Shareholder rights law firm Robbins Arroyo LLP is investigating
whether certain officers and directors of Ophthotech Corporation
(NasdaqGS: OPHT) breached their fiduciary duties to shareholders.
Ophthotech is a biopharmaceutical company that develops novel
therapeutics to treat diseases of the back of the eye. The company's
lead product candidate is known as Fovista.
View this press release on the firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/ophthotech-corporation-dec-2017/
Ophthotech Accused of Misrepresenting Approval Capacity of Its Drug
Investors of Ophthotech filed a securities class action complaint
against the company's officers and directors for alleged violations of
the Securities Exchange Act of 1934 between May 11, 2015 and December
12, 2016. According to the complaint, Ophthotech misrepresented
Fovista's efficacy and potential for approval by the U.S. Food and Drug
Administration. For example, Ophthotech touted that Fovista was "well
position[ed] to potentially be first to market in this class of novel
therapy for wet [age-related macular degeneration]" and that it had made
"significant progress related to [its] clinical development." It came as
a surprise to investors when Ophthotech revealed on December 12, 2016
that Fovista, administered in combination with Lucentis, had failed to
achieve its primary endpoint in two phase 3 clinical trials. On this
news, Ophthotech's stock fell approximately 86% to close at $5.29 per
share on December 12, 2016. In a year's time, the company's stock has
since fallen even further, closing at only $2.89 per share on December
Ophthotech Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, [email protected],
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171213005996/en/