The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Eiger BioPharmaceuticals, Inc. (“Eiger” or the “Company”) (NASDAQ: EIGR) securities between March 10, 2021 and October 4, 2022, inclusive (the “Class Period”). Eiger investors have until January 9, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
In March 2022, Eiger announced that it would submit an Emergency Use Authorization (“EUA”) request to the U.S. Food and Drug Administration (“FDA”) for its mild-to-moderate COVID-10 drug, peginterferon lambda, based on the results of the independent, multi-center TOGETHER study.
On September 6, 2022, Eiger provided an update on the status of its planned request for EUA, disclosing that “[f]ollowing a cooperative and extensive pre-EUA information exchange with [the] FDA . . . the agency has indicated that it is not yet able to determine whether the criteria for the submission of an application and issuance of an EUA are likely to be met.”
On this news, Eiger’s stock price fell $2.51, or 29.4%, to close at $6.04 per share on September 6, 2022, thereby injuring investors.
Then, on October 5, 2022, Eiger announced that it would no longer be seeking an EUA request after the FDA had “denied the request for a pre-EUA meeting.” The Company disclosed that the FDA “concluded that any authorization request based on the data [presented] is unlikely to meet the statutory criteria for issuance of an EUA in the current context of the pandemic.”
On this news, Eiger’s stock price fell $0.37, or 5%, to close to $7.02 per share on October 5, 2022.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants overstated Eiger’s clinical and regulatory drug development expertise; (2) Defendants failed to properly assess, and/or ignored issues with, the design of the TOGETHER study and its ability to support the peginterferon lambda EUA; (3) there were issues with the conduct of the TOGETHER study and/or the TOGETHER study was not properly designed for the peginterferon lambda EUA in the current context of the pandemic; (4) as a result, the FDA was unlikely to approve the submission of a peginterferon lambda EUA; (5) as a result of all the foregoing, peginterferon lambda’s regulatory and commercial prospects for the treatment of COVID-19 were overstated; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Eiger securities during the Class Period, you may move the Court no later than January 9, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Eiger securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Eiger BioPharmaceuticals, Inc. (EIGR) Investors