Ohr Pharmaceutical, Inc.
- Company Name
- Ohr Pharmaceutical, Inc.
- Stock Symbol
- Class Period
- June 24, 2014 to January 4, 2018
- Motion Deadline
- April 15, 2018
- Southern District of New York
The complaint charges Ohr and certain of its officers with violations of the Securities Exchange Act of 1934. Ohr is a clinical stage pharmaceutical company developing novel therapies for ophthalmic diseases. Ohr’s lead product candidate is Squalamine, a novel therapeutic product focused on providing a non-invasive therapy to improve vision outcomes. During the Class Period, Squalamine was in clinical trials for the treatment of wet age-related macular degeneration (“wet AMD”).
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects, including that Ohr’s lead product, Squalamine, would not produce vision improvements and was not commercially viable. As a result of defendants’ false statements and/or omissions, the price of Ohr common stock was artificially inflated to as high as $11.48 per share during the Class Period.
Then, on January 5, 2018, Ohr announced topline data from its clinical trial to evaluate the use of Squalamine for the treatment of wet-AMD. Ohr announced that the trial did not meet its primary efficacy endpoint of mean visual acuity gain at nine months. Subjects receiving Squalamine achieved a mean gain of 8.33 letters from baseline versus 10.58 letters gained with the standard of care treatment. Following this news, the price of Ohr stock fell from $2.02 per share on January 4, 2018 to $0.38 per share on January 5, 2018.