Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 13, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN) investors that a lawsuit was filed on behalf of investors that purchased Ocugen securities.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On April 1, 2024, Ocugen filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission. The report disclosed that Ocugen discovered accounting errors while preparing its financial statements for the year ended December 31, 2023. These errors were related to the application of U.S. GAAP in certain agreements under a collaboration with a business partner. Due to these findings, Ocugen announced that its audited consolidated financial statements for each fiscal year starting January 1, 2020, and its unaudited interim condensed consolidated financial statements for the first three quarters of those years should no longer be relied upon and will be restated. This also applies to associated earnings releases and any communications describing these financial statements. Additionally, Ocugen acknowledged a material weakness in its internal control over financial reporting that persisted during these periods and admitted that its internal controls and disclosure procedures were ineffective as of December 31, 2023.
Following this announcement, Ocugen’s stock price dropped by $0.16 per share, or 10.38%, closing at $1.38 per share on April 2, 2024.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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