LOS ANGELES, CA / ACCESSWIRE / February 24, 2017 / Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Egalet Corporation ("Egalet" or the "Company") (EGLT). Investors who purchased or otherwise acquired Egalet shares between December 15, 2015 and January 9, 2017 inclusive (the "Class Period"), are encouraged to contact the firm in advance of the March 28, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The investigation is centered on whether Egalet and some of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 9, 2017, Egalet issued a statement regarding approval for its product Arymo ER. The same day, the U.S. Federal Drug Administration stated that another product 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." Due to MorphaBond's exclusivity within this market, "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."
When this information was revealed to the investing public, the value of Egalet declined, causing investors serious harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE: Lundin Law PC