An investor in NASDAQ:EGLT shares filed a lawsuit in over alleged Securities Laws violations by Egalet Corp in connection with certain allegedly false and misleading statements.
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 +1(858) 779 – 1554.
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 made materially false and/or misleading statements concerning its lead product, ARYMO ER and the likelihood the product would receive oral abuse-deterrent labeling.
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 NASDAQ:EGLT shares 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