Did you read the entire Complaint, Mr. Of Questionable Merit?
All right, for the sake of argument let's say it's just one of those suits brought at the encouragement of a money-hungry law firm that doesn't have a great chance of success in Court...although the goal is typically a settlement anyway.
This is what the man said as CEO of that company and there is no doubt that he made this statement (is there?):
"We are very excited by these promising interim results from this wet-AMD trial,"
said Dr. Irach B. Taraporewala, President and Chief Executive Officer of Ohr. "The
data further validate not only the clinical utility of non-invasive topical eye drop
therapies for macular and retinal disorders, but also the soundness of our company's
drug development science, and our proprietary formulation technologies that enable
topical dosing to achieve positive therapeutic effects in back-of-the-eye disorders.
These data give us a clear path for future registration studies, and we plan to discuss
Phase III registration study design and the path forward with the regulatory
authorities in the coming months."
Here's what the company said in February of this year:
"“We recently announced top-line results from the MAKO study evaluating the efficacy and safety of topically administered squalamine in combination with monthly Lucentis® injections for the treatment of wet-AMD, which did not meet its primary efficacy endpoint,”"
"The MAKO study evaluated the efficacy and safety of topically administered squalamine in combination with monthly Lucentis® injections for the treatment of wet age-related macular degeneration (“wet-AMD”). Based on the results, the Company has discontinued further development of squalamine and is evaluating strategic alternatives."
Let me guess: Forward Looking Statements blahblahblah....
There's more to the suit, but as I said, let's just pretend that it is weak. The facts remain that:
1. Dr. Irach B. Taraporewala, President and Chief Executive Officer of Ohr was wrong with a capital W about the prospects for his drug yet was comfortable enough to assert some very positive qualities to the public about them...qualities that the trials didn't establish.
2. Ohr's stock totally fell apart when the public found out the truth about those prospects.
Haven't you had enough of being misled for the last bunch of years, whether it be done fraudulently and deceptively or simply by mistake or foolhardiness? The end result of those things has been the same for the share prices of both companies.
"What other than this suit, of questionable merit, have you found that leads you to suggest Dr. T. is not "squeaky clean?""
Other than that Mrs. Lincoln, how did you enjoy the play?
But can it core A apple?
Yes Ralph, of course it can core A apple.
