According to the law firm press release, OvaScience is a life science company that engages in the discovery, development, and commercialization of new treatments for infertility. The Company is attempting to develop various fertility treatment options purported to enhance egg health and revolutionize in vitro fertilization (“IVF”). The Company’s Autologous Germline Mitochondrial Energy Transfer (“AUGMENT”) treatment, designed to improve the energy and health of the woman’s eggs by using mitochondria from a woman’s egg precursor cells (“EggPCs”), is available in certain IVF clinics in select international regions.
The Complaint alleges that Defendants violated provisions of the Securities Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission (“SEC”). Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the very science behind AUGMENT was untested and in doubt; (2) the patients that had received OvaScience’s AUGMENT procedure in 2014 did not achieve a pregnancy success rate that was significantly higher than the rate achieved without the Company’s AUGMENT procedure; (3) the Company had not chosen to undertake its studies outside of the United States, but was forced to as it did not want to meet stringent and expensive federal regulations; and (4) the Company was far from being profitable, or even approaching profitability.