| COMPANY |
Ocugen, Inc. |
| COURT |
United States District Court for the Eastern District of Pennsylvania |
| CASE NUMBER |
24-cv-01500 |
| JUDGE |
The Hon. Kelly Brisbon Hodge |
| CLASS PERIOD |
May 8, 2020 through April 1, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JUNE 10, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Ocugen, Inc. (“Ocugen”) (NASDAQ: OCGN) securities between May 8, 2020 and April 1, 2024, both dates inclusive (the “Class Period”).
On April 1, 2024, after the market closed, Ocugen filed a current report on Form 8-K with the SEC and disclosed that, in connection with the preparation of the company's financial statements for the year ended December 31, 2023, Ocugen identified certain accounting errors related to the application of U.S. GAAP to certain agreements with one of its business partners related to a collaboration agreement. The 8-K further disclosed that the company's previously-issued audited consolidated financial statements for each fiscal year beginning January 1, 2020 and its previously-issued unaudited interim condensed consolidated financial statements for each of the first three quarters in such years, as well as the associated earnings releases and investor presentations or other communications describing such financial statements, were materially misstated. Accordingly, Ocugen disclosed that such financial statements and materials should no longer be relied upon and will be restated. Additionally, Ocugen indicated that the company had determined that the errors resulted from the existence of a material weakness in its internal control over financial reporting that also existed during the that time, and that its internal control over financial reporting was not effective as of December 31, 2023. As a result, Ocugen's CEO and Chief Accounting Officer concluded that Ocugen's disclosure controls and procedures were not effective as of December 31, 2023.
Following this news, Ocugen's stock price fell $0.16 per share, or 10.38%, to close at $1.38 per share on April 2, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Ocugen’s financial statements from May 8, 2020 to the present were materially misstated; (2) Ocugen did not have adequate internal controls; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
What is a Lead Plaintiff?
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. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.