Oklahoma City, OK (February 15, 2018) – On February 14, 2018, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Ohr Pharmaceutical, Inc. (NASDAQ: OHRP). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is June 24, 2014 through January 4, 2018. More specifically, the complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that (1) the Company’s lead product Squalamine would not produce vision improvements and was commercially not viable; and (2) as a result of the foregoing, defendants’ statements about the Company’s business, operations, and prospects were misleading and/or lacked a reasonable basis.
On January 5, 2018, the Company announced topline data from its MAKO study to evaluate the use of Squalamine combination therapy for the treatment of wet-AMD. The Company announced the MAKO study did not meet its primary efficacy endpoint. On this news, shares of Ohr Pharmaceutical, Inc. fell from a close of $2.02 on January 4, 2018, to a close of $0.38 on January 5, 2018.
Plaintiff seeks to recover damages on behalf of all Ohr Pharmaceutical, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, April 16, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.