Omeros To Pursue Legal Action Against Short Seller For Report That Shaved 21% Off Stock This Week

By Ciara LinnaneMarketsMarketWatch Pulse

Biopharma company Omeros Corp. said a report posted online by a short seller called Art Doyle that has sent its stock down by about 21% this week is "replete with falsehoods," and said it would take legal action against the person or persons involved. "While the company does not routinely respond to defamatory statements, given this report's egregious nature, the company elected to respond," Seattle-based Omeros said in a statement. It said the report is filled with "misleading statements and incorrect analyses and conclusions," and that Art Doyle states it intends to profit in the event the stock price falls. "Omeros accurately reports the status and results of its commercial, clinical and development programs," said the statement. The company is focusing on expanding sales of its Omidria MASP-2 inhibitor, which is used in cataract surgery, through a phase 3 trial. Shares rose 2.3% in premarket trade, and are up 105% in 2017, while the S&P 500 has gained 9%.

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