Settlement of Micholle v. Ophthotech Corporation, et al.
The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $29 million for the benefit of eligible Class Members. Lead Plaintiff Sheet Metal Workers’ Pension Plan of Southern California, Arizona, and Nevada alleged that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934. Lead Plaintiff alleged that throughout the Class Period Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the clinical trials of Fovista, its leading drug candidate. These allegedly false and misleading statements caused the price of Ophthotech Corporation (“Ophthotech” or the “Company”) common stock to trade at artificially inflated prices, until the truth became known and the Company’s share price declined significantly.
The Class consists of all Persons who purchased or otherwise acquired Ophthotech common stock during the Class Period, and who were damaged thereby. Excluded from the Class are: (i) Defendants; (ii) members of the immediate family of each Defendant; (iii) any person who was an officer or director of Ophthotech during the Class Period; (iv) any entity in which any Defendant has or had a controlling interest; (v) any corporate parent and/or affiliate of Ophthotech; and (vi) the legal representatives, heirs, successors-in-interest, or assigns of any such excluded Person. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely excluded himself, herself, or itself therefrom.
The settlement was approved by the Court on September 16, 2022.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.