INSP - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Eagle Pharmaceuticals Golden Heaven Inspire Medical and Driven and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 04, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX), Golden Heaven Group Holdings Ltd. (NASDAQ:GDHG), Inspire Medical Systems, Inc. (NYSE:INSP), and Driven Brands Holdings, Inc. (NASDAQ:DRVN). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX)
Class Period: August 8, 2023 - November 28, 2023
Lead Plaintiff Deadline: February 9, 2024
On November 9, 2023, before the market opened, Eagle Pharmaceuticals 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." On this news, the Company's stock price fell $4.16, or 30.4%, to close at $9.54 per share on November 9, 2023, on unusually heavy trading volume.
After the market closed on November 9, 2023, the Company 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." On this news, the Company's stock price fell $0.27, or 2.8%, to close at $9.27 per share on November 10, 2023, on unusually heavy trading volume.
Then, on November 29, 2023, before the market opened, Eagle Pharmaceuticals 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." On this news, the Company's stock price fell $2.55, or 31%, to close at $5.68 per share on November 29, 2023, on unusually heavy trading volume.
The complaint filed in this class action 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 failed to disclose to investors: (1) that the Company was experiencing slower-than-anticipated pull-though from a wholesale customer predominantly due to expiry of inventory; (2) that, as a result, the Company had overstated its revenue; (3) that the Company did not have effective internal controls and procedures over financial reporting as to PEMFEXY sales; and (4) 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.
For more information on the Eagle Pharmaceuticals class action go to: https://bespc.com/cases/EGRX
Golden Heaven Group Holdings Ltd. (NASDAQ:GDHG)
Class Period: April 13, 2023 - December 8, 2023
Lead Plaintiff ...