A lawsuit was filed on behalf of investors in Egalet Corp (NASDAQ:EGLT) shares over alleged securities laws violations. Deadline: March 28, 2017. NASDAQ:EGLT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/09/2017 -- The Shareholders Foundation announces that an investor, who purchased shares of Egalet Corp (NASDAQ:EGLT), filed a lawsuit in Pennsylvania over alleged violations of Federal Securities Laws by Egalet Corp.
Investors who purchased shares of Egalet Corp (NASDAQ:EGLT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 28, 2017. NASDAQ:EGLT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that, Egalet 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 Corporation 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.
Those who purchased shares of Egalet Corp have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com