June 2, 2015 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Eleven Biotherapeutics Inc (NASDAQ:EBIO) shares was announced over potential breaches of fiduciary duties by certain officers and directors at Eleven Biotherapeutics.

The investigation by a law firm concerns whether certain Eleven Biotherapeutics officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

Eleven Biotherapeutics Inc went public in February 2014 and shares of Eleven Biotherapeutics Inc (NASDAQ:EBIO) traded as high as $17.05 per share in March 2014.

On May 18, 2015, Eleven Biotherapeutics Inc (NASDAQ:EBIO) announced results from the OASIS study, the company's first pivotal Phase 3 study of its lead drug candidate, EBI-005, in moderate to severe dry eye disease. Eleven Biotherapeutics Inc said that in this study, EBI-005 did not meet either of these two co-primary endpoints and that there was no statistically significant difference between the EBI-005 treated group and the vehicle control group on the co-primary endpoints or any secondary endpoints.

Shares of Eleven Biotherapeutics Inc (NASDAQ:EBIO) declined from $12.51 per share on May 15, 2015, to as low as $2.89 per share on May 18, 2015, respectively $2.73 per share on May 20, 2015.