Ohr Pharmaceutical, Inc. is a clinical stage pharmaceutical company developing novel therapies for ophthalmic diseases. Ohr’s lead candidate, Squalamine (or squalamine lactate ophthalmic solution, 0.2%, or OHR-102), is a novel therapeutic product aiming at providing a non-invasive therapy to improve vision outcomes.

According to the law firm press release, the Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (1) Ohr’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 Ohr’s business, operations, and prospects were misleading and/or lacked a reasonable basis.

On January 5, 2018, Ohr announced topline data from its MAKO study to evaluate the use of Squalamine combination therapy for the treatment of wet-AMD. Ohr announced the MAKO study did not meet its primary efficacy endpoint. Following this news, shares of Ohr fell from a close of $2.02 on January 4, 2018, to a close of $0.38 on January 5, 2018.

On May 31, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 7. Defendants filed a Motion to Dismiss the amended Complaint on September 17. On September 20, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a notice appealing the dismissal Order on October 23. On October 9, 2020, the Court of Appeals affirmed the District Court's ruling and remanded the case to the District Court to make a determination whether to grant Plaintiffs leave to file a second amended Complaint. On November 16, 2020, the District Court issued an order denying Plaintiffs' motion for leave to amend. The Clerk of Court was directed to close this case. Plaintiffs filed a notice appealing the Dismissal Order on December 16. On January 5, 2022, the Court of Appeals affirmed the District Court's Order.