WAYNE, Pa., June 6, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of purchasers of Eagle Pharmaceuticals Inc. ("Eagle Pharmaceuticals" or the "Company") (NASDAQ: EGRX) common stock during the period between February 23, 2016 and March 18, 2016, inclusive (the "Class Period").
Eagle Pharmaceuticals shareholders may, no later than August 1, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Eagle Pharmaceuticals and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/egrx.
The complaint alleges that, on May 20, 2015, Eagle Pharmaceuticals submitted its New Drug Application ("NDA") for its blood-thinning drug, Kangio, to the U.S. Food and Drug Administration ("FDA"). By June 30, 2015, Eagle Pharmaceuticals announced that the NDA had been accepted as filed by the FDA and that FDA action was due by March 19, 2016. At an investor conference on February 23, 2016, the company's Chief Executive Officer stated that he expected Kangio to be approved and anticipated a launch on March 19, 2016. On February 25, 2016, Eagle Pharmaceuticals issued a press release announcing positive financial results and reiterating its expected launch shortly after March 19.
The complaint also alleges that Eagle Pharmaceuticals officials deceived investors by concealing adverse information about the likelihood of Kangio's NDA approval in order to maintain artificially high prices for its securities. On March 18, 2016, Eagle Pharmaceuticals revealed that it had received a Complete Response Letter from the FDA requesting further characterization of bivalirudin-related substances in Kangio. On this news, Eagle Pharmaceuticals stock fell by $10.18 per share, or nearly 19%, to close at $43.50 per share on March 18, 2016.
If you are a member of the class, you may, no later than August 1, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/egrx. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP