Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against OvaScience, Inc. (“OvaScience” or “Company”) (NasdaqGM: OVAS) and several of its officers and directors for acts taken place during the period of February 25, 2013 to September 10, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of OvaScience. If you are an affected OvaScience shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934 by making materially false and misleading statements about its product AUGMENT. Specifically, the complaint alleges that during the class period, OvaScience represented 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, due to the nature of AUGMENT, there was simply no basis for the company to maintain that AUGMENT qualified for such a designation. Thus, according to the complaint, after the FDA rejected OvaScience’s designation and the company revealed to the market that it was suspending enrollment of AUGMENT in the US, its shares dropped dramatically.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.