According to the Complaint, Ocugen Inc. is a biotechnology company.

After market hours on April 1, 2024, the Company filed with the SEC a Notification of Late Filing on Form 12b-25, stating that "in connection with the preparation of the financial statements of the Company for the year ended December 31, 2023, the Company identified certain accounting errors relating to the application of U.S. GAAP to certain agreements with one of its business partners related to a collaboration agreement. As a result, the Company intends to restate its financial statements for the year ended December 31, 2022 and for each of the first three quarters of 2022 and 2023 in the 2023 Form 10-K, the review and preparation of which is currently ongoing."

The Complaint alleges that Defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Ocugen’s financial statements from May 8, 2020 to the present were materially misstated; (2) Ocugen did not have adequate internal controls; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.