it believed that AUGMENT qualified for designation as a 361 HCT/P, which allows human cellular and tissue based products to be tested and marketed without FDA licensure. However, the plaintiff claims that despite this representation, OvaScience never qualified for this designation.

On September 11, 2013, OvaScience Inc provided a regulatory, manufacturing and international strategy update on AUGMENT, the Company’s product candidate designed to improve egg quality and increase the success of in vitro fertilization.

OvaScience Inc said it has chosen to suspend enrollment of AUGMENT in the U.S. while moving forward with its plans for enrollment outside of the U.S. Furthermore, OvaScience Inc said that on September 6, 2013, it received an “untitled” letter from the FDA questioning the status of AUGMENT as a 361 HCT/P and advising the Company to file an Investigational New Drug (“IND”) application.

OvaScience Inc (NASDAQ: OVAS) declined from $14.29 per share on September 10, 2013, to $9.124 per share on September 11, 2013.