NEW YORK, Jan. 18, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ophthotech Corporation (“Ophthotech” or the “Company”) (NASDAQ:OPHT) in the United States District Court for the Southern District of Indiana on behalf of purchasers of common stock of Ophthotech between May 11, 2015 and December 12, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
According to the Complaint, Defendants made overtly positive representations regarding the effectiveness of its treatment Fovista and Fovista’s potential when used in combination with Lucentis, a commercially available anti-vascular endothelial growth factor agent. According to the Complaint, Ophthotech made these statements despite its awareness that the phase 3 clinical trial of Fovista would not meet its primary endpoint of change in best corrected visual acuity from baseline at 12 months over Lucentis alone. The Complaint further alleges that these statements caused Ophthotech stock to trade at artificially inflated prices.
On December 12, 2016, Ophthotech released its discouraging results for two phase 3 clinical trials that were testing its experimental compound Fovista combined with the Lucentis drug. Following this news, Ophthotech stock dropped close to 86% during to close at $5.29 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than March 13, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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