Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Certain Executives And Directors Of Savient Pharma...
January 21 2014 - 1:03PM
Business Wire
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Savient Pharmaceuticals, Inc. (OTC QB:
SVNTQ)?
- Did you purchase your shares between
April 1, 2013 and October 14, 2013, inclusive?
- Did you lose money in your
investment in Savient Pharmaceuticals, Inc.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A. announces that it has filed a class
action lawsuit in the United States District Court for the District
of Delaware on behalf of all persons or entities that purchased the
securities of Savient Pharmaceuticals, Inc. (“Savient” or the
“Company”) (OTC QB: SVNTQ) between April 1, 2013 and October 14,
2013, inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against certain of the Company’s
officers and directors (the “Complaint”). The case is entitled
Johansson v. Ferrari, Case No. 14-cv-0042 (D. Del.).
If you purchased shares of Savient during the Class Period and
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A.,
825 East Gate Boulevard, Suite 300, Garden City, NY at (888)
969-4242, by e-mail to info@rl-legal.com, or at:
http://www.rigrodskylong.com/news/savient-pharmaceuticals-inc-svntq.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company’s business operations, financial condition
and prospects. Specifically, the Complaint alleges that the
defendants concealed from the investing public that: (a) Savient
lacked the sufficient cash and cash equivalents to fund anticipated
levels of operations, which ultimately lead to the Company filing
voluntary petitions for reorganization under Chapter 11 of Title 11
of the United States Code; and (b) the Company mislead investors by
actively exploring the sale of the Company despite insisting its
intention to proceed with efforts to commercialize its chief drug,
KRYSTEXXA, in the United States and to explore partnership
opportunities in the EU and other jurisdictions. As a result of the
foregoing, the Company’s stock traded at artificially inflated
prices during the Class Period.
According to the Complaint, on October 15, 2013, only two months
after falsely assuring the market that it had an adequate cash
position to fund operations for an additional 12 months, and after
misrepresenting the Board’s efforts to engage in strategic
alternatives, Savient announced that it had elected to file
voluntary petitions for reorganization under Chapter 11 of Title 11
of the United States Code in the United States Bankruptcy Court for
the District of Delaware. In that same announcement, Savient
reported that it was seeking authorization to pursue a sale process
under Section 363 of the U.S. Bankruptcy Code.
Upon the news of the bankruptcy filing, the price of Savient
common stock fell approximately 88%, from a close of $0.5737 per
share on October 14, 2013 to a close of $0.0716 on October 15, 2013
on extremely high trading volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 24, 2014. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member’s claim is typical of the claims of
other class members, and that the class member will adequately
represent the class. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. Any member of the proposed class may move the court to
serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com