Eleven Biotherapeutics, Inc.
Robbins Arroyo LLP Is Investigating the Officers and Directors of Eleven Biotherapeutics, Inc. (EBIO) on Behalf of Shareholders
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.
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 mislead 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, or you can complete the form below and we will contact you directly.