Ocugen Inc. (NASDAQ: OCGN) dropped 24% in intraday trading on June 14, 2021, after national shareholder rights litigation firm, The Schall Law Firm announced that it is probing securities laws violation claims on behalf of Ocugen investors. Block & Leviton is also investigating the same matter, and investors that lost their cash in the Ocugen investment can contact the firm to learn how to recover their losses.
Ocwen to follow BLA path for COVAXIN
The investigation focuses on whether the Ocugen made false or/and misleading statements to investors and if it omitted to disclose essential facts to them. On May 26, 2021, Ocugen announced that it would submit an Emergency Use Authorization (“EUA”) application to the FDA for COVAXIN, its COVID-19 vaccine, in June 2021. However, on June 10, 2021, the company announced that it “would no longer seek a EUA for COVAXIN, instead opting to submit a biologics license application (BLA) for the COVID-19 vaccine candidate.
The company opted to go through the whole process of receiving full approval. According to Ocugen, the decision was based on the US FDA’s recommendation, which also requested additional information and data on COVAXIN for approval. Ocwen, CEO, and Chairman indicated that although the company was close to finalizing its EUA application for COVAXIN, the FDA advised pursuing the BLA.
Block & Leviton and Schall law firms to file suit on behalf of investors
The news shocked the market, with Ocugen shares plunging. Following the investigation, anyone that had acquired Ocugen stock and lost their investment should contact Block & Leviton for more information. The investigation firms may consider filing a class suit to recovers losses on behalf of investors that might have lost money. Several other law firms are interested in the matter.