Ocugen (NASDAQ:OCGN) stock is up on Monday as investors celebrate an update on class-action lawsuit that the clinical-stage biopharmaceutical company was facing.
This lawsuit came from investors who believe the company misled them. This specifically pertains to the potential of Ocugen’s Covid-19 vaccine and its prospects of obtaining a fast-track designation.
The big news here today is a U.S. court dismissing this lawsuit with prejudice. This means that investors no longer have to worry about the effects of this lawsuit on OCGN stock should the company have lost the case.
Losing the class action could have resulted in major payouts for upset investors. That would have been a significant financial burden on the company. With this news, that’s no longer a concern
OCGN Stock Movement on Monday
With news of the lawsuit being dismissed, shares of OCGN stock are seeing extra activity on Monday. That has it experiencing heavy trading with more than 29 million shares on the move. This is well above its daily average trading volume of about 6.9 million shares.
OCGN stock is up 19.5% as of Monday morning. Investors will note that the stock is also up 197% since the start of the year.
Investors can find more of the top stock market stories below!
We have all of the hottest stock market news ready to go on Monday! A few examples include why shares of D-MARKET Electronik (NASDAQ:HEPS), Tesla (NASDAQ:TSLA) and Virgin Galactic (NYSE:SPCE) stock are moving today. All of that news is ready to go at the links below!
More Stock Market News for Tuesday
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
