SAN FRANCISCO, June 21, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP:
To: All persons or entities who purchased or otherwise acquired securities of Eagle Pharmaceuticals Inc. (“Eagle” or the “Company”) (NASDAQ:EGRX) between February 23, 2016 and March 18, 2016.
You have until August 1, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
If you suffered $100,000 or more in losses in Eagle, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing EGRX@hbsslaw.com or visiting https://www.hbsslaw.com/cases/EGRX.
The litigation concerns Defendants’ February 23 and 25, 2016 optimistic statements about the status and progress of Eagle’s new drug application to the FDA for approval of its blood thinning drug (“Kangio™”) and the FDA’s refusal just over 3 weeks later.
More specifically, during an investor conference on February 23, 2016, Eagle’s CEO (Scott Tarriff) made positive statements concerning Eagle’s new drug application (“NDA”) for its blood thinning drug (“Kangio™”). “We have every expectation that…we’ll get an approval. So, March 19…and we expect to launch.”
Then, during an analyst earnings call on February 25, 2016, Tarriff stated “we currently expect to be the next entrant into this market…. We have been interacting with the FDA and we are preparing for launch, everything seems to be on track for a March 19 approval, and we anticipate shipping in late Q1 or early Q2[.]”
Approximately 3 weeks later, on March 18, 2016, the FDA refused to approve the Kangio™ application in its present form. On this news, the price of the Company’s shares fell approximately 19% to close at $43.50 per share that day.
During the weeks preceding Defendants’ positive statements, Tarriff unloaded 32,909 Eagle shares for total proceeds of approximately $2,499,895.
“The CEO’s trading preceding his February 2016 statements, soon followed by the FDA’s Complete Response Letter and accompanying stock drop, are- and should be- very concerning to Eagle investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Eagle Pharmaceuticals should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email EGRX@hbsslaw.com.
About Hagens Berman
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