If you suffered losses exceeding $100,000 investing in Eagle Pharmaceuticals stock or options between August 8, 2023 and November 28, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/EGRX.
There is no cost or obligation to you.
NEW YORK, Dec. 19, 2023 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Eagle Pharmaceuticals, Inc. (“Eagle Pharmaceuticals” or the “Company”) (NASDAQ: EGRX) and reminds investors of the February 9, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that the Company was experiencing slower-than-anticipated pull-though from a wholesale customer predominantly due to expiry of inventory; (2) that, as a result, the Company had overstated its revenue; (3) that the Company did not have effective internal controls and procedures over financial reporting as to PEMFEXY sales; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On November 9, 2023, before the market opened, Eagle disclosed that it would not be able to file its quarterly report for the second quarter of 2023 on time because it required additional time to complete its review of potential adjustments relating to the reporting of sales of PEMFEXY.
On this news, Eagle’s stock price fell $4.16, or 30.4%, to close at $9.54 per share on November 9, 2023, thereby injuring investors.
After the market closed on November 9, 2023, the Company also disclosed that it was reviewing potential adjustments to reserves for returns and price adjustments of approximately $15.0 million to $20.0 million relating to returns and a price adjustment for PEMFEXY stemming from slower-than-anticipated pull-through from a wholesale customer predominantly due to expiry of inventory.
On this news, Eagle’s stock price fell $0.27, or 2.9%, to close at $9.27 per share on November 10, 2023.
Then, on November 29, 2023, Eagle disclosed that Scott Tarriff, the Company’s President and Chief Executive Officer resigned and that the Company’s board of directors accepted the resignation “[a]fter consideration of various alternatives, including termination with or without cause.”
On this news, Eagle’s stock price fell as much as 29% during intraday trading on November 29, 2023, thereby injuring investors further.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Eagle Pharmaceuticals’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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