SAN FRANCISCO, July 21, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX) that the Lead Plaintiff Deadline is August 1, 2016.
If you purchased or otherwise acquired securities of Eagle Pharmaceuticals Inc. (NASDAQ:EGRX) between February 23, 2016 and March 18, 2016 and suffered over $100,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit
https://www.hbsslaw.com/cases/EGRX
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing EGRX@hbsslaw.com.
The litigation concerns Defendants’ February 23 and 25, 2016 optimistic statements about the status and progress of Eagle’s new drug application (“NDA”) to the FDA for approval of its blood thinning drug (“Kangio™”) and the FDA’s refusal just over 3 weeks later.
During Eagle’s February 23, 2016 investor conference, CEO Scott Tarriff made positive statements concerning Eagle’s Kangio™ NDA. “We have every expectation that…we’ll get an approval. So, March 19…and we expect to launch[]”, he said.
During Eagle’s February 25, 2016 analyst earnings call, Tarriff stated “we currently expect to be the next entrant into this market…. We have been interacting with 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[.]”
But, on March 18, 2016, Eagle disclosed 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 sold 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.
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