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Biopharmaceuticals

Investors claim in a federal class action that revelations about the efficacy of the macular-degeneration therapy Fovista, as well as the likelihood of FDA approval, caused Ophthotech’s stock to drop 86 percent, from $38.88 to $5.29 per share, in one day of trading last month.

MANHATTAN – Investors claim in a federal class action that revelations about the efficacy of the macular-degeneration therapy Fovista, as well as the likelihood of FDA approval, caused Ophthotech’s stock to drop 86 percent, from $38.88 to $5.29 per share, in one day of trading last month.

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