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Case ID: 5226 | Stocks | 12/03/2008
According to a press release dated November 25, 2008, The complaint charges Savient and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Savient is a specialty biopharmaceutical company focused on developing and marketing pharmaceutical products that target unmet medical needs. The Company is developing Puricase, also referred to as pegloticase, for the control of uric acid in patients with gout, whose signs and symptoms are inadequately controlled by conventional urate lowering therapy due to ineffectiveness, dose limiting toxicity, hypersensitivity or other contraindications.
The complaint alleges that during the Class Period, defendants made false and misleading statements about two clinical trials of pegloticase called GOUT 1 and GOUT 2. Specifically, defendants failed to disclose five serious adverse events (SAEs) experienced by patients in those studies. Subsequently, on October 27, 2008, before the markets opened, the Company issued a press release that disclosed, among other things, the previously undisclosed SAEs. As a result of this disclosure, Savient’s stock price declined significantly. Plaintiff seeks to recover damages on behalf of all purchasers of Savient securities during the Class Period (the Class). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Register your Savient Pharmaceuticals ComplaintIf you or someone you know has been affected by this case, you may qualify for a money settlement as the result of your financial/economic or other damages that may be awarded either prior to a lawsuit or after the initiation of a lawsuit either currently in progress or filed just for you, possibly a class action lawsuit. Please simply register your complaint by clicking here for Savient Pharmaceuticals, or click the red "submit" button on this page, and a lawyer will review your Savient Pharmaceuticals complaint. By submitting your complaint, you are asking lawyers to contact you. You are under no obligation to accept their services and you are free to choose which lawyer you want to work with. Lawyers are usually paid out of the proceeds of the settlement or verdict rendered - the lawyers work on "contingency" by fronting the costs of your lawsuit based on their belief that they will recover a settlement for you. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed in Delaware state chancery court against UnitedGlobalCom (Nasdaq:UCOMA) and certain of its officers and directors by stockholders. The action claims that the defendants violated federal securities laws in its handling of the merger with Liberty Media International, Inc. The stockholder seeks to recover compensatory damages for the loss of value of their stock. A class action has been filed against insurance holding company PMA Capital Corporation (Nasdaq: PMACA) and certain of its officers and directors by investors who purchased the company's common stock between November 13, 1998 and November 3, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities.
A class action has been filed against Cyberonics, Inc. (CYBX), certain of its officers and directors by stockholders who purchased the company's common stock between June 15, 2004 and October 01, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On June 19, 2008, an Order in regards to early settlement was entered. A stipulation and Order was entered on July 02, 2008 and the case is closed. However, this matter is remanded to the Superior Court of Washington for King County.
A class action has been filed against First BanCorp (FBP), certain of its officers and directors by stockholders who purchased the company's common stock between October 20, 2003 and August 25, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Lernout & Hauspie Speech Products, N.V. (LHSP), certain of its officers and directors by stockholders who purchased the company's common stock between April 28, 1998 and November 8, 2000. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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