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Lawsuit filed for Investors in Ocugen, Inc. (NASDAQ: OCGN) in effort to recover losses

04-16-2024 07:14 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Ocugen, Inc. (NASDAQ: OCGN) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Ocugen, Inc. (NASDAQ: OCGN) shares over alleged securities laws violations.

An investor, who purchased shares of Ocugen, Inc. (NASDAQ: OCGN), filed a lawsuit i over alleged violations of Federal Securities Laws by Ocugen, Inc..

Investors who purchased shares of Ocugen, Inc. (NASDAQ: OCGN) have certain options and for certain investors are short and strict deadlines running. Deadline: June 10, 2024. NASDAQ: OCGN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Malvern, PA based Ocugen, Inc., a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases.

On April 1, 2024, Ocugen, Inc. submitted a current report on Form 8-K to the SEC after the market closed. The report stated that the Audit Committee of the Board of Directors, in consultation with EY and upon the recommendation of management, concluded that the previously-issued audited consolidated financial statements for each fiscal year starting from January 1, 2020, as well as the previously-issued unaudited interim condensed consolidated financial statements for the first three quarters of those years, were significantly misstated. As a result, they should no longer be relied upon. This conclusion also applied to the associated earnings releases, investor presentations, and other communications that described those financial statements.
Additionally, on April 1, 2024, the company filed a notification on Form 12b-25, informing about its inability to file Form 10-K in a timely manner. The reason for this delay was the need for additional time to correct the aforementioned errors and prepare restated financial statements. The company anticipates filing the 2023 Form 10-K by April 16, 2024, but there is no guarantee that they will be able to meet this deadline.

Shares of Ocugen, Inc. (NASDAQ: OCGN) declined from $2.105 per share on March 25, 2024, to $1.34 per share on April 02, 2024.

The plaintiff claims that between May 8, 2020 and April 1, 2024, the defendants made materially false and/or misleading statements and/or failed to disclose that Ocugen's financial statements from May 8, 2020 to the present were materially misstated, that Ocugen, Inc. did not have adequate internal controls, and that 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.

Those who purchased shares of Ocugen, Inc. (NASDAQ: OCGN) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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