NEW YORK, Jan. 30, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Egalet Corporation (“Egalet” or the “Company”) (NASDAQ:EGLT) of the March 28, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Egalet common stock between December 15, 2015 and January 9, 2017 (the “Class Period”). The case, MINEFF v. EGALET CORPORATION et al, No. 2:17-cv-00390 was filed on January 27, 2017, and has been assigned to Judge Michael M. Baylson.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Egalet misrepresented the oral abuse-deterrent profile of its lead product, ARYMO ER, an abuse-deterrent oral morphine formulation; (ii) the Company falsely and/or misleadingly overstated ARYMO ER’s chances to receive the oral abuse-deterrent labeling; (iii) the New Drug Application for ARYMO ER lacked adequate data to support the oral-labeling claims; (iv) the label was likely not to include the oral abuse-deterrent claims; and (v) as a result, Egalet’s statements regarding its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, after market close on January 9, 2017, Egalet announced that the Food and Drug Administration (“FDA”) approved ARYMO ER. However, the FDA only granted an intravenous abuse-deterrent label claim and did not approve the oral abuse-deterrent labeling as requested by the Company.
On this news, Egalet’s share price fell from $8.38 on January 9, 2017 to a closing price of $6.52 on January 10, 2017 —a $1.86 or a 22.2% drop.
Request more information now by clicking here: www.faruqilaw.com/EGLT. There is no cost or obligation to you.
Take Action
If you invested in Egalet common stock, options or bonds between December 15, 2015 and January 9, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/EGLT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Egalet’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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