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Savient Pharmaceuticals Inc (OTC: SVNT) Investor Securities Class Action Lawsuit 01/15/2014

  • If you purchased shares of Savient Pharmaceuticals Inc (OTC: 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
OTC: SVNT

Case Name
Savient Pharmaceuticals Shareholder Class Action Lawsuit 01/15/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Delaware

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

August 20, 2015 - The court granted defendants' motion to dismiss.
July 23, 2014 - Defendants filed a motion to dismiss.

June 30, 2014 - The lead plaintiff filed an amended complaint.

May 29, 2014 - The lead plaintiff and lead counsel were appointed.

March 24, 2014 - A lead plaintiff motion was filed.

January 15, 2014 - An investor in shares of Savient Pharmaceuticals Inc (OTC: SVNT formerly NASDAQ: SVNT) filed a lawsuit in the U.S. District Court for the District of Delaware against certain executives and directors of Savient Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 1, 2013 and October 14, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Savient Pharmaceuticals Inc (OTC: SVNTQ) between April 1, 2013 and October 14, 2013, that certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff claims that the defendants allegedly concealed from the investing public that: Savient Pharmaceuticals Inc lacked the sufficient cash and cash equivalents to fund anticipated levels of operations, which ultimately lead to Savient Pharmaceuticals Inc filing voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code, that Savient Pharmaceuticals Inc allegedly mislead investors by actively exploring the sale of Savient Pharmaceuticals Inc 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, and that as a result of the foregoing, Savient Pharmaceuticals Inc’s stock traded at artificially inflated prices April 1, 2013 and October 14, 2013.

Savient Pharmaceuticals Inc (OTC: SVNTQ) reported that its annual Total Revenue rose from $2.96 million in 2009 to as high as $18.02 million in 2012 while its Net Loss increased from $90.85 million in 2009 to $118.31 million in 2012.

On October 15, 2013, Savient Pharmaceuticals Inc 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 the District of Delaware.