Market Overview

Robbins Arroyo LLP: Ophthotech Corporation (OPHT) Misled Shareholders According to a Consolidated Amended Class Action Complaint


Shareholder rights law firm Robbins
Arroyo LLP
announces that purchasers of Ophthotech Corporation
(NASDAQ:OPHT) filed a consolidated amended class action complaint
against the company's officers and directors for alleged violations of
the Securities Exchange Act of 1934 between March 2, 2015 and December
12, 2016. Ophthotech, a biopharmaceutical company, develops novel
therapeutics to treat ophthalmic diseases. The company's most advanced
product candidate was Fovista, an anti-platelet derived growth factor
agent designed to treat wet age-related macular generation ("AMD").

View this information on the law firm's Shareholder Rights Blog:

Ophthotech Accused of Misrepresenting the Efficacy of Its Drug

According to the complaint, Ophthotech touted extraordinary results of
the company's Phase 2b trial of Fovista in combination with the drug
Lucentis, leading analysts and investors to believe that the Phase 3
trials would result in Fovista's regulatory approval. In truth, the
Phase 2b trial was not indicative of Fovista's efficacy because the
patients in the group treated by Lucentis had larger lesions and poorer
vision at the start of the trial than patients in the Fovista
combination group. Knowing that Fovista's prospects were much riskier
than they had disclosed, Ophthotech's two co-founders sold the majority
of their personally held Ophthotech stock for combined proceeds of
approximately $45.5 million. On December 12, 2016, Ophthotech announced
that there was no benefit from the addition of Fovista to monthly
Lucentis regimen for the treatment of wet AMD. On this news,
Ophthotech's stock fell approximately 86% to close at $5.29 per share on
December 12, 2016. Ophthotech subsequently abandoned its Fovista
program, and the company's stock currently trades at only $2.52 per
share—a dramatic decline from the stock's class period high of $78.64
per share.

Ophthotech Shareholders Have Legal Options

Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003,,
or via the shareholder
information form
on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

View Comments and Join the Discussion!