NEW YORK, March 28, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in OvaScience, Inc. (“OvaScience” or the “Company”) (NASDAQ:OVAS) of the May 26, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who purchased OvaScience common stock between January 8, 2015 and March 26, 2015 (the “Class Period”). The case, DAHHAN v. OvaScience, Inc. et al., No. 1:17-cv-10511 was filed on March 24, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the science behind AUGMENT, a treatment specifically designed to improve a patient's egg health, had not been scientifically validated; (2) the Company was unable to achieve the success rates it claimed; (3) the reasons why the Company moved its studies outside of the United States; and (4) as a result, the Company’s profitability and prospects were false and misleading.
Specifically, on March 26, 2015, the Company disclosed that nine of the twenty-six women who received the AUGMENT treatment in Canada had achieved a pregnancy, a success rate of only approximately 35%. Then, on March 27, 2015, analysts for Leerink Partners LLC, stated that AUGMENT’s “[o]verall pregnancy rate appears less robust with a different denominator” and “the magnitude of AUGMENT benefit is unclear given no clear benchmarks and lack of standardized metrics.” Subsequently, on March 28, 2015, the Company disclosed that only two of the eight women who received the AUGMENT treatment in Turkey achieved a pregnancy, a success rate of only 25%, which was comparable to the success rate achieved for women undergoing in vitro fertilization (“IVF”) without AUGMENT. Then, on March 30, 2015, an analyst for H.C. Wainwright & Co. questioned the Company’s AUGMENT data pregnancy rate calculation.
As a result of these disclosures, shares of OvaScience significantly declined, causing harm to investors.
Request more information now by clicking here: www.faruqilaw.com/OVAS. There is no cost or obligation to you.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
Faruqi & Faruqi, LLP also encourages anyone with information regarding OvaScience’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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