NEW YORK, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed against Ophthotech Corporation ("Ophthotech" or the "Company") (NASDAQ:OPHT) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased Ophthotech securities between May 11, 2015 and December 12, 2016, inclusive (the "Class Period").
If you purchased Ophthotech securities during the class period, and would like more information about getting involved in the Ophthotech Shareholder Class Action, please contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com
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. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made overtly positive representations regarding its treatment Fovista's effectiveness and potential when used in combination with Lucentis, a commercially available anti-vascular endothelial growth factor agent. Ophthotech made these statements despite its apparent 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 disappointing 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% to $5.29 per share.
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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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