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Faruqi & Faruqi Pursues Justice in Ocugen Investor Claims Amid Financial Irregularities

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Michael Chen

May 3, 2024 - 13:45 pm

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Faruqi & Faruqi LLP Investigates Investor Claims Against Ocugen Inc. Amid Financial Misstatements

NEW YORK, May 3, 2024 /PRNewswire/ -- The renowned securities law firm, Faruqi & Faruqi, LLP, with a history of championing investor rights, has announced an active investigation of claims against the biopharmaceutical company, Ocugen, Inc.("Ocugen" or the "Company"). The firm has issued a call to investors who have faced substantial losses exceeding $75,000 due to dealings with the company to step forward. These individuals are encouraged to discuss their options with James (Josh) Wilson, a seasoned partner in the litigation of securities at Faruqi & Faruqi, LLP.

The firm reminds shareholders that they have until June 10, 2024, to apply for the position of lead plaintiff in a federal class-action lawsuit that has been initiated against Ocugen. Thorough investigations by Faruqi & Faruqi aim to protect and compensate those impacted by the alleged deceit showcased by the company.

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Ocugen, a company listed on the NASDAQ under the ticker symbol OCGN, came under scrutiny when certain financial inconsistencies surfaced. Investors who purchased or acquired securities between May 8, 2020, and April 1, 2024, are at the center of this investigation. These investors are urged to get in touch directly with Josh Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310) for a confidential conversation regarding their legal rights. Further details can also be obtained by visiting Faruqi & Faruqi's dedicated inquiry page.

Boasting offices across the United States in New York, Pennsylvania, California, and Georgia, Faruqi & Faruqi stands out as a national frontrunner in securities law. Since the establishment of the firm in 1995, it has successfully reclaimed hundreds of millions of dollars on behalf of aggrieved investors. Those interested in learning more about the firm can do so at their official website, www.faruqilaw.com.

The allegations brought forward in the complaint paint a grim picture of Ocugen's operations. It is claimed that the company and its executive leadership engaged in violations of federal securities laws due to their propensity for releasing false and/or misleading statements. The failure to reveal that Ocugen's financial records from May 8, 2020, onward were grossly misstated, a deficiency in internal corporate controls, and the overarching concern that the company's business, operations, and prospects were continually represented inaccurately, are at the heart of these allegations.

A pivotal moment in revealing the extent of these misdeeds occurred on April 1, 2024, after market close, when Ocugen filed a current report on Form 8-K with the SEC. The filed documents disclosed that the company's Audit Committee, on the advice of management and after consulting with auditors EY, determined that its financial statements for every fiscal year starting January 1, 2020 – including interim consolidated statements and associated earnings releases, presentations, and communications – should no longer be considered reliable due to material misstatements.

Escalating the issue, on the same day, Ocugen put forth a Form 12b-25 indicating its inability to file the annual report Form 10-K in due time. The necessity to correct the described errors and prepare restated financial statements was cited as the cause for delay. Ocugen has projected to file its 2023 Form 10-K by no later than April 16, 2024, although there can be no guarantees that the restatements and filings will occur as planned or that further errors will not emerge.

In the wake of this news, Ocugen's stock price suffered a notable 10.38% fall, dropping $0.16 per share, and closing at $1.38 the following day, April 2, 2024. Such significant market movements have invariably become a focus for investor concerns and legal scrutiny.

The legal proceedings have opened the door for the highest-impacted investor to be named as the lead plaintiff. This key individual usually has the greatest financial interest in the case's outcome and should ideally embody the attributes seen in typical class members. Participation in directing and overseeing the litigation on behalf of the prospective class also falls under the lead plaintiff's purview.

Membership in the potential class offers latitude in deciding whether to actively participate in the litigation or remain a passive class member. This decision, however, does not impact a member's eligibility to share in any potential recovery. A lead plaintiff can choose to be represented through their attorney or may opt for inaction altogether, remaining absent from the class.

Faruqi & Faruqi, LLP extends its resources not only to those directly impacted but also to individuals in possession of pertinent information about Ocugen's conduct. The firm calls upon whistleblowers, past employees, shareholders, and others with insight into the company's operations to come forward and assist in uncovering the truth.

The firm's commitment to confidential, discrete dialogues is underlined in their invitation for case discussions. This approach extends a safe communication space to all, fostering an environment where concerns can be openly expressed and addressed.

This notice serves as an advertisement from Faruqi & Faruqi, LLP. Found at www.faruqilaw.com, the firm's experience and past successes are hallmarks of their dedication to upholding investor rights, although it is noted that historical results do not predefine or predict similar outcomes in any future matters.

Faruqi & Faruqi, LLP takes pride in being an advocate for the investor community. With their extensive experience, the firm is primed to tackle the challenges posed by the allegations against Ocugen. As the investigation unfolds, those impacted by the events leading up to the securities class action lawsuit against Ocugen are encouraged to understand their rights and take action accordingly.

For investors, the far-reaching implications of corporate financial misrepresentation underscore the necessity for vigilant legal representation. Allegations such as those faced by Ocugen can lead to substantial market disruptions, impacting individual portfolios and investor confidence as a whole.

In conclusion, the situation surrounding Ocugen highlights the fundamental importance of transparency in financial reporting and corporate governance. As Faruqi & Faruqi, LLP pursues justice on behalf of those affected, the investment community watches closely, reminding corporations everywhere that accountability remains a cornerstone of the financial markets.

Contact Faruqi & Faruqi, LLP for Legal Support

Investors who find themselves victim to the alleged securities fraud involving Ocugen are urged to seek legal counsel without delay. Time is of the essence, and the approaching deadline to file for the lead plaintiff position further necessitates prompt action. By addressing these matters swiftly, investors stand to protect their interests and contribute to the restoration of fairness and integrity within the public company space.

As June 10, 2024, draws near, prospective class members must decide their course of action—a choice that could significantly alter the landscape of this developing legal challenge. With the expert guidance of Faruqi & Faruqi, LLP, injured parties have an opportunity to navigate the complex waters of securities law and emerge with the justice they rightly deserve.

About Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP has been at the forefront of numerous securities class action lawsuits, employing its considerable legal acumen to secure favorable outcomes. From its founding nearly three decades ago, the firm has demonstrated an unwavering commitment to investor rights, ensuring that those manipulated by corporate malfeasance receive their due recompense.

The firm's proficiency in securities litigation is well-documented, rendering Faruqi & Faruqi, LLP a formidable ally in cases such as the one faced by shareholders of Ocugen. Comprising a team of dedicated attorneys, the firm is equipped to navigate the complexities of federal securities laws, offering hope and legal recourse to those caught in the whirlwind of stock market turbulence.

As the legal challenge against Ocugen continues to evolve, Faruqi & Faruqi, LLP stands ready to deploy its expertise in the fight for accountability and transparency. Investors who suffered financial damages will find in the firm a powerful champion, striving to ensure that truth and integrity remain hallmarks of the securities industry.

Final Thoughts on the Ocugen Investigation

The unfolding narrative of Ocugen's dealings has shed light on the intricate nature of securities law and the vital role of specialized legal firms. For affected investors, the support and guidance of Faruqi & Faruqi, LLP could prove invaluable in seeking redress and holding corporate entities accountable for their actions. This case is a reminder that in the financial arena, diligence and legal oversight are not merely beneficial—they are essential.