An investigation for long term investors in OvaScience Inc (NASDAQ:OVAS) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:OVAS stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 10/08/2013 -- An investigation on behalf of current long-term investors in shares of OvaScience Inc (NASDAQ:OVAS) was announced over potential breaches of fiduciary duties by certain OvaScience directors and officers in connection with certain statements made between February 25, 2013 and September 10, 2013.
Investors who purchased shares of OvaScience Inc (NASDAQ:OVAS) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in OvaScience Inc (NASDAQ:OVAS) stocks follows a lawsuit filed recently against OvaScience Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:OVAS stocks concerns whether certain OvaScience officers and directors are liable in connection with the allegations made in that lawsuit. According to that complaint filed in the U.S. District Court for the District of Massachusetts the plaintiff alleges that OvaScience Inc violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that OvaScience Inc represented to the Food and Drug Administration (“FDA”) and investors that it believed that AUGMENT qualified for designation as a 361 HCT/P, which allows human cellular and tissue based products to be tested and marketed without FDA licensure. However, the plaintiff claims that despite this representation, OvaScience never qualified for this designation.
On September 11, 2013, OvaScience Inc provided a regulatory, manufacturing and international strategy update on AUGMENT, the Company’s product candidate designed to improve egg quality and increase the success of in vitro fertilization. OvaScience Inc said it has chosen to suspend enrollment of AUGMENT in the U.S. while moving forward with its plans for enrollment outside of the U.S. Furthermore, OvaScience Inc said that on September 6, 2013, it received an “untitled” letter from the FDA questioning the status of AUGMENT as a 361 HCT/P and advising the Company to file an Investigational New Drug (“IND”) application.
OvaScience Inc (NASDAQ:OVAS) shares declined from $14.29 per share on September 10, 2013, to $9.124 per share on September 11, 2013.
On Oct. 7, 2013, NASDAQ:OVAS closed at $9.81 per share.
Those who purchased shares of OvaScience Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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