Did you lose money on investments in Eiger BioPharmaceuticals, Inc.? If so, please visit Eiger BioPharmaceuticals, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Eiger BioPharmaceuticals, Inc. (“Eiger” or the “Company”) (NASDAQ: EIGR) between March 10, 2021 and October 4, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934.
Eiger is a commercial-stage biopharmaceutical company that focuses on the development and commercialization of targeted therapies for rare and ultra-rare diseases. The Company’s product candidates include, among others, peginterferon lambda. Peginterferon lambda is being evaluated for, inter alia, the treatment of COVID-19 in the TOGETHER study, which is an independent multi-center, investigator-sponsored, randomized, placebo-controlled adaptive platform Phase 3 study evaluating multiple therapeutics in newly diagnosed, high-risk, non-hospitalized patients with mild-to-moderate COVID-19. Peginterferon lambda was added to the TOGETHER study in May 2021.
In March 2022, based on the results of the TOGETHER study, Eiger announced that it would submit an Emergency Use Authorization (“EUA”) request to the U.S. Food and Drug Administration (“FDA”) for peginterferon lambda for the treatment of patients with mild-to-moderate COVID-19 (the “Peginterferon Lambda EUA”).
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) Defendants overstated Eiger’s clinical and regulatory drug development expertise; (ii) Defendants failed to properly assess, and ignored issues with, the design of the TOGETHER study and its ability to support the Peginterferon Lambda EUA; (iii) there were issues with the conduct of the TOGETHER study and the TOGETHER study was not properly designed for the Peginterferon Lambda EUA in the current context of the pandemic; (iv) as a result, the FDA was unlikely to approve the submission of a Peginterferon Lambda EUA; and (v) as a result of all the foregoing, peginterferon lambda’s regulatory and commercial prospects for the treatment of COVID-19 were overstated.
On September 6, 2022, Eiger issued a press release “provid[ing] an update on the status of its planned request for [EUA] of peginterferon lambda for the treatment of patients with mild-to-moderate COVID-19 based on its most recent communications with the [FDA].” Specifically, the Company announced that “[f]ollowing a cooperative and extensive pre-EUA information exchange with [the] FDA regarding the Phase 3 TOGETHER study of peginterferon lambda for COVID-19, 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 per share, or 29.36%, to close at $6.04 per share on September 6, 2022.
Then, on October 5, 2022, Eiger announced that it would not seek an EUA request for peginterferon lambda after the FDA had “denied the request for a pre-EUA meeting.” Specifically, the Company disclosed that, “[c]iting its concerns about the conduct of the TOGETHER study, [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 per share, or 5.01%, to close at $7.02 per share on October 5, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Eiger securities, and/or would like to discuss your legal rights and options please visit Eiger BioPharmaceuticals, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
