Why Is Eagle Pharmaceuticals Stock Trading Lower Today?

Eagle Pharmaceuticals Inc's EGRX Scott Tarriff, founder, president, and Chief Executive Officer, announced his resignation and retirement, effective immediately.

Michael Graves, Eagle Pharmaceuticals' Chairman of the Board, has assumed the role of Interim Executive Chairman to lead the management team through this transition. The company will institute a CEO search for Tarriff's successor.

Michael Graves has served as Eagle's Board of Directors member since November 2013 and as Chairman of the Board since June 2016. 

Concurrently, Eagle Pharmaceuticals received a notice that it is not currently in compliance with Nasdaq's continued listing requirements under the Listing Rule 5250(c)(1), as a result of the company's failure to file its 10-Q quarterly report for the quarter ended September 30, 2023.

The Notice provides that the company has 60 calendar days from the date of the Notice, or until January 26, 2024, to submit a plan to regain compliance with the Rule to Nasdaq. If Nasdaq accepts the plan, Nasdaq may grant the company an exception of up to 180 calendar days until May 7, 2024, to regain compliance.

Price Action: EGRX shares are down 27.1% at $5.99 on the last check Wednesday.