On or around 08/27/2018 (Court's order of dismissal)
Filing Date: November 22, 2017
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.
On July 16, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. On August 24, Lead Plaintiff voluntarily dismissed this case.
Company & Securities Information
Defendant: OvaScience, Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: OVAS
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Westmoreland County Employee Retirement System, et al. v. OvaScience, Inc., et al.