PHILADELPHIA - Eagle Pharmaceuticals (NASDAQ:EGRX) has come under scrutiny from law firm Berger Montague for potential violations of federal securities laws, following a series of events that have led to significant declines in the company's stock price. The investigation by Berger Montague, a firm with a nationwide legal presence and over fifty years of experience in shareholder representation, was triggered by two major incidents involving Eagle Pharmaceuticals that occurred in November.
On November 9, 2023, Eagle Pharmaceuticals announced a delay in the release of their Q3 financial report, attributing the postponement to a review of sales for PEMFEXY, one of their products. This news resulted in the company's shares falling $4.16, or 30%, to close at $9.54. The drop reflected investors' concerns over the implications of the sales review on the company's financial health.
The situation worsened on November 29, 2023, when Eagle Pharmaceuticals' CEO Scott Tarriff resigned after the board explored options for his termination. This development further shook investor confidence and sent the stock down an additional $2.55, or 31%, to end at $5.68.
In response to these events, Berger Montague is actively investigating the pharmaceutical company and advocating for shareholder rights. The law firm is calling for whistleblowers with inside information to step forward confidentially or through the SEC Whistleblower program. This program offers monetary rewards for information leading to successful enforcement actions, with informants potentially receiving up to 30% of the SEC's recoveries.
Berger Montague's probe into Eagle Pharmaceuticals underscores the law firm's commitment to upholding investor interests and maintaining market integrity. As the investigation proceeds, shareholders and potential whistleblowers are encouraged to contact Berger Montague for guidance and support.
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