Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ohr Pharmaceuticals (NASDAQ:OHRP) in connection to alleged violations of securities laws by OHRP. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Ohr Pharmaceuticals from June 24, 2014 until January 4, 2018.
The class action complaint specifically alleges that during the period in question, OHRP might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that Squalamine, the company’s lead product, was would not result in vision improvements in patients and was not commercially viable; and that consequently the company’s statements to the public about its business, operations and prospects during the relevant period were false and misleading. After the company announced on January 4, 2018 that topline data from a recent study of Squalamine failed to meet the primary efficacy endpoint, the company’s Chief Executive Office, Jason Slakter, stated that the company was disappointed with this outcome and intended to evaluate alternatives. Upon this news, the company’s stock fell more than 81%, closing at $0.38/share on January 5, 2018. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Ohr Pharmaceuticals is a pharmaceutical company operating in the clinical-stage and focused on the development of novel therapies for ophthalmic diseases. Its lead product squalamine lactate ophthalmic solution, 0.2%, a treatment for the “wet form of age-related macular degeneration,” has undergone two clinical trials. The company has also developed a “sustained-release micro-fabricated micro-particle ocular drug delivery platform technology.” It trades on the Nasdaq exchange under the symbol OHRP.
A class action lawsuit has already been filed in connection with Ohr Pharmaceuticals. If you wish to serve as lead plaintiff in the OHRP lawsuit, you must move the Court no later than April 16, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.