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Savient Pharmaceuticals Inc (NASDAQ: SVNT) Investor Securities Class Action Lawsuit 11/25/2008

  • If you purchased shares of Savient Pharmaceuticals Inc (NASDAQ: SVNT), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Savient Pharmaceuticals Inc
Security
NASDAQ: SVNT

Case Name
Savient Pharmaceuticals Shareholder Class Action Lawsuit 11/25/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 23, 2012 - The U.S. Court of Appeals for the Second Circuit affirmed the district court's decision.
October 28, 2010 - The lead plaintiff filed a notice of appeal.

September 30, 2010 - The court granted the plaintiff leave to move to file an amended complaint.

September 27, 2010 - The court granted the defendants' motion to dismiss.

June 29, 2009 - The defendants filed a motion to dismiss.

April 29, 2009 - The lead plaintiff filed an amended complaint.

March 12, 2009 - The lead plaintiff and lead counsel were appointed.

January 26, 2009 - Lead plaintiff motions were filed.

November 25, 2008 - An investor in shares of Savient Pharmaceuticals Inc (NASDAQ: SVNT) filed a lawsuit in the U.S. District Court for the Southern District of New York against Savient Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 13, 2007 and October 24, 2008.

According to the complaint the plaintiff alleges that Savient Pharmaceuticals Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between December 13, 2007 and October 24, 2008 false and misleading statements about two clinical trials of pegloticase called GOUT 1 and GOUT 2. Specifically, the defendants failed to disclose five serious adverse events experienced by patients in those studies and on October 27, 2008, before the markets opened, Savient Pharmaceuticals Inc issued a press release that disclosed, among other things, the previously undisclosed SAEs and as a result of this disclosure, Savient Pharmaceuticals Inc’s (NASDAQ: SVNT) stock price declined significantly, so the lawsuit.