Robbins LLP is Investigating the Allegations that Ocugen, Inc. (OCGN) Lacked Proper Internal Controls Over Financial Reporting
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Ocugen, Inc. (NASDAQ: OCGN) securities between May 8, 2020 and April 1, 2024. Ocugen, Inc., a clinical-stage biopharmaceutical company, develops gene therapies to cure blindness diseases.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that Ocugen’s financial statements from May 8, 2020 to the present were materially misstated and Ocugen did not have adequate internal controls.
Plaintiff alleges that on April 1, 2024, Ocugen announced that “the Audit Committee of the Board of Directors (the “Audit Committee”), based on the recommendation of management and after consultation with EY, concluded that the Company’s previously-issued audited consolidated financial statements for each fiscal year beginning January 1, 2020 and its previously-issued unaudited interim condensed consolidated financial statements for each of the first three quarters in such years, as well as the associated earnings releases and investor presentations or other communications describing such financial statements, were materially misstated and, accordingly, should no longer be relied upon.
The Company intends to restate its consolidated financial statements as of and for the year ended December 31, 2022, in connection with the filing of its 2023 Form 10-K. Similarly, the Company will include restated unaudited financial information for each of the first three quarters of 2023 and 2022 in its 2023 Form 10-K (each such annual and quarterly period to be restated, a “Restated Period”).”
On this news, Ocugen’s stock price fell $0.16 per share, or over 10%, to close at $1.38 per share on April 2, 2024, damaging investors.
What Now: You may be eligible to participate in the class action against Ocugen, Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by June 10, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
