NEW YORK, July 20, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against OvaScience, Inc ("OvaScience" or the "Company") (Nasdaq:OVAS) and certain of its officers. The class action, filed in United States District Court, District of Massachusetts, and docketed under 1:14-cv-12412-DJC, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of OvaScience between February 25, 2013 and September 10, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased OvaScience securities during the Class Period, you have until August 5, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
OvaScience is a life sciences company focused on the discovery, development and commercialization of new treatments for infertility. The Company's patented technology is based on the discovery of egg precursor cells (EggPCSM), which are found in the ovaries. By applying proprietary technology to identify and purify EggPCs, AUGMENTSM aims to improve egg quality and increase the success of in vitro fertilization.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business and operations. Specifically, OvaScience represented to the 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. Yet despite this representation, OvaScience never qualified for this designation.
On September 10, 2013, the Company disclosed that it was suspending enrollment of AUGMENT in the U.S. after receiving 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."
On this news, OvaScience shares declined $3.33 per share or more than 23%, to close at $10.95 per share on September 11, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.