03:37 PM EDT, 03/22/2024 (MT Newswires) -- Ocugen ( OCGN ) shares surged nearly 19% Friday, a day after a federal appeals court upheld a lower-court decision, dismissing allegations of misleading shareholders with its statements about a prospective COVID-19 vaccine and its approvals in the US.

Plaintiffs alleged that Ocugen ( OCGN ) made statements suggesting the US Food and Drug Administration would approve its Covaxin vaccine candidate based on results from trial conducted in India. The agency in June 2021 instead said Ocugen ( OCGN ) would need to start US trials, sending its shares plunging.

The US Court of Appeals for the Third Circuit ruled the company provided ample warning about the risks with FDA approval, writing that using facts that only became known later "does not substitute for contemporaneous knowledge in a securities fraud case."

Price: 1.59, Change: +0.25, Percent Change: +18.75