WELCOME TO THE OPHTHOTECH SECURITIES SETTLEMENT WEBSITE

This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as Micholle v. Ophthotech Corporation, et al., No. 1:17-cv-00210-VSW-GWB (the “Litigation”), and is pending before the Honorable Vernon S. Broderick in the United States District Court for the Southern District of New York (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated September 8, 2021, which can be found and downloaded by clicking on the Case Documents tab above.

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

This is a securities class action brought against IVERIC bio, Inc., formerly known as Ophthotech Corporation ("Ophthotech" or "Company") and certain of its officers and directors (collectively, "Defendants") for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of all Persons who purchased or acquired Ophthotech common stock during the period between March 2, 2015 through December 12, 2016, inclusive (the "Class Period").  The Lead Plaintiff is Sheet Metal Workers' Pension Plan of Southern California, Arizona and Nevada.  Lead Plaintiff alleges violations of the Exchange Act premised on false and misleading statements and/or failures to disclose adverse information regarding the clinical trials on Fovista, the Company's leading drug candidate.  More specifically, Lead Plaintiff contends these statements and omissions caused the price of the Company’s common stock to trade at artificially inflated prices, until the market learned of the allegedly false and misleading statements, and the Company’s share price significantly declined.

If you purchased or acquired Opthotech common stock from March 2, 2015 through and including December 12, 2016, you are a Class Member.   As set forth in the Stipulation, excluded from the Class are: (i) Defendants; (ii) members of the immediate family of each Defendant; (iii) any person who was an officer or director of Ophthotech during the Class Period; (iv) any entity in which any Defendant has or had a controlling interest; (v) any corporate parent and/or affiliate of Ophthotech; and (vi) the legal representatives, heirs, successors-in-interest, or assigns of any such excluded Person. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely requests exclusion pursuant to the requirements described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice").

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $29,000,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and the amount to Lead Plaintiff in connection with its representation of the Class, as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including how many shares of Ophthotech common stock you purchased or acquired, the timing of your purchases, acquisitions and any sales, and how many other Class Members make claims. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.  We recommend you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES