According to the law firm press release, the complaint alleges that, throughout the Class Period, Ophthotech made overtly positive representations about the effectiveness and potential of its treatment Fovista when used in combination with Lucentis, a commercially available anti-vascular endothelial growth factor agent, despite awareness that the phase 3 clinical trial of Fovista would fail to achieve its primary endpoint of change in best corrected visual acuity from baseline at 12 months over Lucentis alone. The complaint further alleges that these statements caused Ophthotech stock to trade at artificially inflated prices.
On December 12, 2016, Ophthotech announced that the trial had failed to achieve its primary endpoint, and that Fovista and Lucentis demonstrated a non-statically significant improvement over patients only receiving Lucentis. Following this news, shares of Ophthotech fell approximately 86% to close at $5.29.
On March 13, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. On June 4, Lead Plaintiff voluntarily dismissed two of the individual Defendants and filed a consolidated amended Complaint. Defendants filed a Motion to Dismiss the consolidated amended Complaint on July 27. On September 17, 2019, the Court issued an Order denying Defendants' Motion to Dismiss.
On September 8, 2021, the parties entered into a Stipulation of Settlement.