According to the law firm press release, OvaScience is a life sciences company focused on the discovery, development and commercialization of new treatments for infertility. The Company's patented technology is based on the discovery of egg precursor cells (EggPCSM), which are found in the ovaries. By applying proprietary technology to identify and purify EggPCs, AUGMENTSM aims to improve egg quality and increase the success of in vitro fertilization.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business and operations. Specifically, OvaScience represented to the FDA and investors that it believed that AUGMENT qualified for designation as a 361 HCT/P, which allows human cellular and tissue based products to be tested and marketed without FDA licensure. Yet despite this representation, OvaScience never qualified for this designation.
On September 10, 2013, the Company disclosed that it was suspending enrollment of AUGMENT in the U.S. after receiving an "untitled" letter from the FDA "questioning the status of AUGMENT as a 361 HCT/P and advising the Company to file an Investigational New Drug (IND) application."
On this news, OvaScience shares declined $3.33 per share or more than 23%, to close at $10.95 per share on September 11, 2013.
On December 4, 2013, the Court issued an Order appointing lead plaintiff and approving lead counsel.
On February 3, 2014, the Plaintiff filed a Notice voluntarily dismissing this action.