Ocular Therapeutix Inc. shareholders couldn’t convince the First Circuit Thursday to revive their claims that the company recklessly misled them about its struggles to get a medical device approved for commercial sale.
The Food and Drug Association notified the company about problems it observed during an on-site inspection in the manufacturing process for Dextenza, a corticosteroid hydrogel device then in development. But no final agency determination had been made when the stock market caught wind of the findings, Judge Norman H. Stahl said for the U.S. Court of Appeals for the First Circuit.
The company’s share price dropped 16% in ...
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