NEW YORK, April 4, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Ocugen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 1, 2024, after the market closed, Ocugen filed a Current Report on Form 8-K with the United States (“U.S.”) Securities and Exchange Commission revealing that, in connection with the preparation of the Company’s financial statements for the year ended December 31, 2023, Ocugen identified certain accounting errors related to the application of U.S. GAAP to certain agreements with one of its business partners related to a collaboration agreement and that the Company’s previously-issued audited consolidated financial statements for each fiscal year beginning January 1, 2020 and its previously-issued unaudited interim condensed consolidated financial statements for each of the first three quarters in such years (the “Restated Periods”), as well as the associated earnings releases and investor presentations or other communications describing such financial statements, were materially misstated and, accordingly, should no longer be relied upon and will be restated. In additional, Ocugen indicated that it had determined that the errors resulted from the existence of a material weakness in its internal control over financial reporting that also existed during the Restated Periods and that its internal control over financial reporting was not effective as of December 31, 2023. As a result, the Company’s Chief Executive Officer and Chief Accounting Officer concluded that the Ocugen’s disclosure controls and procedures were not effective as of December 31, 2023.
On this news, Ocugen’s stock price fell $0.16 per share, or 10.38%, to close at $1.38 per share on April 2, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP