San Diego, CA -- (SBWire) -- 01/23/2024 --An investor, who purchased shares of Eagle Pharmaceuticals, Inc. (NADAQ: EGRX), filed a lawsuit against Eagle Pharmaceuticals, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Eagle Pharmaceuticals, Inc. (NADAQ: EGRX) have certain options and for certain investors are short and strict deadlines running. Deadline: February 09, 2024. NADAQ: EGRX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Woodcliff, NJ based Eagle Pharmaceuticals, Inc., a pharmaceutical company, focuses on developing and commercializing product candidates to treat diseases of the central nervous system or metabolic critical care, and oncology in the United States.
On November 9, 2023, before the market opened, Eagle Pharmaceuticals, Inc. announced that it would not release its third quarter 2023 results that day (as had been expected) because the Company "requires more time to review potential adjustments relating to the reporting of sales of PEMFEXY® prior to filing its Form 10-Q." The Company also disclosed it "expects to revise its previously disclosed 2023 full year guidance downward."
After the market closed on November 9, 2023, Eagle Pharmaceuticals, Inc. also disclosed that it was reviewing "potential adjustments to reserves for returns and price adjustments of approximately $15.0 million to $20.0 million." These amounts relate "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."
Then, on November 29, 2023, before the market opened, Eagle Pharmaceuticals, Inc. disclosed that Scott Tarriff, the Company's President and Chief Executive Officer resigned. The Company's board of directors accepted the resignation "[a]fter consideration of various alternatives, including termination with or without cause."
Shares of Eagle Pharmaceuticals, Inc. (NADAQ: EGRX) declined from $34.56 per share on January 31, 2023, to as low as $4.10 per share on January 16, 2024.
The plaintiff claims that between August 8, 2023 and November 28, 2023, the Defendants failed to disclose to investors that the Company was experiencing slower-than-anticipated pull-though from a wholesale customer predominantly due to expiry of inventory, that, as a result, the Company had overstated its revenue, that the Company did not have effective internal controls and procedures over financial reporting as to PEMFEXY sales, and that 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.
Those who purchased shares of Eagle Pharmaceuticals, Inc. (NADAQ: EGRX) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NADAQ: EGRX Investor Notice: Lawsuit Alleges Securities Laws Violations by Eagle Pharmaceuticals, Inc.
A lawsuit was filed on behalf of investors in Eagle Pharmaceuticals, Inc. (NADAQ: EGRX) shares over alleged securities laws violations.