SAN FRANCISCO, June 07, 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.
A securities class action lawsuit was filed in the United States District Court for the District of New Jersey. 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.
During an investor conference on February 23, 2016, Eagle’s CEO (Scott Tarriff) discussed the new drug application (“NDA”) for Eagle’s blood thinning drug (“Kangio™”). He stated “[w]e have every expectation that…we’ll get an approval. So, March 19…and we expect to launch.”
During an analyst earnings call on February 25, 2016, Tarriff stated with respect to Kangio™ “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[.]”
Less than a month later, the FDA issued a Complete Response Letter (“CRL”) indicating Eagle’s NDA was not approvable in its present form. On this news, the price of the Company’s shares fell approximately 19% to close at $43.50 per share on March 18, 2016.
During January and February 2016 (before the February 23 and 25 statements) Tarriff sold 32,909 Eagle shares for total proceeds of approximately $2,499,895.
"The CEO’s trading shortly before 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
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.