Ophthotech Corporation investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Ophthotech is a clinical stage biopharmaceutical company specializing in the development of novel therapeutics to treat back of the eye diseases, with a focus on developing innovative therapies for age-related macular degeneration (“AMD”). Throughout the Class Period, the company’s most advanced product candidate was Fovista, an anti-platelet derived growth factor aptamer. Fovista was to be administered in combination with anti-vascular endothelial growth factor (“VEGF”) agents, a standard of care for the treatment of wet AMD.
The Class Period commences on May 11, 2015, when Ophthotech issued a press release announcing that the company had completed enrollment for its first Phase 3 trial of Fovista in combination with Lucentis, a commercially available anti-VEGF agent marketed by Novartis.
According to the complaint, on December 12, 2016, Ophthotech issued a press release announcing results of the two pivotal phase 3 trials of Fovista. The company disclosed that Fovista, administered in combination with Lucentis, had failed to achieve its primary endpoint of visual acuity at 12 months compared to Lucentis administered as a monotherapy under the guidelines established by the FDA.
Following this news, the price of Ophthotech common stock declined from a closing share price of $38.77 per share on December 9, 2016, to a closing share price of $5.29 per share on December 12, 2016, a loss of approximately 86% on heavy trading volume.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements. Specifically, the complaint alleges that the company’s management was well aware that the phase 3 clinical trials of Fovista would fail to achieve their primary endpoint of change in best corrected visual acuity (BCVA) from baseline at 12 months over Lucentis alone because: (i) Lucentis’ gain of vision in the Phase 2b clinical trial was not representative of Lucentis’ actual performance and rather, was abnormal; (ii) Fovista’s gain of vision in the Phase 2b clinical trial was therefore biased; (iii) Ophthotech thus inappropriately relied on its Phase 2b results as a mean of touting its Phase 3 clinical trial of Fovista; and (iv) as a result of the foregoing, the defendants’ statements about Ophthotech’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the class described above, you may no later than March 13, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
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