LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN) securities between May 8, 2020 and April 1, 2024, inclusive (the “Class Period”). Ocugen investors have until June 10, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On April 1, 2024, Ocugen disclosed that it had identified certain accounting errors related to certain agreements with one of its business partners regarding a collaboration agreement. The Company also disclosed that its previously-issued financial statements for each fiscal year beginning January 1, 2020 should no longer be relied upon and will be restated.
On this news, Ocugen’s stock price fell $0.16, or 10.4%, to close at $1.38 per share on April 2, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Ocugen securities during the Class Period, you may move the Court no later than June 10, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Ocugen securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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