NEW ORLEANS, LA–(Marketwired – January 27, 2017) – Kahn Swick Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., reminds investors that they have until March 13, 2017 to file lead plaintiff applications in a securities class action lawsuit against Ophthotech Corporation (NASDAQ: OPHT), if they purchased the Company’s shares between May 11, 2015 and December 12, 2016, inclusive (the “Class Period”). The action is pending in United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Ophthotech and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 13, 2017.
About the Lawsuit
Ophthotech and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The complaint alleges that 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.
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.
On this news, the price of Ophthotech’s shares plummeted.
About Kahn Swick Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.