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Egalet Corp (NASDAQ: EGLT) Investor Securities Class Action Lawsuit 01/27/2017

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Lawsuit Overview

Case Dismissed
Company
Egalet Corp
Security
NASDAQ: EGLT

Case Name
Egalet Shareholder Class Action Lawsuit 01/27/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Pennsylvania

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 2, 2018 - The court granted defendants' motion to dismiss with prejudice.
September 1, 2017 - Defendants filed a motion to dismiss.

July 5, 2017 - The lead plaintiff filed an amended consolidated complaint.

May 1, 2017 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

March 28, 2017 - Lead plaintiff motions were filed.

January 27, 2017 - An investor in shares of Egalet Corp (NASDAQ: EGLT) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Egalet Corp in connection with certain allegedly false and misleading statements made between December 15, 2015 and January 9, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Egalet Corp (NASDAQ: EGLT) common shares between December 15, 2015 and January 9, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 15, 2015 and January 9, 2017, Egalet Corp made materially false and/or misleading statements concerning its lead product, ARYMO ER and the likelihood the product would receive oral abuse-deterrent labeling.

Wayne, PA based Egalet Corp is a specialty pharmaceutical company that is engaged in developing, manufacturing and commercializing treatments for pain and other conditions. Egalet Corp reported that its annual Total Revenue rose from $1.92 million in 2014 to $22.83 million in 2015 and that its Net Loss increased from $43.21 million to $57.93 million.

On January 9, 2017, Egalet Corp announced the approval of its product Arymo ER. Later that day the U.S. Federal Drug Administration (“FDA”) issued a statement announcing that another product called MorphaBond “has marketing exclusivity for labeling describing the expected reduction of abuse of single-entity extended-release morphine by the intranasal route due to physicochemical properties.” Because of MorphaBond’s marketing exclusivity, “no other single-entity extended-release morphine product submitted in an abbreviated new drug application or 505(b)(2) application can be approved for that use at this time.” Shares of Egalet Corp (NASDAQ: EGLT) declined to as low as $5.29 per share on January 17, 2017.