EGRX - Eagle Pharmaceuticals (EGRX) Engaged in Accounting Fraud Investor Suit Alleges - Hagens Berman
HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages EGRX Investors with Substantial Losses to Contact Firm
San Francisco, California--(Newsfile Corp. - December 12, 2023) - Hagens Berman urges Eagle Pharmaceuticals, Inc. (NASDAQ: EGRX) investors who suffered substantial losses to submit your losses now.
Class Period: Aug. 8, 2023 - Nov. 28, 2023
Lead Plaintiff Deadline: Feb. 9, 2024
Visit: www.hbsslaw.com/investor-fraud/EGRX
Contact An Attorney Now: EGRX@hbsslaw.com
844-916-0895
Eagle Pharmaceuticals, Inc. (EGRX) Securities Fraud Class Action:
"The litigation focuses on whether Eagle Pharmaceuticals knew and should have disclosed earlier that it under reserved," said Reed Kathrein, the Hagens Berman partner leading the investigation.
The complaint alleges that, throughout the Class Period, Eagle made false and misleading statements and failed to disclose that: (1) Eagle was experiencing slower-than-anticipated pull-through from a wholesale customer predominantly due to expiry of inventory; (2) as a result, Eagle overstated revenues; and (3) the company lacked effective internal controls over financial reporting as to PEMFEXY® sales.
Investors began to learn the truth on Nov. 9, 2023, when Eagle announced that it would not timely file its financial report for the quarter ended Sept. 30, 2023. Eagle said "[t]he Company is unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense primarily because it requires additional time to complete its review of potential adjustments relating to the reporting of sales of PEMFEXY®." This news sent the price of Eagle shares down $4.16, or about 30%, on Nov. 9, 2023.
Then, on Nov. 29, 2023, Eagle announced that its board of directors accepted the resignation of its CEO (Scott Tarriff) effective immediately and that Tarriff's separation agreement contains clawback provisions which include the board's ability to recoup or cancel payments of Tarriff's compensation upon any finding that Tarriff engaged in conduct constituting "cause" under his employment agreement. This news sent the price of Eagle shares down $2.55, or about 31%, on Nov. 29, 2023.
If you invested in Eagle Pharmaceuticals and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Eagle Pharmaceuticals case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Eagle Pharmaceuticals should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EGRX@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/190729