SAN DIEGO & NEW YORK--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Ohr Pharmaceutical, Inc. (NasdaqCM: OHRP) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between June 24, 2014 and January 4, 2018. Ohr Pharmaceutical, a clinical-stage pharmaceutical company, focuses on the development of novel therapies for the treatment of ophthalmic diseases. Ohr's lead candidate, Squalamine, is a novel therapeutic product aimed at providing a non-invasive therapy to improve vision outcomes.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/ohr-pharmaceutical-inc
Ohr Pharmaceutical Accused of Issuing Inaccurate Financial Statements
According to the complaint, on June 24, 2014, Ohr announced promising results of its Phase II clinical study of Squalamine for patients with wet age-related macular degeneration, noting that the beneficial effects of Squalamine on visual acuity, compared with the placebo group, were "truly remarkable." The company subsequently announced that it completed the Special Protocol Assessment process with the U.S. Food and Drug Administration, which would enable the company to move forward with the Squalamine Phase III clinical program. Despite all of the excitement surrounding Squalamine's potential, the drug was not commercially viable. On January 4, 2018, Ohr reported that topline data from the company's recent study evaluating Squalamine's efficacy and safety did not meet its primary efficacy endpoint. Ohr's Chief Executive Officer, Dr. Jason Slakter, said the company was disappointed with the outcome and intends to evaluate strategic alternatives to maximize shareholder value. On this news, Ohr's stock declined over 81% to close at $0.38 per share on January 5, 2018. The stock is currently trading at just $0.26.
Ohr Pharmaceutical Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Source: Robbins Arroyo LLP