The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Outlook Therapeutics, Inc. (OTLK)

By: The Law Offices of Frank R. Cruz via Business Wire

December 28, 2023 at 11:00 AM EST

The Law Offices of Frank R. Cruz reminds investors of the upcoming January 2, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Outlook Therapeutics, Inc. (“Outlook” or the “Company”) (NASDAQ: OTLK) securities between August 3, 2021 and August 29, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On August 30, 2023, Outlook disclosed that the FDA had issued a complete response letter regarding the Company’s wet age-related macular degeneration (“wet AMD”) treatment, ONS-5010. The FDA concluded that “it could not approve the [biologics license application]” due to “several [chemistry manufacturing and controls] issues, open observations from pre-approval manufacturing inspections, and lack of substantial evidence.”

On this news, Outlook’s stock price fell $1.141, or 80.9%, to close at $0.269 per share on August 30, 2023, thereby injuring investors.

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 that: (1) there was a lack of substantial evidence supporting ONS-5010 as a

treatment for wet AMD; (2) Outlook and/or its manufacturing partner had deficient chemistry manufacturing and controls and other manufacturing issues for ONS-5010, which remained unresolved at the time the ONS-5010 BLA was resubmitted to the FDA; (3) as a result of all the foregoing, the FDA was unlikely to approve the ONS-5010 BLA in its present form; (4) accordingly, ONS-5010’s regulatory and commercial prospects were overstated; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Outlook securities during the Class Period, you may move the Court no later than January 2, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231228392117/en/

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The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Outlook Therapeutics, Inc. (OTLK)

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