Ocular Therapeutix Inc (NASDAQ: OCUL) is having an overwhelmingly rough day in the market today, and for good reason. A class action suit was filed against the company, leading to fear among investors who are pushing the stock downward. As is almost always the case, our friends at Trade Ideas were the first to inform us of the losses. At the moment (11:18), OCUL is trading at $6.29 per share after a loss of $0.83 per share (11.66%) thus far today.
OCUL Falls Hard On Class Action
As mentioned aobve, Ocular Therapeutix is having an overwhelmingly rough day in the market today after it was announced that a class action case has been filed against the company. Block & Leviton LLP, a securities litigation firm, announced that it filed suit alleging that OCUL and some of its officers and directors have violated federal securities laws.
The lawsuit alleges that between May 5th, 2017 and July 6th, 2017, OCUL and leaders of the company made false and/or misleading statements and/or failed to disclose 3 things:
- OCUL management has been misleading investors about DEXTENZA manufacturing issues. The suit alleges that more than 50% of lots manufactured by OCUL contain bad product.
- The suit also states that these manufacturing issues could imperil the approval of DEXTENZA by the FDA.
- As a result of the two key points above, the suit alleges that OCUL statements were materially false and misleading at all relevant times.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on OCUL. In particular, we’re interested in following the company through the class action suit to see what arises. We’re also interested in the response by the company and updated information with regard to DEXTENZA. We’ll continue to follow the story closely and bring the news to you as it breaks!
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