NEW YORK, July 12, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ocular Therapeutix, Inc. (“Ocular” or the “Company”) (NASDAQ:OCUL) of the September 5, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ocular stock or options between May 5, 2017 and July 6, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/OCUL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Ocular securities between May 5, 2017 and July 6, 2017 (the “Class Period”). The case, Gallagher v. Ocular Therapeutix, Inc. et al, No. 2:17-cv-05011 was filed on July 7, 2017, and has been assigned to Judge Susan Davis Wigenton.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Ocular’s management has been misleading investors regarding manufacturing issues related to its lead product, DEXTENZA, including that more than 50% of lots manufactured by Ocular contain bad product; (2) these manufacturing issues could imperil the approval of DEXTENZA by the U.S. Food and Drug Administration (“FDA”); and (3) as a result, the Company’s public statements were materially false and misleading.
Specifically, on July 6, 2017, an article released on Seeking Alpha claimed, in part, that the Company “has been misleading investors about manufacturing,” including that more than 50% of lots manufactured by the Company contain bad product. Then later on July 6, 2017, STAT published an article claiming that DEXTENZA could be rejected by the FDA because of product contamination found by an FDA inspector during a visit to the Company’s manufacturing facility.
On this news, Ocular’s share price fell from $9.50 per share on July 6, 2017 to a closing price of $7.12 on July 7, 2017—a $2.38 or a 25.05% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ocular’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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