Levi & Korsinsky, LLP announces that it has commenced a class action in the USDC for the Southern District of New York on behalf of shareholders of Ophthotech Corporation (“Ophthotech” or the “Company”) (NASDAQ: OPHT) who purchased shares between May 11, 2015 and December 12, 2016.
The complaint alleges that, throughout the Class Period, Ophthotech made overtly positive representations about the effectiveness and potential of its treatment Fovista when used in combination with Lucentis, a commercially available anti-vascular endothelial growth factor agent, despite awareness that the phase 3 clinical trial of Fovista would fail to achieve its primary endpoint of change in best corrected visual acuity from baseline at 12 months over Lucentis alone. The complaint further alleges that these statements caused Ophthotech stock to trade at artificially inflated prices.
On December 12, 2016, Ophthotech announced that the trial had failed to achieve its primary endpoint, and that Fovista and Lucentis demonstrated a non-statistically significant improvement over patients only receiving Lucentis. Following this news, shares of Ophthotech fell approximately 86% to close at $5.29.
Take Action: if you suffered a loss in Ophthotech you have until March 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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