Ocugen, Inc. (OCGN) experienced a decrease of 11.43% in the pre-market. However, the last trading session closed at $8.66, with a decline of 13.83%.
Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
On 16th October 2021, OCGN’s Compensation Committee authorized the award of stock options to acquire an aggregate of 48,800 shares. In line with Nasdaq Listing Rule 5635(c)(4), the stock options and RSUs were issued as significant inducements. However, the stock options have a ten-year period and an exercise price of $8.66 per share. All of this is OCGN’s common stock closing price.
OCGN Investigation by Former Louisiana Attorney General
On 9th October 2021, OCGN announced that the KSF’s investigation is still in progress. However, the Company announced that, rather than using the Emergency Use Authorization procedure, it will seek “biologics licensing application” with the US Foods and Drug Administration for its COVID-19 vaccine candidate/product.
The Company is now being sued in a securities class action lawsuit for failing to disclose material information and so breaching federal securities laws. The emphasis of KSF’s inquiry is on whether Ocugen’s executives and directors violated their fiduciary obligations to the company’s shareholders or otherwise broke state or federal laws.
LLC Reminds Ocugen, Inc. (OCGN) Investors with Losses Exceeding $100K
On 17th August 2021, OCGN reported that Bronstein, Gewirtz & Grossman, LLC has filed a class action complaint against the company on behalf of stockholders who acquired Ocugen securities between February 2, 2021, and June 10, 2021. Defendants decided to make substantively false or misleading representations and/or failed to disclose that:
(1) the information supplied to the FDA was inadequate to maintain an EUA,
(2) Ocugen would not file an Emergency Use Permission with the FDA, and
(3) as a consequence of the aforementioned economic declarations, as well as Defendants’s statements about OCGN’s business, processes, and prospects, were inaccurate and misleading.
About OCGN
OCGN is a biopharmaceutical firm dedicated to finding, developing, and commercializing gene treatments to treat blindness and creating a COVID-19 vaccine. Our groundbreaking modifier gene therapy platform has the potential to treat many retinal diseases with a single drug. The innovative biologic product aims to provide better treatment to patients with underserved diseases. The diseases include wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.
