NEW YORK, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ohr Pharmaceutical, Inc. (“Ohr” or the “Company”) (NASDAQ:OHRP) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired Ohr securities on the open market from June 24, 2014 and January 4, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that (1) the Company’s lead product Squalamine would not produce vision improvements and was commercially not viable; and (2) as a result of the foregoing, Defendants’ statements about the Company’s business, operations, and prospects were misleading and/or lacked a reasonable basis. On January 5, 2018, the Company announced topline data from its MAKO study to evaluate the use of Squalamine combination therapy for the treatment of wet-AMD. The Company announced the MAKO study did not meet its primary efficacy endpoint. Following this news, shares of Ohr fell from a close of $2.02 on January 4, 2018, to a close of $0.38 on January 5, 2018.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the April 16, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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