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OTLK.US
id: 864, Created by Polina Foster, Scout
Outlook Therapeutics (OTLK) Eye Treatment Case
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D. New Jersey
Court2:23-cv-21862
Case number- Outlook announced promising results for ONS-5010, suggesting FDA approval was near. However, they faced FDA setbacks and withdrew their application.
- On August 30, 2023, the truth came out, leading to a 80% $OTLK fall.
Outlook Therapeutics announced positive data for ONS-5010 (its main product for wet AMD and retina diseases) in August 2021, suggesting it was ready for FDA approval, but then they withdrew and resubmitted their application due to FDA requests.
The lawsuit claims that throughout this time, Outlook provided false information about ONS-5010's effectiveness and manufacturing issues.
As a result, the FDA recently rejected their application, causing $OTLK fall by 80% and $297M loss of market cap, damaging shareholders.
Given all the information, investors have reasons to suspect that Outlook's eye treatment faced manufacturing and FDA approval issues that weren't properly disclosed.
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
30 August 2023
Filing date
03 November 2023
Lead Plaintiff Deadline
02 January 2024