Robbins Arroyo LLP Is Investigating the Officers and Directors of Ophthotech Corporation (OPHT) on Behalf of Shareholders

Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Ophthotech Corporation (NasdaqGS: OPHT) breached their fiduciary duties to shareholders. Ophthotech is a biopharmaceutical company that develops novel therapeutics to treat diseases of the back of the eye. The company's lead product candidate is known as Fovista.

View this press release on the firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/ophthotech-corporation-dec-2017/

Ophthotech Accused of Misrepresenting Approval Capacity of Its Drug

Investors of Ophthotech filed a securities class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 11, 2015 and December 12, 2016. According to the complaint, Ophthotech misrepresented Fovista's efficacy and potential for approval by the U.S. Food and Drug Administration. For example, Ophthotech touted that Fovista was "well position[ed] to potentially be first to market in this class of novel therapy for wet [age-related macular degeneration]" and that it had made "significant progress related to [its] clinical development." It came as a surprise to investors when Ophthotech revealed on December 12, 2016 that Fovista, administered in combination with Lucentis, had failed to achieve its primary endpoint in two phase 3 clinical trials. On this news, Ophthotech's stock fell approximately 86% to close at $5.29 per share on December 12, 2016. In a year's time, the company's stock has since fallen even further, closing at only $2.89 per share on December 11, 2017.

Ophthotech Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171213005996/en/