Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Ocugen, RenovaCare, and AdaptHealth and Encourages Investors to Contact the Firm

NEW YORK, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Ocugen, Inc. (NASDAQ: OCGN), RenovaCare, Inc. (Other OTC: RCAR), and AdaptHealth Corp. (NASDAQ: AHCO). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Ocugen, Inc. (NASDAQ: OCGN)

Class Period: February 2, 2021 to June 10, 2021

Lead Plaintiff Deadline: August 17, 2021

On May 26, 2021, Ocugen announced that it planned to submit to the FDA an Emergency Use Authorization (“EUA”) application for COVAXIN, a COVID-19 vaccine, in June 2021. On June 10, 2021, Ocugen announced that it “will no longer pursue an Emergency Use Authorization (EUA) for COVAXIN,” instead choosing to “pursue submission of a biologics license application (BLA) for its COVID-19 vaccine candidate, COVAXIN.” Ocugen’s Chairman and CEO stated, “Although we were close to finalizing our EUA application for submission, we received a recommendation from the FDA to pursue a BLA path,” and that “this will extend our timelines.”

Shares of Ocugen fell by more than 24% in intraday trading on the same day, based on this news.

On June 10, 2021, the Company said it would no longer pursue a EUA for Covaxin and would instead aim to file for a full U.S. approval of the shot.

On this news, the stock price plummeted and closed on June 11, 2021 at $6.69 per share, representing a 25.17% drop from the June 10, 2021 closing price of $9.31 per share.

The Ocugen class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the information that Ocugen submitted to the U.S. Food and Drug Administration (“FDA”) was insufficient to support an EUA; (ii) Ocugen would not file an EUA with the FDA; and (iii) as a result, Ocugen’s financial statements, as well as defendants’ statements about Ocugen’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

For more information on the Ocugen class action go to: https://bespc.com/cases/OCGN

RenovaCare, Inc. (Other OTC: RCAR)

Class Period: August 14, 2017 to May 28, 2021

Lead Plaintiff Deadline: September 14, 2021

On May 28, 2021, the United States Securities and Exchange Commission (“SEC”) issued a litigation release stating that RenovaCare was being charged with alleged securities fraud. According to the SEC’s complaint, between July 2017 and January 2018, the Company’s controlling shareholder and Chairman, Harmel Rayat (“Rayat”), “arranged, and caused RenovaCare to pay for, a promotional campaign designed to increase the company’s stock price.” Specifically, “Rayat was closely involved in directing the promotion and editing promotional materials, and arranged to funnel payments to the publisher through consultants to conceal RenovaCare’s involvement in the campaign.” When OTC Markets Group, Inc. requested that RenovaCare explain its relationship to the promotion, the complaint alleges that “Rayat and RenovaCare then drafted and issued a press release and a Form 8-K that contained material misrepresentations and omissions denying Rayat’s and the company’s involvement in the promotion.” 

On this news, the Company’s stock price fell $0.66, or 24.8%, over three consecutive trading sessions to close at $2.00 per share on June 2, 2021.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, at the direction of Rayat, RenovaCare engaged in a promotional campaign to issue misleading statements to artificially inflate the Company’s stock price; (2) that, when the OTC Markets inquired, RenovaCare and Rayat issued a materially false and misleading press release claiming that no director, officer, or controlling shareholder had any involvement in the purported third party’s promotional materials; (3) that, as a result of the foregoing, the Company’s disclosure controls and procedures were defective; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. 

For more information on the RenovaCare class action go to: https://bespc.com/cases/RCAR

AdaptHealth Corp. (NASDAQ: AHCO)

Class Period: November 11, 2019 to July 16, 2021

Lead Plaintiff Deadline: September 27, 2021

On July 19, 2021, before market hours, Jehoshaphat Research published a report alleging that AdaptHealth is a “roll-up” company, or a company that is built primarily through the acquisition of smaller companies with common services or products, that obscures its organic growth by “[r]etroactively changing past organic growth numbers to be higher, with no disclosure about the change.” The report also suggested that AdaptHealth’s manipulation of its organic growth trajectory was “a blatant violation of non-GAAP disclosure rules, for which companies get into huge trouble.”

On this news, AdaptHealth’s stock price fell $1.51 per share, or 5.93%, to close at $23.96 per share on July 19, 2021.

The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) AdaptHealth had misrepresented its organic growth trajectory by retroactively inflating past organic growth numbers without disclosing the changes, in violation of SEC regulations; (ii) accordingly, the Company had materially overstated its financial prospects; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

For more information on the AdaptHealth class action go to: https://bespc.com/cases/AHCO

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

You May Also Be Interested In

• Nutriband (NTRB) Announces 2.1M Share Offering at $4/sh
• Genetic Technologies (GENE) Announces $2 Million Registered Direct Offering
• ServisFirst Bancshares (SFBS) Appoints Jake Farrell as Chairman of Tennessee