INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf of Eiger BioPharmaceuticals, Inc. (NASDAQ: EIGR) Shareholders
NEWTOWN, PA, December 2, 2022 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Eiger BioPharmaceuticals, Inc. (“Eiger”) (NASDAQ: EIGR) common stock.
Investors who purchased Eiger common stock between March 10, 2021 and October 4, 2022 (the “Class Period”) may move the U.S. District Court for the Northern District of California to appoint them as a lead plaintiff no later than January 9, 2023. A lead plaintiff is a representative party who directs the litigation. If you wish to discuss your investment losses, contact Edelson Lechtzin LLP toll free at 844-696-7492, or by e-mail at [email protected]. A copy of the Class Action Complaint can be viewed HERE.
Background on Eiger BioPharmaceuticals
Eiger is a commercial-stage biopharmaceutical company focused on the development of innovative therapies for hepatitis delta virus (“HDV”) and other serious diseases.
One of Eiger’s product candidates is peginterferon lambda, which is being evaluated for the treatment of COVID-19 in the TOGETHER study. The TOGETHER study is an independent multi-center, investigator-sponsored, randomized, placebo-controlled adaptive platform Phase 3 study that evaluates multiple therapeutics in newly diagnosed, high-risk, non-hospitalized patients with mild-to-moderate COVID-19.
Based on the results of the TOGETHER study, in March 2022 Eiger announced that it would submit an Emergency Use Authorization (“EUA”) request for peginterferon lambda for the treatment of qualifying COVID-19 patients.
The Securities Fraud Allegations
The Complaint alleges that, throughout the Class Period, Eiger made false and misleading statements related to its business, operations, and compliance policies. Specifically: (i) Defendants overstated their expertise on clinical and regulatory drug development; (ii) Defendants failed to assess or 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, which was not properly designed for the peginterferon lambda EUA in the current context of the pandemic; and (iv) as a result, the FDA was unlikely to approve the submission of a peginterferon lambda EUA. Thus, the regulatory and commercial prospects for peginterferon lambda as a treatment for COVID-19 were overstated.
On September 6, 2022, Eiger issued a press release stating that the FDA indicated that it was not yet able to determine whether the criteria for the submission of an application and issuance of an EUA were 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 it would not seek an EUA request for peginterferon lambda after the FDA denied its request for a meeting. On this news on October 5, 2022, Eiger’s stock price fell $0.37 per share, or 5.01%, to close at $7.02 per share.
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Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.