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Biopharmaceutical company sued COVID-19 vaccine statements



A presumed class action lawsuit has been filed against a biopharmaceutical company that is alleged to have promised more than it could ultimately deliver in terms of a COVID-19 vaccine.

Malvern, Pennsylvania-based Ocugen Corp. as a company focused on developing gene therapies to cure blindness and developing a COVID-19 vaccine, said in February that it had reached an agreement with a biotechnology company in India to develop, manufacture and "commercialize" a COVID-19 vaccine. vaccine, according to last week's filing in Roberto Nicanor et al. v. Ocugen Inc., Shank Musunuri and Sanjay Subramanian .

The action, filed in Allentown, Pennsylvania-based U.S. District Court in the Eastern District of Pennsylvania, was first reported by D&O Diary [

Ocugen also said in an 8-K application to the U.S. Securities and Exchange Commission that its mission was to develop a COVID-1

9 vaccine, according to the lawsuit.

In March, the company said it intended. to promote the development of the vaccine against an emergency use condition and ultimately a biological license in the United States.

In June, however, it said that based on feedback from the U.S. Food and Drug Administration, it no longer continued to use an emergency application and instead pursued an application for a biological license, which required further clinical trials and "will extend our timelines. ”

Following this announcement on June 10, the company's share price fell to $ 6.69 per share from $ 9.31 t the previous day.

The court fees that the company knew that its statements had been "substantially false and misleading" and that it violated federal securities laws.

The company did not respond to a request for comment.

In June 2020, a presumed lawsuit was filed by directors and officers of the U.S. District Court against Salt Lake City-based Co-Diagnostics Inc. Gelt Trading Ltd., a Cayman Islands corporation, v. Co-Diagnostic et. . al., debiting the company had incorrectly claimed a 100% accurate COVID-19 test, while company officials caused millions to dump their stocks.

In February, in a similar dispute, the U.S. District Court of Philadelphia granted in part and denied partial dismissal of a class action lawsuit against the shareholders against Plymouth Meeting, Pennsylvania-based Inovio Pharmaceuticals Inc. Patrick McDermid v. Inovio Pharmaceuticals Inc . The case was referred to a judge for conciliation in March.

A motion to dismiss another trial, In re Sorrento Therapeutics Inc. Securities Litigation was filed in the U.S. District Court in San Diego in May, with a hearing set for September 2

More insurance and risk management news about the coronavirus crisis here .

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