NEW YORK, Feb. 07, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors 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, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/opht.
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 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 discouraging 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% during to close at $5.29 per share.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/opht or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ophthotech you have until March 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.