Eagle Pharmaceuticals Inc (NASDAQ: EGRX) Investor Securities Class Action Lawsuit 05/31/2016

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Company Name(s): 
Eagle Pharmaceuticals
Case Name: 
Eagle Pharmaceuticals Shareholder Class Action Lawsuit 05/31/2016
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: EGRX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/31/2016
Class Period Begin: 
02/23/2016
Class Period End: 
03/18/2016
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
08/01/2016
Summary: 

August 31, 2017 - The lead plaintiffs filed a notice of appeal.

May 19, 2017 - The court granted defendants' motion to dismiss and dismissed the case without prejudice.

December 16, 2016 - Defendants filed a motion to dismiss.

October 31, 2016 - The lead plaintiffs filed an amended complaint.

September 9, 2016 - Lead plaintiffs and lead counsel were appointed.

August 1, 2016 - Lead plaintiff motions were filed.

May 31, 2016 - An investor in shares of Eagle Pharmaceuticals Inc (NASDAQ: EGRX) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Eagle Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between February 23, 2016 and March 18, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Eagle Pharmaceuticals Inc (NASDAQ: EGRX) common shares between February 23, 2016 and March 18, 2016, that the defendants violated Federal Securities Laws.

Shares of Eagle Pharmaceuticals Inc (NASDAQ: EGRX) reached as high as $97.17 per share in December 2015.

On February 25, 2016, Eagle Pharmaceuticals Inc reported its fourth quarter and full year 2015 results. Eagle Pharmaceuticals Inc reported that its Total Revenue rose from $19.10 million for the 12 months period that ended on September 30, 2014 to $66.23 million for the 12 months period that ended on December 31, 2015 and that its Net Loss of $17.98 million for the 12 months period that ended on September 30, 2014 turned into a Net Income of $2.57 million for the 12 months period that ended on December 31, 2015.

On February 25, 2016, Eagle Pharmaceuticals Inc's CEO stated, regarding the pending New Drug Application ("NDA") for the Company's anticoagulant drug 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."

Then, 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™.

Shares of Eagle Pharmaceuticals Inc (NASDAQ: EGRX) declined to as low as $35.10 per share on March 28, 2016.