NEW YORK, Feb. 24, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Egalet Corporation ("Egalet" or the "Company") (NASDAQ: EGLT) and certain of its officers. The class action, filed in United States District Court, Eastern District of Pennsylvania, is on behalf of a class consisting of investors who purchased or otherwise acquired Egalet securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Egalet securities between December 15, 2015 and January 9, 2017, both dates inclusive, you have until March 28, 2017 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 firstname.lastname@example.org 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.
Egalet is a specialty pharmaceutical company developing, manufacturing and commercializing innovative treatments for pain and other conditions. Egalet revolves around a proprietary technology called Guardian Technology ("Guardian") which Egalet broadly applies for different classes of pharmaceuticals products. Particularly, Egalet uses Guardian for its lead product ARYMO ER, an abuse deterrent oral morphine formulation for the management of severe pain requiring daily "around-the-clock" long-term opioid treatment.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Egalet misrepresented ARYMO ER's oral abuse-deterrent profile; (ii) Egalet falsely or misleadingly overstated ARYMO ER's chances to receive the oral abuse-deterrent labeling; (iii) the Company's New Drug Application for ARYMO ER lacked sufficient 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 of the foregoing, Egalet's public statements were materially false and misleading at all relevant times.
On January 9, 2017, post-market, Egalet issued a press release, filed on Form 8-K with the SEC, entitled "Egalet Receives FDA Approval for ARYMO™ ER (morphine sulfate) C-II, an Extended-Release Morphine Product Formulated with Abuse-Deterrent Properties for Treatment of Chronic Pain," announcing the approval of its product Arymo ER. The press release advised investors that the FDA had 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 declined $1.86, or 22.2%, to close at $6.52 per share on January 10, 2017.
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
Robert S. Willoughby
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SOURCE Pomerantz LLP