Kaskela Law LLC announces that it is investigating Eiger BioPharmaceuticals, Inc. (“Eiger” or the “Company”) (NASDAQ: EIGR), on behalf of the Company’s long-term investors, following the filing of a shareholder class action lawsuit. The investigation seeks to determine whether the members of Eiger’ board of directors violated the securities laws and/or breached their fiduciary duties in connection with alleged corporate misconduct.
Eiger is a commercial-stage biopharmaceutical company that focuses on the development and commercialization of targeted therapies for rare and ultra-rare diseases. Eiger’s product candidates include 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”).
Recently a shareholder class action complaint was filed against Eiger on behalf of certain investors who purchased shares of the Company’s common stock between March 10, 2021 and October 4, 2022. According to the complaint, during that time period Eiger and certain of the Company’s senior executive officers issued a series of false and misleading statements to investors.
The complaint details how, 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.”
Current Eiger stockholders who purchased or acquired shares of the Company’s stock prior to March 10, 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, to receive additional information about this investigation and their legal rights and options.