Robbins Arroyo LLP Is Investigating the Officers and Directors of Eleven Biotherapeutics, Inc. (EBIO) on Behalf of Shareholders
SAN DIEGO and CAMBRIDGE, Mass., May 28, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Eleven Biotherapeutics, Inc. (NASDAQGM: EBIO) breached their fiduciary duties to shareholders. Eleven Biotherapeutics is a clinical-stage biopharmaceutical company that engages in the discovery and development of protein therapeutics to treat eye diseases, primarily in the United States.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/eleven-biotherapeutics-inc
Eleven Biotherapeutics Fails Drug Trial
On May 18, 2015, Eleven Biotherapeutics announced that its lead drug candidate, EBI-005, designed to treat moderate to severe dry eye disease, failed to meet its primary endpoints in a late stage trial. Specifically, the company revealed that there was no statistically significant difference between those taking EBI-005 and the control group. As a result, Eleven Biotherapeutics said that it will not pursue a second Phase 3 trial of the drug for dry eye disease. On this news, shares of Eleven Biotherapeutics experienced a one day decline of $8.29 per share, or over 69%, to close at $3.69 per share on May 18, 2015.
In light of this news, Robbins Arroyo LLP's investigation focuses on whether Eleven Biotherapeutics and/or its officers misled shareholders by issuing false statements regarding the company's drug and business prospects that improperly inflated the company's stock price.
Eleven Biotherapeutics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, Ca 92101
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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