NEW YORK, NY / ACCESSWIRE / July 8, 2016 / Pomerantz LLP announces that a class action lawsuit has been against Eagle Pharmaceuticals, Inc. ("Eagle Pharmaceuticals" or the "Company") (NASDAQ: EGRX) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 16-cv-03091, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Eagle Pharmaceuticals securities between February 23, 2016 and March 18, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Eagle Pharmaceuticals securities during the Class Period, you have until August 1, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Eagle Pharmaceuticals is a specialty pharmaceutical company focused on the development and commercialization of injectable products, primarily in the critical care and oncology areas. Eagle Pharmaceuticals is headquartered in Woodcliff Lake, New Jersey.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: the Company made misrepresentations about the FDA approval process for its new anticoagulant drug, KANGIO™.
On February 25, 2016, Eagle Pharmaceutical's CEO stated, regarding the pending New Drug Application for KANGIO™, "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."
However, on March 18, 2016, Eagle Pharmaceuticals announced that it had received a Complete Response Letter from the FDA stating that the FDA "cannot approve the application in its present form and requested additional information" regarding the substances used in KANGIO™.
On this news, Eagle Pharmaceuticals stock fell $10.18, or 18.96%, to close at $43.50 on March 18, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP