STEVENSON, Md., Jan. 12, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Ophthotech Corporation (Nasdaq:OPHT) (“Ophthotech” or the “Company”) common stock during the period between May 11, 2015 and December 12, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 13, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Ophthotech common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Ophthotech’s phase 3 clinical trials of Fovista would fail to achieve their primary endpoint of change in best corrected visual acuity from baseline at 12 months over Lucentis alone because Lucentis’ gain of vision in the Phase 2b clinical trial was not representative of Lucentis’ actual performance, Fovista’s gain of vision in the Phase 2b clinical trial was therefore biased, and Ophthotech inappropriately relied on its Phase 2b results as a means of touting its Phase 3 clinical trial of Fovista.
According to the complaint, following a December 12, 2016 announcement that the trial had failed to achieve its primary endpoint, and that Fovista and Lucentis demonstrated a non-statically significant improvement over patients only receiving Lucentis, the value of Ophthotech shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Ophthotech common stock purchased on or after May 11, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.