NEW YORK, July 13, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf announces that a class action lawsuit has been filed against Ocular Therapeutix, Inc. (“Ocular” or the “Company”) (NASDAQ: OCUL ) and certain of its officers. The class action, filed in the United States District Court, District of New Jersey, is on behalf of a class consisting of investors who purchased or otherwise acquired Ocular securities between May 5, 2017 and July 6, 2017 (the “Class Period”).
If you purchased Ocular securities during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com .
If you wish to serve as lead plaintiff, you must file no later than September 5, 2017. A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. Any member of the putative class may move to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Ocular was experiencing significant manufacturing issues with respect to DEXTENZA, including that more than 50% of lots manufactured by Ocular Therapeutix contained bad product; (ii) such manufacturing issues could imperil DEXTENZA’s approval by the FDA; and (iii) as a result of the foregoing, Ocular’s public statements were materially false and misleading at all relevant times.
On July 6, 2017, shortly before the end of the trading day, the website Seeking Alpha published an article entitled “Ocular: A Poke In The Eye,” reporting, in part, that the Company’s management had misled Ocular investors regarding ongoing manufacturing issues and downplayed the significance of U.S. Food and Drug Administration (“FDA”) communications regarding these issues.
On that same day, STAT published an article on the Company asserting that DEXTENZA could be rejected by the FDA because of product contamination, including aluminum, found by an FDA inspector during a visit to Ocular’s manufacturing facility.
Following this news, Ocular’s share price fell $3.06 or over 30% over two trading days, to close at $7.12 on July 7, 2017.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
