Biopharmaceutical company Ophthotech Corp. has agreed to pay $29 million to resolve all claims in a proposed class action alleging it made misleading statements in connection with its clinical studies for a drug to treat a specific type of macular degeneration.
Frank Micholle filed the lawsuit in 2017, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act, and Sheet Metal Workers’ Pension Plan of Southern California, Arizona and Nevada was appointed lead plaintiff in 2018. In 2019, a federal court in New York denied Ophthotech’s motion to dismiss.
The lead plaintiff has now asked the court to ...
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