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EGRX.US
id: 909
Eagle Pharma (EGRX) Failed Repoting Case
D. New Jersey
Court2:23-cv-23011
Case number08 Aug 2023
Class period Start28 Nov 2023
Class period End09 Feb 2024
Lead Plaintiff motion deadline- In November 2023, Eagle reported a delayed financial report due to PEMFEXY® adjustments and CEO Scott Tarriff's resignation.
- $EGRX fell 30%, losing $33M of shareholder value.
- The first affected investor already filled the initial claim against the Company & executives over misleading in a New Jersey court.
On November 29, 2023, Eagle Pharmaceuticals, Inc. (EGRX) announced that its BoD accepted the resignation of its CEO Scott Tarriff and that Tarriff’s separation agreement contains clawback provisions allowing the board to recoup or cancel payments of Tarriff’s compensation upon any finding that Tarriff engaged in conduct constituting “cause” under his employment agreement.
- On November 9, 2023, Eagle announced that it would not timely file its financial report because it requires additional time to complete its review of potential adjustments relating to the reporting of sales of PEMFEXY®.
- As of December 11, 2023, Eagle did not file its Form 10-Q and received a notice of deficiency from Nasdaq for its failure to do so.
On this news, $EGRX fell over 30% and lost $33 million of its market capitalization, seriously damaging shareholders.
Investors have reasons to suspect that Eagle's executives overstated the Company's revenue, and failed to disclose a lack of ability to fill orders of the chemotherapy drug Pemfexy. One of the first affected investors already filled initial claim in New Jersey court.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 November 2023
Filing date
11 December 2023
Lead Plaintiff Deadline
09 February 2024
Judge
Susan D Wigenton